Food service industry to touch Rs 5.99 lakh cr mark by FY23

 Food service industry, Indian food, industry news, NRAI, Food industry, restaurant industry news

The overall Indian food service industry is estimated to be Rs 5.99 lakh crore by 2022-23, growing at a compounded annual growth rate of 9 percent, a National Restaurant Association of India (NRAI) report said. It noted that the market size was Rs 4.23 lakh crore in 2018-19.

“The Indian restaurant industry employed 7.3 million people in 2018-19. The organised food service sector, which is only 35 percent of the total market, contributed a whopping Rs 18,000 crore as way of taxes in 2018-19. The number is expected to more than double if the unorganised sector becomes organised,” NRAI President Rahul Singh said. Pegging Mumbai’s organised food service market at Rs 40,480crore, the report noted it was the highest amongst metros in the country.

The city has approximately 87,650 restaurants and employs over 4,28,000 people. The average spend per month per household on eating out in the city is Rs 2,890, higher than national average of Rs 2,500, it said, while adding that the average frequency of consuming non-home cooked food in Mumbai is 4.2 times per month including dine-out, delivery and takeaways.

[“source=financialexpress”]