• Resulting from in-depth interaction with restaurants, meetings with over 140 plus CEOs and consumer research covering 5300+ people across 40+ cities in India

• Food Services sector to grow by 8.1% CAGR during 2024-2028. Organized to Grow at 13.2%
• Third Largest Industry in India valued at 5.69 Lakh crores contributing 1.9% to India’s GDP; Estimated to grow to 7.76 Lakh crores by 2028
• Tax contribution of ₹33,809 Crore in 2024, reaching ₹55,594 Crore by 2028.
• Second largest employer with 85.5 Lakh in 2024; estimated to increase by over 20% by 2028
• Organised sector to grow to 52.9% in 2028 from 43.8%; CDRs segment is the largest with 48% share
• India to be the 3^rd Largest Food Services Market by 2028 overtaking Japan. 2^nd Fastest growing Food Services Industry Globally after Brazil.
• Contributes 1.4% to GST collection.

New Delhi, July 9^th, 2024: The National Restaurant Association of India, the voice of the Indian restaurant industry today launched its long-awaited India Food Services Report 2024 (NRAI IFSR 2024).

Also, gracing the occasion with their presence were the Office Bearers of NRAI, Mr. Kabir Suri, President -NRAI, Co-Founder & Director – Azure Hospitality, Mr. Sagar Daryani, Vice President – NRAI, CEO & Co-Founder – Wow! Momo Foods, Mr. Nitin Saluja, Chairman, Report Steering Committee, NRAI, Founder – Chaayos and Mr. Pranav Rungta, Vice President – NRAI, Director – Curry Me Up, Mr Rahul Singh Founder & CEO, The Beer Cafeand Mr Anand Sharma Director, Customer Development – PepsiCo India.

The 5^th edition of the NRAI India Food Services Report provides an in-depth analysis shared by the industry stakeholders and consumer voices. The report delivers valuable insights into operational models and practices, investment strategies, dining trends, and sustainability efforts.

According to the NRAI IFSR 2024, the Indian Food Services Industry is estimated to be valued at Rs 5,69,487 crores as of FY24. It is projected to grow to Rs 7,76,511 crores by FY28, achieving a CAGR of 8.1% overall, with the organized segment expected to grow at a CAGR of 13.2%.

“Despite the setbacks during the COVID-19 pandemic, the Food Service Industry in India is experiencing rapid growth. The sector directly employs 85.5 lakh people and contributes Rs 33,809 crore to the Indian Exchequer. The post-COVID recovery highlights the resilience of the industry, highlighting the need for the Government to recognize its socio-economic impact and take immediate steps to unlock the sector’s full potential.”

Kabir Suri, President, NRAI, Co-Founder & Director, Azure Hospitality

“The primary objective of this report is to present these critical facts to both the Central and State Governments to enhance our economic contribution to India’s GDP and to serve as the most accurate and definitive source of information on the Food Services sector. I extend my gratitude to all NRAI members for their contributions to this report.”

Kabir Suri, President, NRAI, Co-Founder & Director, Azure Hospitality

“Over the past five years, the Food Services Industry has undergone significant change, with food delivery increasingly replacing home-cooked meals. This sector is crucial, providing livelihoods for many Indians and supporting those who have migrated to major cities in search of better opportunities, often lacking the time to prepare daily meals. Our report aims to offer unique and valuable insights to our members, establishing itself as the most credible source of information regarding industry size, segments, and growth opportunities.”

Nitin Saluja, Chairman, Report Steering Committee, NRAI and Founder, Chaayos 

“Additionally, it will serve as a guide for restaurant owners and operators, helping them understand key business drivers and boost their revenue. We also hope our Central and State Governments recognize the industry’s concerns and take positive actions to accelerate its growth. I am honoured to have led the research project for NRAI India Food Services Report 2024.”

Nitin Saluja, Chairman, Report Steering Committee, NRAI and Founder, Chaayos 

“The Food Services Industry in India is evolving rapidly, driven by one of the world’s largest young populations, rapid urbanization, greater exposure, and high disposable incomes. Dining out and ordering in has become a popular choice for customers to spend quality time with loved ones, especially during late evenings and dinner times.”

Sagar Daryani, Vice President, NRAI, CEO & Co-Founder, Wow! Momo Foods

Adding to it, he said, “Our NRAI IFSR Report provides critical findings that serve as a definitive tool for effective strategies and planning. It facilitates better collaborative communication between business partners, investors, vendors, and supply chain providers. This report is essential for the Food Services Industry to gain the necessary support and recognition from the Government, ensuring consistent and sustained growth”.

The food services industry has demonstrated remarkable resilience and recovery following the pandemic’s impact, now experiencing several key trends. Consumers are increasingly investing in higher-quality and fine dining experiences, significantly influencing the industry. Moreover, social media platforms have profoundly shaped consumer demand. This report aims to be a credible source of information for all stakeholders, detailing the industry’s size, segments, and growth opportunities. It will guide restaurant owners and operators in understanding the key drivers of business growth, helping them to increase their revenues profitably.

About NRAI:

National Restaurant Association of India is the voice of the Indian Restaurant Industry. Founded in 1982, by L.C. Nirula of Nirula’s, Madan Lamba of Volga , O.P. Bahl of Khyber Restaurant, R.D. Gora of Gazebo, A.S. Kamat of Kamat Restaurants & other leading restaurateurs, it represents the interests of 500000+ Restaurants, an industry valued at INR 4.23 lakh crores. Being the leading association of the Indian Restaurant Industry, NRAI aspires to promote and strengthen the Indian Food Service Sector. The Association in its 41st year has a pan India presence and is governed by a committee of members and led by a President and Office Bearers. The committee consists of over 30 Restaurant CEOs / Owners representing various national and international brands from the F&B sector. The association works closely with a network of State and City Chapters across the country.

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