Hyderabad: In a world where instant gratification rules, the Indian food services industry is poised to enable the ultimate in cooking affordability. According to a study, with a current market size of Rs 5.5 lakh crore, the sector is expected to grow at a rate of 10-12 per cent annually.

The forces driving this culinary revolution include increased supply, increased consumption opportunities, and a growing customer base – all of which feed a growing desire for convenience and an unwavering aversion to the drudgery of cooking. do

“The Indian food services market, especially food delivery, has seen tremendous growth over the past few years,” says Rohit Kapoor, CEO of Swiggy’s Food Marketplace.

“Increased income, digitization, better customer experience, and the tendency to try new experiences have contributed to this growth.”

In other words, the people of India have increasingly mastered the art of tapping a few buttons on their smartphones and having a veritable treat delivered to their doorstep.

But the real game changer, according to Navneet Chahal, partner and co-author of the ‘How India Eats’ study, is the dynamic nature of the industry, “characterized by changing consumer behaviour, digitisation, and regional diversification”.

Translation, the cheaper we get, the more industry will cater to our every food craving.

“My husband and I work in Hyderabad. I often use Swiggy to order food for myself when we have work hours or when we don’t have time to cook. This is the app that I use to order food.” We are confident that we get food in our budget, thanks Sindhu Kaneti, a housewife from Hyderabad.

The report ‘How India Eats’, released by Bain & Company and Swiggy, paints a fascinating picture of the modern Indian consumer, or convenience connoisseur – who is not only unwilling to lift a finger in the kitchen, but demanding it. also do Diverse array of food options.

70 percent of food services consumption is currently concentrated in the top 50 cities, in the upper middle and upper income classes. But fear not, as incremental growth is expected from tier-2 cities and beyond as the scourge of convenience-seeking spreads far and wide.

Demand for food services is driven by Gen-Z and younger demographics, who now account for a staggering 40 percent of food service consumption. Tech-savvy, attention-deficit sufferers are more prone to binge eating, a trend expected to increase.

Key Statistics:

– The Indian food services industry is currently worth Rs 550,000 crore, which is expected to grow by 10-12% annually to Rs 900,000 crore or Rs 1,000,000 crore by 2030.

– Online food delivery to grow 18% annually, reaching 20% ​​market share by 2030

– 70% consumption in top 50 cities, upper middle/high income segments, but growth expected in tier 2+ cities

– Gen-Z and younger make up 40% of consumption, high propensity to eat out

– Customers order 3+ meals from 6+ restaurants each year, indicating a desire for variety.

– The addressable customer base will increase from 110 million to 430-450 million by 2030.

– Meal frequency will increase from 5 to 7-8 times per month by 2030.

– Online food delivery penetration to grow from 8% to 12% in 2019-2023, with an estimated 18% CAGR to reach Rs 212,000 crore by 2030

– Convenience-led formats such as QSRs and cloud kitchens will grow 40% faster than the overall market 2023-2030.

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