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There is no need to splurge on globetrotting for relishing variety of cuisines, as Indian market is offering bonafide cuisines that will tickle different taste buds.
Check out what opportunity this segment offers to franchisees. What do Fine Dine Restaurants actually offer? These restaurants offer finest food, service, ambience, highly priced menu; professionally trained staff and are usually located in luxury hotels across metropolitan cities. According to India Food Services Report 2013 commissioned by Technopak for National Restaurant Association India (NRAI), the fine dining segment in India is forecasted to reach US$ 195 million by 2018. The Fine Dine market size is estimated to reach almost INR 13,000 crore by 2018.
Currently, Fine Dining Restaurants Industry in India is largely dominated by the five star hotels and gradually seeing the ingress of international players within the market which is furthermore creating profitable opportunities for hospitality sector. Customers are now looking for a slightly more casual and relaxed environments which led to the emergence of fine dining restaurants. Some experts feel that fine dining does not work until it's a part of a big hotel group. Despite challenges, the industry is now gaining prominence as both single and multi-cuisines establishments have shown a fabulous growth.
Fine dining is a high investment business and is offering business opportunities to high net worth individuals (HNIs) as the millennial consumers are growing every year. In this segment, the top brands that are exploring franchise way are Pind Balluchi, Punjab Grill by Lite Bite Foods, Mainland China, Khyber, and Moti Mahal Group that offers a choice of nine restaurant models.
For opening a fine dining restaurant, a prime location plus adequate parking space will be required. Commenting about the plans ahead, Sharad Sachdeva, CEO, Lite Bite Foods, says, “We plan to open 30 more outlets by the end of the current financial year. We are working on couple of new concepts and brands which will be launched by early next year. Further, we plan to launch Street Foods by Punjab Grill Food Truck with a minimum of 8-10 Food Trucks by the end of next year. Taking our Mantra 'India in Heart & Global in Spirit' we aim to increase the number of outlets of our signature brands - Punjab Grill, Street Foods by Punjab Grill and Baker Street - in both domestic and international markets with a customised twist in the menu as per the local clientèle.” To stay ahead of competition, restaurateurs are coming up with newer cuisines to stay contemporary in their offerings and targeting smaller cities as well.