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Expansion 20 Nov 2017

How Innovation Can Help the Business Grow

The size of restaurant industry is expected to be four lakh crores by 2018.

By Charu Sharma Feature Writer

Food and Beverage Industry is nailing be it nutritious ingredients, maintaining supply chains, environment conscious sources and satiating customer’s palate in an enticing way. It is one of the largest industries in India and ranks fifth in term of production, consumption and exports as per IBEF. Restaurant Industry has expanded massively which has astonished all the other industries. According to a report by NRAI, size of restaurant industry was two lakhs forty-seven thousand crores in 2013 which is expected to be four lakh crores by 2018. The reason is understanding that change is constant and be adaptable according to the same.Here are few innovationswhich changed the food industry, the way customers dine out and how they perceive the industry globally.

Foresightedness: “This is one of the basic virtues in innovation which played vital in any industry’s success. Experts foresighted that customers are becoming smarter and knowledgeable, they are concerned about health, hospitality, and convenience at the same time. Fore sighting the trend and then satiating customers’ palate accordingly is the never-failing mantra of this outstanding industry,” shares Executive Chef Amit Sinha, L’opera. One who has the eye of an owl to catch inefficiency and matches its pace with change is here to stay.

Making Business Organised: 70 per cent of food business is unorganised and 30 per cent is organised. The organised sector is expected to turn into 41 per cent by 2018 expanding its size to one lakh sixty-seven thousand crores. “Restaurant Industry is bigger than telecom industry, holds second position after Insurance & Retail, seven times the size of hotel industry and twenty-four times bigger than Bollywood industry in India,” avers Riyaaz Amlani, CEO of Impresario Entertainment & Hospitality Pvt Ltd. Adding that restaurant industry generated employment to 4.8 million people in 2013 which is larger than the population of Switzerland and by 2018, it’s going to be 8 million. Thus, organising your business in food and beverage industry will not only help in growth of one’s enterprise but will help the whole industry in its massive expansion.

Understanding the Market: Restaurant Branding makes you into a name to reckon with! When people recognize you as a brand and not just another food chain, they know they have come to the right place to meet their expectations and make memorable experiences. “Restaurateurs should work towards creating experiences for customers understanding the need of hour. It’s a vast industry and growing at a very fast pace,” says says Kunal Babuta, Proprietor at Big Boyz Lounge. Nowadays, the market has its own demand, and is ever changing due to which being innovative according to the market in every aspect is very important to stay in the market.

Blending Technology with Food: Customers are tech savvy and they enjoy the interference of technology everywhere even when ordering their food. Be it in the presentation or in the ambience. Food service sector is craving for innovation and technology feeds. Organizations in the food and beverage industry are faced with an increasingly health conscious, consumer-centric environment blending technology with food.

Improvised Packaging: It is well-known that, worried about the huge quantities of wastes in the packaging of food and beverage, companies and researchers have spent years in looking for new containers that are edible, avoiding the thousands of plastic packages used nowadays.Although Micro packaging ambitions are to reach all the packaging industry, in the food industry it presents potential benefits such as improved bio-availability, antimicrobial effects, enhanced sensory acceptance and targeted delivery of bioactive compounds. F & B sector has seen all the facets and acquired one of the largest positions in the market. This is a boom period for the industry. One must hit the bull’s eye to hold the position.

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