Food is already the largest retail consumption category in India, accounting for approximately 31% of the country’s consumption basket, compared to 9% in the US, 17% in Brazil and 25% in China.
Restaurant Industry is interesting because it keeps changing, innovating and evolving. Food is already the largest retail consumption category in India, accounting for approximately 31% of the country’s consumption basket, compared to 9% in the US, 17% in Brazil and 25% in China. Food & Beverage Sector is a huge market and everyone is welcome here to introduce new trends and make it more happening. According to a report from NRAI, Annual sales in the restaurant industry are $783 billion and Annual food and beverage purchases are projected to be at $279 billion for the year. Also the restaurant industry generates the most employment which is 14.4 million. Indians spend a high proportion of their incomes on food and groceries, compared to consumers in other countries, and food consumption and demand are expected to grow considerably over the next few years. In value terms, the Indian food market is the 6th largest in the world, with 70% of sales coming from the retail sector.
Authentic Ethnic Cuisine
Authentic Ethnic Cuisines are the new hype today; new trends and fusions are emerging day by day. People are coming back to their roots. “India is the biggest hub of food. Being an Indian I know 7 items from Mexico, 11 from Italy, 13 from Lebanon but if you ask me for an item from Meghalaya, I will look at you as you have spoken a foreign language. The idea that I have gone to this pursuit in food sector was to expose the rich Indian cuisine to trace our own roots. I bring Indian food to Indian people in our home India via restaurant called 29”, says Nishek Jain, Founder 29 (Twenty Nine). Restaurateurs are redefining Indian cuisine, bringing back the customers to the authenticity of regional dishes.
Whole Foods are one of the biggest trends in food sector. They have realised their presence from the beginning of 2017 itself and also perceived good for health because they cut on carbohydrates and avoids gluten. The list includes items like wellness tonics, purple cauliflower, coconut chips, alternative pasta and beet noodles. Products, such as alternative grain pasta has contributed to value sales performance. Dried pasta and chilled/fresh pasta led value sales at a CAGR of 7%.
According to a report by Deccan Chronicle, the consumption of beer in India in the year 2016 was 4.6 litres per capita. Also, the craft beer sales are growing at 20 per cent year over year with over 80 microbreweries now in operation, compared to just two in 2008, according to the All India Brewing Association. "With people inclining towards partying and going out more often, they are exploring new products very frequently. As a provider, it's exciting to see evolving trends in the market, being able to fulfil demands and introducing new products. As a provider, I am excited to bring some of the best International brands to the country. Consumers are keen on trying new brands and exploring their taste buds as well", adds Jasmeet Singh Marwah, Managing Director & Chairman at Funbars Hospitality Pvt. Ltd.
Innovations in Cooking
Restaurateurs today are focusing on bringing something innovative on the table to attract footfall. They are brainstorming for doing something unique which has never been done before. “When we opened we were the only Wood fire pizza makers. When we introduced wood fire pizza, it was something which was new and customers are always up to try new delicacies. One just has to focus on quality and maintain the perseverance of serving customers”, says Siddharth Maskara, Co- Founder at Brickwood Pizza. The food industry, which is currently valued at US$ 39.71 billion, is expected to grow at a Compounded Annual Growth Rate (CAGR) of 11 per cent to US$ 65.4 billion by 2018 is of course ready for more innovations and trends.