The size of total market (organized and unorganized) is INR 3,09,110 crore and is projected to grow at a CAGR of 10 per cent to reach INR 4,98,130 crore by 2021.
Food service industry is expanding aggressively and becoming a key sector of the economy. The size of total market (organized and unorganized) is INR 3,09,110 crore and is projected to grow at a CAGR of 10 per cent to reach INR 4,98,130 crore by 2021.
The unorganized market holds a 67 per cent share with an estimated size of INR 2,07,635 crore. However, the share of unorganized segment is expected to fall and reach INR 2,93,950 which a increase of 59 per cent by 2021. The organized market which includes chain outlets, organized standalone outlets and restaurants in hotels is estimated at INR 1,01,475 crore in 2016 and is projected to grow at a CAGR of 15 per cent to reach INR 2,04,180 crore by 2021.
Setting up a restaurant and handling a restaurant both are different things. Handling a restaurant is not easy as eating. One needs to have that dedication and passion to run the business smoothly. It needs galiot to curate best trade. Being ruthlessly honest is one of the key factors when it comes to build an empire. Honesty can help you trade and bring the best outcomes at your door.
Here are some traits which helps maintaining leadership at restaurant.
Be Tech Savvy
Technology today has become a vital segment in life. Gone are the days when it was a complicated term. Now days everyone knows the benefits of technology or how to use it to generate more benefits. India is such a big country and world is on the other hand a big territory to play where food tech is the new hype. “There is ample space for people to play over and take share of money in the world of technology. Entrepreneurs sharing the same level of passion and interest and doing something innovative in technology will grow. When you’re alone and talk about technology, you may be considered as bragging but when there are ten others talking the same language, then they feel that there is a need of that particular thing,” says Nilesh Shah, Co-Founder, Fusion Resto. Technology is a new perspective budding in the food industry which would act as a fuel in the growth of food service sector.
Fill the Void
Instead of focusing on what has been done, if restaurateurs focus on what is there left to be done would probably change the game. There is a void in food industry which needs to be filled. “I think it’s not so much of changing the market segment; it’s about the new market segments being added to the existing ones. Indians are too traditional in their ways not in just food but about living a life as well. So there is a void that’s what new trends are trying to fill. There are lots of gap to be filled up in each part of F&B sector. So, all of this is good for industry because it’s giving customer more of choices and thereby they’re going out to eat. This diversity would be a new evolution to the market”, avers Siddharth Maskara, Co- Founder at Brickwood Pizza.
Serve Best Service
Customers are going out more often than before but they are not dining out for just food, they are looking for an overall experience which includes everything from dining to ambience and of course service. Hospitality industry is all about service. “A place where people don’t have big pockets, it’s quite an achievement that we are preferred choice even in that particular situation. We are mentioned somewhere. And it’s only because of our passion to serve authentic Indian cuisine, or passion to serve them according to their palates. We believe in under promising and over delivering. After all its about the best service experience which we can serve the customer,” adds Jaspal Singh Bindra, Proprietor, Punjabi Kadhai.