Market Expansion and Growth Predictions
According to the report “How India Eats” by Bain & Company and Swiggy, India’s food services market is expected to reach Rs ten lakh crore by 2030. The total market for eating out and takeaway is currently believed to be around Rs five point five lakh crore and the projected growth rate is between ten to twelve percent per annum. This trajectory is expected to grow the market to between Rs nine to ten lakh crore by 2030.
Enhancing Food Delivery through the Internet
The segment of online food delivery is anticipated to grow at a compound annual growth rate (CAGR) of eighteen percent in the forecast period of 2023-2030. Its share will also increase from twelve percent to twenty percent. This segment will make up a large part of the market, representing one-fifth of the total food services market by the end of the decade. Rohit Kapoor, the CEO of Swiggy Food Marketplace, said that this growth has been occasioned by issues such as higher income, digitization, better customer experience, and the search for new experiences in eating out.
Several factors are leading to the expansion of this market, including the growing customer base, more frequent consumption, and greater access to foods. The addressable customer base is expected to be forty-five crore by 2030. These strong fundamentals suggest that the food services market in India will be healthy in the future years.
Interdisciplinary Approaches and Potential Future Growth Directions
Kapoor also noted that India has a lot of growth potential relative to other countries. For instance, in 2011, China had four times as many restaurants per million urban residents as India. Navneet Chahal, a partner at Bain & Company and one of the authors of the report, focused on the shift in the Indian food services market. He pointed out that shifts in consumer preferences, greater digitalization, and geographic variation would generate massive opportunities in the next ten years.
