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The Chennai Chapter of the National Restaurant Association of India (NRAI), representing the country’s dining sector, recently released the much-anticipated ‘India Food Services Report 2024’ along with a special ‘Chennai City Supplement (NRAI IFSR 2024)’. The report was officially unveiled by Chef Koushik S, a celebrated figure from MasterChef India – Tamil, during the launch event.
The ceremony saw the presence of NRAI’s key members including Gandharv Dhingra, the Chapter Head of Chennai and Co-founder & CEO of Roll Baby Roll, along with R Balachandar, Co-Chapter Head and Director of Junior Kuppanna Kitchens Pvt Ltd. Other notable attendees included Shriram Rajendran, Secretary and Managing Director/CEO of Cassandra Foods Pvt. Ltd. (OPC), Prasanna Ganesan, Joint Secretary and Partner at The Red Box, Rekha Dandey, Founder of Twisty Tails, and Japtej Ahluwalia, Managing Committee member of NRAI and Co-Founder of Pricol Gourmet.
This edition of the NRAI India Food Services Report offers a comprehensive review of insights from industry leaders and consumers. It discusses various business models, investment avenues, dining trends, and eco-friendly initiatives within the industry.
As per the NRAI IFSR 2024, the Indian Food Services Industry is valued at approximately Rs 5,69,487 crores as of FY24 and is expected to climb to Rs 7,76,511 crores by FY28, marking an overall compound annual growth rate (CAGR) of 8.1%. The organized sector is predicted to expand at a CAGR of 13.2%.
Chennai has seen a notable rise in its restaurant industry, fueled by a vibrant populace that enjoys dining out, especially after a busy day at work. In the organized sector, Quick Service Restaurants (QSR) dominate with a 38% market share, followed by Cloud Kitchens which hold about 30%.
The city’s food service market is burgeoning with vast opportunities for growth. Prospects include the introduction of a unified system for all licensing, modifications to alcohol licensing rules, the establishment of more around-the-clock food and beverage zones, and improved utilization of the city’s coastal areas to offer unique dining experiences. Moving forward, these initiatives could spark further innovation and creativity in the food and beverage industry.
Gandharv Dhingra – Chapter Head, Chennai Chapter, said, he is confident that “Chennai will continue to thrive and set new benchmarks in the food service industry. Chennai holds the 4th position in India for market size and the Gross State Domestic Product (GSDP) of Tamil Nadu for 2023-24 (at current prices) is projected to be Rs 28.3 lakh crore, amounting to growth of 14% over 2022-23 (Rs 24.8 lakh crore).”
Speaking on the occasion, R Balachandar – Co-Chapter Head added “As the food service market in Tamil Nadu continues to expand, it will not only satisfy gastronomic desires but also fuel economic growth through increased job opportunities. The burgeoning food service industry in Tamil Nadu is poised to also become a major contributor to employment, offering opportunities across various segments.”
The Chennai Chapter is set to host restaurateurs from across the nation during the Restaurant Summit scheduled for September 25th and 26th in Namma Chennai.
Tags: 2024 Food Services Report, Chennai Division, food industry insights, Gandharv Dhingra, Chennai Chapter, Industry Analysis, National Restaurant Association of India, Restaurant News
