Food industry has been booming in recent times. One of the factors responsible for this is the rising disposable income of the middle class which, according to NRAI, is expected to rise to Rs 51,000 crore in 2021, from Rs. 20,400 crore in 2016. Quick Service Restaurants’ business has been growing exponentially and is expected to touch Rs. 25,000 crore by 2020. The increasing demand has not only prompted international chains from expanding their business in India but has also tempted several Indian entrepreneurs to jump into the fray. Several new ones are eyeing the market with interest. Ashok Malkani presents a kaleidoscopic image of the QSR industry to enable newcomers make a success of their proposed project.
India’s QSR market, which is growing at a CAGR of 25 per cent due to rapid urbanisation and increase in spending power of the middle class and millenials, has not only encouraged the global brands to expand their footsteps in India but has also prompted Indian entrepreneurs to venture into this field. The quick service restaurant (QSR) sector is, according to Assocham, expected to reach Rs 25,000 crore within the next five years. This is because the rate of Indian population eating out is comparatively low to countries like the US, Brazil, Thailand, China, etc. According to industry body, National Restaurant Association of India (NRAI), quick service restaurants (QSR’s) like Pizza Hut, Burger King, Goli Wada Pav, Burger Singh, etc have been growing exponentially in the recent times.
Research firm Euromonitor states that Families in Tier-I cities spend about Rs 6,000 annually on eating out, whereas families in Tier-II cities spend Rs. 1,500 to 2,000, annually. Burgers are believed to be all-day escape and fun food while pizzas are becoming meal replacement and comfort food.
Quick Service Restaurants, which have been a key segment for the Indian Food Services market, have grown over the last decade mainly because they have concentrated on competitive pricing clubbed with catering to the tastes of the consumers. Several international chains have had to make alterations in their menus to suit Indian taste buds. Today the market is quite competitive in nature, with players operating via core menu offerings and introducing variations in Indian and international foods.
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