According to TechSci Research report titled ‘India Food Technology Market Forecast and Opportunities 2021’, the food technology market in India is projected to grow at a CAGR of over 12% during 2016-2021. Further, as per a recent report by App Annie, a mobile analytics and market data platform, India has seen an explosion of growth in food and drink apps in 2018, up to 120% from 2016. As we usher in the age of unbridled innovation and unabated pursuit of optimal performance, disruption is becoming the norm in the restaurant business in India. Unless the industry adapts to these new-age technology interventions on multiple fronts, the future seems shaky.
LEVERAGING ON TECHNOLOGY
With the advent of web-based ordering and use of artificial intelligence (AI) and Internet of Things (IoT), digitalization has taken the food industry by storm. Food aggregators have already changed the dynamics of the business. Online peer reviews have challenged the traditional communication models. Reality shows and series like Master Chef and Chef’s Table have transformed the average plain Jane to a food connoisseur.
This story is from the January - March 2020 edition of Retailer.
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This story is from the January - March 2020 edition of Retailer.
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