The Indian food services market has grown in the past few years. And if reports are to be believed, the market size is expected to double in the next six years. According to a recently released report, titled 'How India Eats' by Bain and Company and online food aggregator Swiggy, the food services market in India is poised to reach Rs. nine-ten lakh crore within next seven years, by 2030.
"Higher incomes, digitisation, improved customer experience and an inclination to try new experiences have all contributed to this growth," said Rohit Kapoor, CEO, Food Marketplace, Swiggy, adding that they are looking forward to the growth in the coming years, which will include an expanding customer base, growing consumption occasions, and a rise in supply. The report states that online food delivery is estimated to grow at 18 percent CAGR (Compound Annual Growth Rate), with an estimated rise from 12 percent in 2023 to 20 percent by 2030.
Also Read: Mumbai Resident Orders 310 Ice Creams In 45 Days From Swiggy As Temperatures Soar
The report further states that around 70 percent of the total food services have been availed by upper-middle and high-income segments of the top 50 cities in India, as of 2023. These cities are expected to remain the hotspot in the upcoming years as well. Alongside, an incremental growth is expected to come from other Tier 2 and beyond cities as well.
"By 2030, the market is poised to serve an additional 110 million customers, gradually shifting eating out from a special event into a convenient lifestyle," said Navneet Chahal, partner and co-author of the report.
Also Read: Blogger Complains About A Troubling Food Order Delivery; Swiggy Responds
For the uninitiated, the food services market is currently valued at Rs 5.5 lakh crore, offerinng both ordering and dining services.