The NRAI Chennai Chapter unveils the India Food Services Report 2024, highlighting trends, growth, and opportunities in Chennai’s vibrant restaurant industry.
CHENNAI, INDIA – The National Restaurant Association of India (NRAI) – Chennai Chapter, the voice of the Indian Restaurant Industry, has launched its long-awaited ‘India Food Services Report 2024’ and the ‘Chennai City pull-out report (NRAI IFSR 2024)’. On the occasion, Chief Guest, Chef Koushik S (MasterChef India – Tamil) unveiled the report.
Present at the launch were the Office Bearers of NRAI: Gandharv Dhingra – Chapter Head Chennai Chapter, Co-founder & CEO Roll Baby Roll, R Balachandar – Co-Chapter Head, Junior Kuppanna Kitchens Pvt Ltd Director, Shriram Rajendran – Secretary Cassandra Foods Pvt. Ltd. (OPC) Managing Director/CEO, Prasanna Ganesan – Jt. Secretary The Red Box Partner, Rekha Dandey – Twisty Tails Founder and Japtej Ahluwalia – Managing Committee member NRAI, and Co-Founder, Pricol Gourmet.
The Chennai edition of the NRAI India Food Services Report provides an in-depth analysis shared by the industry stakeholders and consumer voices. The report delivers valuable insights into operational models and practices, investment strategies, dining trends, and sustainability efforts.
According to the NRAI IFSR 2024, the Indian Food Services Industry is estimated to be valued at Rs 5,69,487 crores as of FY24. It is projected to grow to Rs 7,76,511 crores by FY28, achieving a CAGR of 8.1% overall, with the organized segment expected to grow at a CAGR of 13.2%.
Chennai has experienced an impressive surge in the restaurant industry, driven by the city’s dynamic population who increasingly enjoy dining out after a productive workday. In the organized segment, Quick Service Restaurants (QSR) lead with a substantial 38% market share, followed closely by Cloud Kitchens at 30%.
The city’s food services market is thriving with immense potential for further growth. There are exciting opportunities ahead, such as implementing a single-window system for all license procurement and renewal, reforming liquor licensing criteria, establishing more 24/7 Food & Beverage hubs, and enhancing access to the city’s coastline for creating unique culinary experiences. In the future, we can unlock even greater innovation and creativity in the food & beverage sector.
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 will be hosting all the restaurateurs across the country for the Restaurant Summit on September 25th and 26th in Namma Chennai.
