- Goa Food Services Industry estimated to be valued at ₹ 1,940 crores in the organised food services sector
- Data insights from the IFSRR are resulting from in-depth interaction with restaurants, meetings with over 140 plus CEOs and consumer research covering 5300+ people across 40+ cities in India
Goa Khabar : The National Restaurant Association of India, the voice of the Indian restaurant industry has recently released its long-awaited India Food Services Report 2024 (NRAI IFSR 2024).
In Goa, the report was launched by Shri. Suneel Anchipaka, IAS, Director of Tourism. Also, gracing the occasion with their presence were the Office Bearers of Goa Chapter of NRAI, Prahlad Sukhtankar, Goa Chapter Head, Akshay Quenim – Co-Chapter Head and Rajesh Salgaonkar (Treasurer)
The 5th edition of the NRAI India Food Services Report along with a brief report on the Food Services sector in Goa 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.
National Data:
- Food Services sector to grow by 8.1% CAGR during 2024-2028. Organized to Grow at 13.2%
- Third Largest Industry in India valued at 5.69 Lakh crores contributing 1.9% to India’s GDP; Estimated to grow to 7.76 Lakh crores by 2028
- Tax contribution of ₹33,809 Crore in 2024, reaching ₹55,594 Crore by 2028.
- Size of food services sector is 33.5x of Indian Film Industry, 2.18x of the Hotel Industry and 1.26x of Pharmaceuticals Industry of India
- Second largest employer with 85.5 Lakhs in 2024; estimated to increase to 103.2 Lakhs by 2028
- Organised sector to grow to 52.9% in 2028 from 43.8%; CDRs segment is the largest with 48% share
- India to be the 3rd Largest Food Services Market by 2028 overtaking Japan. 2nd Fastest growing Food Services Industry Globally after Brazil.
- Contributes 1.4% to GST collection.
On this occasion Shri. Suneel Anchipaka, IAS, Director Tourism and MD GTDC said, “The launch of the NRAI India Food Services Report 2024 marks an important milestone for Goa’s flourishing food and beverage industry. I extend my gratitude to the IFSR Steering Committee and NRAI for making this report, which highlights the notable growth of Goa’s dynamic food and hospitality sector and provides valuable insights into how increasing domestic tourism is driving the expansion of restaurant brands in the region. Our ongoing endeavour is to establish Goa as a premier destination for culinary excellence and vibrant hospitality.”
Prahlad Sukhtankar, Goa Chapter Head, NRAI, Managing Partner, Good Eats Hospitality Services LLPsaid, “Goa’s food and beverage market is experiencing significant growth, driven by high disposable income of residents. According to the NRAI India Food Services Report 2024, about 39% of the city’s population prefers to spend their time outdoors and enjoy weekend getaways. The market in Goa has witnessed substantial innovations and themes in cafes and restaurants despite faced a decline during the pandemic, it has since rebounded, with GSDP growing at a rate of 9.4%.”
According to the NRAI IFSR 2024, the market size of Goa’s Organised Food Services Industry is estimated to be valued at ₹ 1,940 crores and comes in at #12 amongst the top 21 cities in the organised food service sector. There are a total of 15,147 restaurants in the (Organised + Unorganised) Food Services sector in Goa with Casual Dining Restaurants leading the way because of customers preferring to dine-out to celebrate special occasions with their loved ones.
The food services industry has demonstrated remarkable resilience and recovery following the pandemic’s impact, now experiencing several key trends. Consumers are increasingly investing in higher-quality and fine dining experiences, significantly influencing the industry. Moreover, social media platforms have profoundly shaped consumer demand. This report aims to be a credible source of information for all stakeholders, detailing the industry’s size, segments, and growth opportunities. It will guide restaurant owners and operators in understanding the key drivers of business growth, helping them to increase their revenues profitably.
