The Chennai Chapter of the National Restaurant Association of India (NRAI), representing the nation’s dining sector, has released its eagerly awaited ‘India Food Services Report 2024’ alongside a special ‘Chennai City Supplement (NRAI IFSR 2024)’. The report was formally unveiled by Chef Koushik S, a renowned figure from MasterChef India – Tamil, during the launch event. The ceremony witnessed the presence of NRAI’s key members, including Gandharv Dhingra, the Chapter Head of Chennai and Co-founder & CEO of Roll Baby Roll, alongside R Balachandar, Co-Chapter Head and Director of Junior Kuppanna Kitchens Pvt Ltd. Other distinguished attendees included Shriram Rajendran, Secretary and Managing Director/CEO of Cassandra Foods Pvt. Ltd. (OPC), Prasanna Ganesan, Joint Secretary and Partner at The Red Box, Rekha Dandey, Founder of Twisty Tails, and Japtej Ahluwalia, Managing Committee member of NRAI and Co-Founder of Pricol Gourmet. This edition of the NRAI India Food Services Report offers a comprehensive analysis of insights gathered from industry leaders and consumers. It delves into various business models, investment avenues, dining trends, and environmentally friendly initiatives within the industry. According to the NRAI IFSR 2024, the Indian Food Services Industry is valued at approximately Rs 5,69,487 crores as of FY24 and is projected to reach Rs 7,76,511 crores by FY28, indicating an overall compound annual growth rate (CAGR) of 8.1%. The organized sector is predicted to expand at a CAGR of 13.2%. Chennai has witnessed a remarkable rise in its restaurant industry, fueled by a vibrant populace that enjoys dining out, especially following a busy day at work. Within the organized sector, Quick Service Restaurants (QSRs) dominate with a 38% market share, closely followed by Cloud Kitchens, holding about 30%. The city’s food service market is flourishing with immense opportunities for growth. Prospects include the introduction of a standardized system for all licensing, modifications to alcohol licensing regulations, the establishment of more 24/7 food and beverage zones, and enhanced utilization of the city’s coastal areas to offer unique dining experiences. Moving forward, these initiatives could stimulate further innovation and creativity within the food and beverage industry. Gandharv Dhingra – Chapter Head, Chennai Chapter, expressed his confidence, stating, “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, representing a growth of 14% compared to 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 is scheduled to host restaurateurs from across the nation during the Restaurant Summit, set for September 25th and 26th in Namma Chennai.
