India's Food Services Market Set for Exponential Growth by 2030

India's food services market is anticipated to reach Rs 10 lakh crore by 2030, driven by a growing addressable customer base and increasing digitisation. The online food delivery segment is projected to grow at an 18% CAGR, reaching a penetration rate of 20% by 2030. The market includes dining out and ordering in, with future growth fueled by rising incomes and urbanisation.

India's food services market is projected to skyrocket to Rs 10 lakh crore by 2030, driven by a burgeoning customer base and increased digitisation, reveals a report by Bain & Company and Swiggy titled 'How India Eats'.

Presently valued at Rs 5.5 lakh crore, the market, encompassing dining out and ordering in, is anticipated to grow at a 10-12% annual rate over the next seven years. The online food delivery segment is set to expand at an 18% CAGR, with penetration rising to 20% by 2030.

Swiggy Food Marketplace CEO Rohit Kapoor attributes this growth to higher incomes, digitisation, improved customer experience, and a keen interest in trying new dining experiences. He notes the substantial growth potential, citing China's significantly higher number of restaurants per million urban population as a point of comparison.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)