PANAJI
With the global population on the rise and the demand for food escalating, the food services market in India will be growing rapidly and speedily.
Goa, being an international tourist destination, has a large market for the food services industry. The market size of Goa’s organised food services industry is estimated to be valued at Rs 1,940 crore and with this Goa stands 12th amongst the top 21 cities in the organised food service sector.
With a total of 15,147 restaurants in the organised and unorganised food services sector, casual dining restaurants are leading the way in Goa because customers prefer to dine out to celebrate special occasions with their loved ones. This has been reported in the India Food Services Report 2024 released by the National Restaurant Association of India (NRAI).
“The report marks an important milestone for Goa’s flourishing food and beverage industry,” stated Suneel Anchipaka, IAS, Director of Tourism and managing director of Goa Tourism Development Corporation who launched the report in Goa in the presence of Prahlad Sukhtankar, Goa Chapter head of NRAI along with co-chapter head Akshay Quenim and treasurer, Rajesh Salgaonkar.
“The report provides an in-depth analysis shared by the industry stakeholders and consumer voices and delivers valuable insights into operational models and practices, investment strategies, dining trends, and sustainability efforts. It 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, said Anchipaka, underlining the ongoing endeavour to establish Goa as a premier destination for culinary excellence and vibrant hospitality.
Prahlad Sukhtankar, Goa Chapter head, NRAI and managing partner, Good Eats Hospitality Services LLP said, “Goa's food and beverage market is experiencing significant growth, driven by high disposable income of residents. 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 facing a decline during the pandemic, it has since rebounded, with GSDP growing at a rate of 9.4%.”
The food services industry has demonstrated remarkable resilience and recovery following the pandemic's impact and is 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 will guide restaurant owners and operators in understanding the key drivers of business growth, helping them to increase their revenues profitably.
