(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for India Restaurant Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for India Restaurant Market products.
Kenneth Research has published a detailed report on Restaurant Market in India which has been categorized by market size, growth indicators and encompasses detailed market analysis on macro trends .The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the forecast period
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While India has always been a food-loving country with each region having its own special cuisine, Indians have never been very big on eating out. But all that is changing now. The restaurant industry in India has been growing at a rapid pace over the last decade or so and the growth story is set to continue for the next foreseeable future.
There were nearly 22 lakh hotel and restaurant establishments in India in 2002. The food service or restaurant industry was worth a whopping Rs. 43,000 crores in 2010 and growing at a healthy rate of 15-20 percent annually.
The growth of the restaurant industry coincided with the growth of the great Indian middle class, which was the byproduct of liberalization. Rapid urbanization, growing awareness of Western lifestyles, more women joining the workforce, and higher disposable income were some of the factors that contributed to the growth of the restaurant industry.
But the real game changer was the entry of American fast food chain McDonalds into India in the year 1996. Indians, who had limited exposure to American food until then, lapped it up and gave rise to a huge upsurge in the quick service restaurant (QSR) industry. The following years saw the establishment of many international fast food chains such as Dominos, Pizza Hut, KFC, etc.
Releasing the fourth edition of the report, NITI Aayog CEO Amitabh Kant said,“The Food Service industry is evolving rapidly with India being the youngest country with internet and tech-savvy consumer base, having a high disposable income with little time to cook indoors. This is reflected in the number of eating out frequency – an average of 6.6 per month in the country, providing food service players an exciting opportunity to expand.”
Stating that India is the 7th largest travel and tourism economy in the world according to the World Travel and Tourism Council, Kant added:“Globally, food businesses are being promoted to boost tourism. A similar effort can be implemented in India capitalising on the diversity that the country has to offer. Food hubs, envisaged as experience centers can serve as places for experiencing local and regional cuisines as part of a larger culture.”
More Indians are slowly warming up to the idea of eating in restaurants, and not just for special occasions. Thanks to growing wages, urbanization and technology's influence on consumption habits, foodservice sales in this country of USD 1.3 billion are growing at about 10% annually (making it one of the fastest-growing in the world). This growth is double the rate expected for the much more mature U.S. restaurant industry, and with a population quadruple the size. All told, between 2013 and 2021, the Indian restaurant market is projected to double.
The changing lifestyles with the increasing nuclear families and a rise in the urbanization in India over the past years have also supported the growth of the restaurant market in India. Additionally, the customer preference for the cuisine has seen a transition in India from consuming the traditional Indian food to trying out different cuisines such as the Chinese, Italian and Mexican. Due to the growing exposure to the international cultures and lifestyles, the Indian population has started developing their tastes and is reaching out to restaurants more often which offer different cuisines apart from Indian cuisine. This change in the taste preference of the people in India has motivated many international and Indian players to expand their reach in the Indian restaurant market.
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Competitive Analysis:
The Restaurant Market in India report examines competitive scenario by analyzing key players in the market. The company profiling of leading market players is included in this report with Porter's five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.
Key points covered in this report:
• The historical and current data is provided in the report based on which the future projections are made and the industry analysis is performed.
• The import and export details along with consumption value and production capability of every region is mentioned in the report.
• Porter's five forces analysis, value chain analysis, SWOT analysis are some additional important parameters used for the analysis of market growth.
• The report provides the clients with the facts and figures about the market on the basis of evaluation of the industry through primary and secondary research methodologies.
ANSWERED TO THE FREQUENTLY ASKED QUESTIONS :
WHAT IS THE SCOPE OF THE REPORT?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
WHAT ARE THE KEY SEGMENTS IN THE MARKET?
• By product type
• By End User/Applications
• By Technology
WHICH MARKET DYNAMICS AFFECTS THE BUSINESS?
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Key Topic Covered in this Report
• Market Growth Opportunities
• Leading Market Players
• Market Size and Growth Rate
• Market Growth Drivers
• Company Market Share
• Market Trends and Technological
The Restaurant Market in India report highlight the economy, past and emerging trend of industry, and availability of basic resources. Furthermore, the market report explains development trend, analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out. In the end, the report makes some important proposals for a new project of Restaurant Market in India before evaluating its possibility.
About Kenneth Research:
Kenneth Research is a reselling agency which focuses on multi-client market research database. The primary goal of the agency is to help industry professionals including various individuals and organizations gain an extra edge of competitiveness and help them identify the market trends and scope. The quality reports provided by the agency aims to make decision making easier for industry professionals and take firm decisions which helps them to form strategies after complete assessment of the market. Some of the industries under focus include healthcare & pharmaceuticals, ICT & Telecom, automotive and transportation, energy and power, chemicals, FMCG, food and beverages, aerospace and defense and others. Kenneth Research also focuses on strategic business consultancy services and offers a single platform for the best industry market research reports.
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