The India Food Forum 2023 recently concluded with a profound exploration of key disruptions, notably the impact of cloud kitchens, and discussions on pertinent issues shaping the food retail landscape in the country. The two-day event, now in its 16th edition, shed light on the transformative role of cloud kitchens, which account for a significant portion of food orders in most Indian cities, representing one in every five transactions.
The forum highlighted the dynamic nature of India’s food service industry, with experts emphasizing its considerable potential despite existing challenges. Pakhi Saxena, Business Director Head – Retail & Consumer Products at consulting firm Wazir Advisors, shared insights into the industry’s growth, stating, “India’s food service industry, currently valued at $57.2 billion with a 47% organized market share in 2023, is projected to rise to $78.8 billion by 2026, with an increased organized market share of 53%.”
Within the organized Foodservice Market Revenue, which is estimated at $27.1 billion in 2023, $5.9 billion is attributed to organized chains, with the remainder coming from independent establishments. Saxena further predicted that by 2026, the organized revenue for food service would grow to $42.7 billion, with organized chains contributing $9.8 billion.
R. S. Sodhi, President of the Indian Dairy Association, highlighted the significant growth in primary food production. “While the population has grown by 2.5 times, cereal production has increased by 2.8 times, fruits and vegetables by six times, dairy by 10 times, and poultry by 2.5 times,” he noted. This surge in primary output has led to the emergence of local and regional brands that are now challenging the dominance of national brands.
The forum observed a shift in the market landscape, with local and regional brands gaining prominence and national brands adapting to position themselves as regional entities. Sodhi, the former managing director of the renowned dairy brand Amul, emphasized this trend.
The two-day India Food Forum 2023, powered by Smart Bazaar, took place at the Westin Mumbai Powai Lake on November 30 and December 1. As the country’s largest food B2B intelligence and exhibition platform, the event featured extensive product displays, masterclasses, and networking opportunities for stakeholders in the Indian food industry. The forum showcased the latest products, facilitated business interactions between traders and exhibitors, and presented prestigious awards recognizing excellence in the food and grocery retail and food service sectors.