Good news for foodies in India! You ask why? Well, as said by Mr. Amitabh Kant, CEO of NITI Aayog, the Indian food retail segment has a potential of attracting huge investments, projected to approx. 482 billion by 2020, which is currently 250 billion. This means that with the growing demand for food, restaurants and foodtech industry will face tough competitions, with an ultimate goal of serving the best in the market! Read on to see what will be the popular trends in the food and beverage industry this year.
1. Rise of food startups – Although in 2016 the food delivery business faced some tough roadblocks in its growth with multiple players scaling down their business with investments 5 times less than the previous year, the industry was able to achieve a growth of more than 150 percent with an estimated GMV(Gross Merchandise Volume) of USD 300 million in 2016. With an addition of entrepreneurial talent, engineers, IITians and graduates are finding to tackle customer pain points and new business models to enter into the cream list of successful foodtech startups. Also with a satisfying turnover of sales in major cities, startups are now eyeing tier 1 & tier 2 cities for business expansion and future prospects.
2. Addition of emerging QSRs and gastro pubs – Dine out at restaurants has become a part of people’s status symbol. With an increasing footfalls at fine dines and lounges, restaurateurs and young entrepreneurs are taking a leap to invest in the food business by launching new cafés and QSRs. Gastro pubs will also be a popular choice amongst youth as they serve the purpose of a fine-dine setting with cheap alcohol and good food.
3. Smart Restaurant Management Technology – An aspect that is most profitable in the long run is investing in a good Restaurant software management system. With the rising competition to stay ahead in the race, restaurant owners are quite convinced with the amount of features that not only help in growing your restaurant business, but also simplify the toughest tasks related to the management of your restaurant.
4. Food Trucks – Not only restaurateurs, but even big hotel chains are planning to go local with trending food trucks. This not only helps the common public to get a hands on experience of the food of big hotels, but also helps in the marketing for hotels and get their brand known. With an investment so low with a liberty of designing their own food menu, food trucks are becoming the next favorite in major cities with a tasty line-up of grubs at pocket-friendly prices.
5. Molecular gastronomy – Good food is the single most way by which the food and beverage industry woo their customers. As suggested by top chefs, Portuguese cuisines will make a popular entry in most restaurants. In terms of food, classic and traditional food preparations are going to be fused with new experimental flavors both for food and desserts. Cocktails will see a trend of farm to table (farm to glass) way of mixology as cafés and bars will opt to use their own fresh ingredients.
6. Food Festivals – Another food trend that’s picking up is the rise of food festivals. From wine tasting ceremonies to festive food exhibitions, foodies are exhilarated with the kaleidoscopic variety of cuisines and mouth watering desserts! Targeting concerts and events is another alternative that provides restaurateurs with good sales and marketing.