The National Restaurant Association of India, the voice of the Indian restaurant industry has recently released its long-awaited India Food Services Report 2024 (NRAI IFSR 2024).
In Goa, the report was launched by Suneel Anchipaka, IAS, Director of Tourism. Also, gracing the occasion with their presence were the Office Bearers of Goa Chapter of NRAI, Prahlad Sukhtankar, Goa Chapter Head, Akshay Quenim – Co-Chapter Head and Rajesh Salgaonkar (Treasurer).
The 5th edition of the NRAI India Food Services Report along with a brief report on the Food Services sector in Goa provides an in-depth analysis shared by the industry stakeholders and consumer voices. The report delivers valuable insights into operational models and practices, investment strategies, dining trends, and sustainability efforts.
On this occasion Anchipaka, IAS, Director Tourism and MD GTDC said, “The launch of the NRAI India Food Services Report 2024 marks an important milestone for Goa’s flourishing food and beverage industry. I extend my gratitude to the IFSR Steering Committee and NRAI for making this report, which 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. Our ongoing endeavour is to establish Goa as a premier destination for culinary excellence and vibrant hospitality.”
Sukhtankar, Goa Chapter Head, NRAI, 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. According to the NRAI India Food Services Report 2024, 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 faced a decline during the pandemic, it has since rebounded, with GSDP growing at a rate of 9.4%.”
According to the NRAI IFSR 2024, the market size of Goa’s Organised Food Services Industry is estimated to be valued at ₹ 1,940 crores and comes in at #12 amongst the top 21 cities in the organised food service sector. There are a total of 15,147 restaurants in the (Organised +Unorganised) Food Services sector in Goa with Casual Dining Restaurants leading the way because of customers preferring to dine-out to celebrate special occasions with their loved ones.
The food services industry has demonstrated remarkable resilience and recovery following the pandemic’s impact, 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 aims to be a credible source of information for all stakeholders, detailing the industry’s size, segments, and growth opportunities. It will guide restaurant owners and operators in understanding the key drivers of business growth, helping them to increase their revenues profitably.
