Gourmet food is the new premium food.
Its popularity is in the stratosphere.
According to research by Nifty Research, in the past year, the global market share for premium food has more than doubled.
Gourmet food can be considered the latest trend in the Indian restaurant business, which is the fastest growing segment in the country.
“The market share of Gourmet foods has gone up from 11.3 per cent in 2016 to 18.9 per cent,” said Nifty’s CEO Prakash Chavan.
“We have been witnessing the rise of Gummy Snickers and other premium food in the last two to three years.
It is an industry that is getting more mainstream with the introduction of new products and services.”
Experts said the market for premium foods is likely to continue to grow for the foreseeable future.
“For a company that is expected to be a global brand, this is a major milestone,” said Prakar Kumar, managing director of marketing and digital strategy at Deloitte India.
“It will help drive revenue and the value chain.”
Gourmet Food Industry: Growth, Trends and Challenges, by Nili Kumar (Deloitte)Nifty Research’s latest annual study of the Indian food retailing industry shows that the number of restaurants catering to the food consumer is projected to grow from 1,000 in 2019 to 3,000 by 2022.
This will increase to 5,000 restaurants by 2022 and to 20,000 over the next 10 years.
The food industry is also expected to account for 50 per cent of India’s GDP by 2030.
The industry is facing a number of challenges.
It faces challenges from its high cost and labour costs, as well as from a lack of transparency and accountability.
The industry is grappling with the challenge of growing the number and type of restaurants.
But the biggest challenge may be the food safety issues.
According the Food Safety and Standards Authority of India (FSSAI), a countrywide regulatory body, there have been 6,037 food safety incidents in India since 2000.
There were 4,076 cases of food poisoning and 1,868 cases of salmonella-related death.
Food safety experts say the government needs to ensure that the quality of food is maintained and the food is safe for consumption.