Food Services Industry Update - Long-Term Outlook Remains Positive: CARE Ratings
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CARE Ratings Research Report
The food services industry that comprises of roadside eateries, dhabas, cafes, restaurants in hotels, independent as well as chain of fine dining and casual dining restaurants, quick service restaurants, pubs, bars and lounges registered a compound annual growth rate of 7% and grew from Rs 3 lakh crore in FY15 to Rs 4.2 lakh crore in FY20 as per market sources backed by the growing presence of domestic and international brands, rise in disposable incomes, increase in urbanisation, change in family structures, favourable demographics amongst many other factors.
However, in FY21, the overall market size is expected to have declined by 40-50% due to the global outbreak of Covid-19 and subsequent imposition of restrictions in the country.
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