Indian Hospitality and catering industry at a glance:
The Indian hospitality and tourism industry accounts for 7.5 per cent of the GDP with an estimated US $47 Billion in direct contribution to the GDP in 2016. This contribution to GDP is projected to grow at 7.2 per cent year-on-year to reach a whopping $ 160.2 billion by 2026. The industry and its thriving sub-sectors such as restaurants and organized tour operators are all major source of employment.
Indian Food Industry:
India’s food processing industry ranks fifth in world of exports, production and consumption. The industry has grown annually at a rate of 8.4% for the last 5 years. The Value addition of the food processing sector as a share of GDP manufacturing was 9.8% in the last financial year. Investment in registered food processing sector had grown by 20.1%. The Indian food industry accounts for 32 percent of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. It contributes around 14 percent of the manufacturing Gross Domestic Product (GDP), 13 Percent of India’s exports and six percent of total Industrial investment.
The catering services industry in India has been consistently growing at the annual growth rate of 15 to 20 percent and in 2016, is expected to attain the worth of INR 40,000 crore, in which Bangalore has always been a major contributor. The tourism and hospitality sector is among the top 10 sectors in India to attract the highest Foreign Direct Investment (FDI). During this period April 2000 – March 2017, the hotel and tourism sector attracted around US$10.14 billion of FDI, according to the data released by Department of Industrial Policy and Promotion.
Impact of Hospitality Industry on Indian Economy
The net worth of Indian restaurant industry is estimated is around 75000 Crores and its booming at a pace of an annual rate of 7% highly fragmented with 1.5 Million food joints. On the other hand the organised segment is rapidly growing at the rate an annual rate of 16%. Quick service segment is a winner in the dining out market with a growth rate of 21%. As resources talk, organised segment is expected to reach Rs 22,000 Crore by 2017.
Bangalore as a gateway for the boom to the hospitality & Catering
Bangalore has been a proven landmark for the IT exporters of India and that is one of the major reasons that it has been named as Silicon Valley of India.
Bangalore being the fastest growing metropolises and turning out as an major economy hub within India or even world with the kind of development taking around the city. Bangalore has been able to influence the investor’s world and that’s one of the reasons that the multinationals are also considering Bangalore for their long term investments.
Bangalore has a moderate climate throughout the year which is very pleasing especially for frequent travellers. Along with Chennai and Hyderabad, Bangalore is also in the race of proving itself of being the Software hub of India. At present, Bangalore is the third largest hospitality market with 8,536 rooms following Delhi with 11,338 rooms and Mumbai with 12,807 rooms. As per the HVS report, Hotels in India – Trends and Opportunities estimates that over the next five years, India’s IT capital would see the addition of 10,731 rooms, the highest inventory roll out in the city.
The same goes for the catering industry too, as Bangalore’s demography is an interesting mix of people from all over India. And there are a large number of people who are clueless when it comes to organizing an event or finding out whom to approach in case of quality food.
Hospitality @ Glance
As per the reports of Hospitality Market it estimates that over next five years roughly 40 million sqft of additional space would be developed in Bangalore City itself and the significant part of it would be absorbed by the hospitality industry itself.
On the10th Edition of 'India Foodex 2018' during 31 Aug - 2nd Sep 2018 at BIEC, Bangalore, attracted participation from 30 countries, influenced more than 35,000 trade visitors and also received tremendous support from all the verticals of the food industry. On the overwhelming response from food and hospitality sector and to add more values to our existing expo, Media today group is glad to announce concurrently the 1st edition of 'Hotel, Restaurant & Catering Expo'( HRC Expo 2018), an International exhibition on Hotel, Restaurant and Catering products, services, equipments and technology.