Projections suggest that by 2024, the market will reach a revenue of $15.1 billion, with an anticipated annual growth rate of 6.10 percent from 2024 to 2028.
According to estimates by the Confederation of Indian Alcoholic Beverage Companies (CIABC), Indian single malts accounted for approximately 53 percent of total sales in 2023.
Catering has become a vital part of the revenue strategy for many cloud kitchens and traditional restaurants. By diversifying into catering, these businesses can mitigate risks associated with fluctuating dine-in customer volumes.
This push for healthier eating isn't just happening in restaurants. Online food businesses like FreshMenu and Grow Fit are popping up to meet people's demands for food that's good for them.
The bakery products have long been basic food products for human nutrition. The convenience, accessibility and nutrition profile associated with them are the major factors of their sustenance in the modern market.
In recent years, the Indian food and beverage industry has experienced a roller-coaster ride, especially for mid-scale restaurants with investments ranging from 5 lac to 25 lac.
As urbanization and hectic lifestyles continue to shape consumer preferences, cloud kitchens and delivery platforms are poised to become the future of the Indian food industry.
In fact, in 2022, over 6,29,000 people across 228 countries joined the movement. This is a record and testament to people's will to change and adopt sustainable practices.
With digitization, changing consumer behaviour and thrust on rural development, the bakery industry is undergoing major changes in the last two decades.
Similar to Berco's business model, NAO plans to grow systematically and expand to multiple locations in order to become a household name just like Berco's.