PANJIM: Driven by high disposable income of residents, Goa’s food and beverage market is experiencing significant growth, says Prahlad Sukhtankar, Goa Chapter Head of National Restaurant Association of India (NRAI).
Speaking at the launch of India Food Services Report 2024 (NRAI IFSR 2024), he said, “According to the NRAI India Food Services Report 2024, about 39 per cent 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 Gross State Domestic Product (GSDP) growing at a rate of 9.4%."
He said according to the NRAI report, food services sector in Goa is set to grow by 8.1 per cent CAGR during 2024-2028.
Akshay Quenim, Goa, Co-Chapter Head, NRAI, said, “According to the NRAI IFSR 2024, the market size of Goa’s Organised Food Services Industry is estimated to be valued at Rs 1,940 crore 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."
Sukhtankar said the food services industry has demonstrated remarkable resilience and recovery following the pandemic's impact, now experiencing several key trends and added that consumers are increasingly investing in higher-quality and fine dining experiences, significantly influencing the industry.
Suneel Anchipaka, IAS, Director Tourism and Managing Director, Goa Tourism Development Corporation (GTDC) said, “The launch of the NRAI India Food Services Report 2024 marks an important milestone for Goa’s flourishing food and beverage industry. Our ongoing endeavour is to establish Goa as a premier destination for culinary excellence and vibrant hospitality.”