When McDonald’s stepped in India in 1996, the quintessential Indian food market was sceptic of consuming fast food. However, the increasingly fast-paced lives of Indian consumers led to the requirement for quick meals; and today India is one of the fastest growing fast food markets.
In recent times, the favourable Indian demographics coupled with increasing disposable incomes have exceedingly supported the growth of fast food outlets. Many global brands followed McDonald’s suit since 1996, either through company-owned stores or the franchisee model or a mix of both. The Indian government as well undertook measures to liberalise investment attracting foreign players to setup shops in the country selling French fries, burgers, pizzas and fried chicken.
While a Technopak report states that India’s fast food industry is expected to grow to EUR 3.89 billion by 2020, more than double its value of EUR 1.78 billion in 2014, the spread of fast food chains in India grew at 12 pc in current value terms in 2016, reports Euro monitor in a report on fast food in India. The industry that is otherwise known as the Quick Service Restaurants (QSR) is witnessing an exponential growth in India majorly driven by four factors: a growing share of the young population (age below 30), the changing consumer lifestyle, increasing disposable income levels and an increase in the number of urban working women population.
Indian menu wrapped in foreign foil
The global QSR and fast food chains such as KFC, Dunkin’ Donuts, Starbucks, Wendy’s, Taco Bell, Krispy Kreme, and Genuine Broaster Chicken (GBC), have already forayed into India. But their trick to success was tweaking their menus to cater to the palates of Indian consumers.
There are various things that need to be considered when international brands expand to a potential market. Apart from getting the basics right like the legality and licenses, it is important to understand the dining demographics and identify if the people are prepared to try out something new.
This story is from the September - November 2017 edition of Biz@India.
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This story is from the September - November 2017 edition of Biz@India.
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