By 2028, nearly one-third of food outlets in India are expected to be quick-service restaurants (QSRs), with their market share increasing from 19% in 2018 to an anticipated 29%, according to market Intelligence firm 1Lattice.
In contrast, other restaurant formats such as casual dining, frozen dessert/ice cream, pubs, bars, cafés, lounges (PBCL), and fine dining are projected to either see minimal declines or maintain steady growth in their market share.
By 2028, casual dining is expected to retain the largest share at 56%, PBCL will hold a stable 10%, frozen dessert/ice cream will capture 4%, and fine dining will account for just 1%.
Among the seven prominent QSR companies, which collectively operate over 5,500 stores, Domino’s’s Pizza leads the pack. As of June 2024, Domino’s has exceeded 2,000 locations, with the most recent 500 openings occurring in just 29 months. Jubilant FoodWorks Ltd. Food Works, the operator of Domino’s in India, runs a total of 2,991 stores according to their FY24 annual presentation.
Devyani International Limited, which operates brands like KFC India, Pizza Hut, and Costa Coffee India, managed approximately 1,782 stores as of March 2024. Ravi Jaipuria, Chairman of Devyani International, mentioned in the company’s annual report that they are optimistic about the QSR industry’s growth and the long-term potential of their brands. They expanded their store network by adding 251 new units, bringing the total to 1,782 as of March 31, 2024.
Emerging QSR brands such as Wow! Momo, Biggies Burger, Curefoods (EatFit), SAMOSA SINGH , Burger Singh – A unit of Tipping Mr Pink Pvt Ltd, and GOPIZZA INDIA are also experiencing rapid growth. Wow! Momo, with over 600 outlets, recently secured a significant Series D funding round of INR 480 crore to support its expansion efforts.
Founded in 2011, Biggies Burger plans to grow to 250 operational stores by FY26, focusing on East India, and currently operates 141 stores. Similarly, South Korean pizza chain GoPizza aims to have 100 stores in India by the end of 2024.
