Before you decide to get bored, let us tell you that these are the business opportunities you are looking for and are totally capable to keep up with it.
So, scratch all your other plans and partner up with your friends to brainstorm about this so that you can go to that exotic-international vacation you all were planning to and you’ll be having the growing food industry to thank too, not us, here’s why.
Did you know ? An average person spends 35% of his income on food and beverages which includes groceries, eating out and take outs. Infact the global expenditure on food by consumers is likely to reach $20 trillion by 2030.
There are these routine expenditures then there are the massive expenses people incur on food and beverages on occasions like weddings, concerts, parties etc which has boosted the business for the caterers, food trucks, street fast food chains etc.
Considering this individually, it’s market size is estimated to be worth around ₹3,37,500 crore and the Indian food market on a whole is estimated to be worth at $894.98 billion.
How would you like to be a cheery on the top of this cake size food industry? Well, now you can and here’s how.
Profitable food business ideas
From just being established as a diner to being available at your doorstep without you having to get dressed at all, somewhere the food business grew up.
Here are the few food business ideas that won’t keep you starving.
Food truck business
The food on wheels business has recently gained popularity in the past 5-6 years. There are currently 21 food truck business brands with different varieties in terms of cuisines, costs, format etc.
A food truck business involves using a large vehicle to cook and sell food to the consumers. This food business allows you to cater to a wider market by moving to and fro from one place to another and attract different consumers niches.
- Requirement: Kitchen Equipment (grills, fryers, refrigerators, and storage), Menu pricing, Suppliers and Inventory, Vehicle, Staffing (cook, cleaners, servants), Mobile Payment Solutions, etc.
- Fast food
- Organic food
- Street food
- Italian etc
- FSSAI license
- NOC. From chief fire officer
- Vehicle license
- Permission from the local municipal body
- Investment required: ₹1 lakh – ₹20 lakh (Depending on your scale of operations)
- Profits made. : ₹300000 per month
- Low investment in terms of capital and manpower
- Flexible timing and schedule
- Affordable by all consumer segments
- Quick turnover
- Easy expansion opportunities
- Catering business
- School and college students
- Working class population
Catering service business
The catering service business majorly has those 10 million wedding which take place per year in India. It involves providing the service of food to hotels, restaurants and other specific sites.
- Requirement: Commercial Kitchen, Catering Equipment (food warmers, dishes, Buffet servers, Display stands, Sinks and handwashing stations), Suppliers and Inventory, Transportation, Food Presentation (packaging, appealing dishes, Seasonal Specials), etc.
- Sit down
- Restaurant catering
- FSSAI license
- Alcohol license
- Food establishments licenses
- Other licenses
- Investment required : ₹1 lakh – ₹20lakh
- Profits made. : ₹1 lakh – ₹15 lakh
- Wide target customers
- High turnover
- Low investment
- Word of mouth promotions
- Events and occasions
- Commercial offices
Homemade meal business
In this era’s growing need of increasing one’s disposable income through their existing skills and passion for food has bought a trend of becoming an entrepreneur by selling homemade food/meals to customers.
Moreover, because of the westernization in terms of food consumption pattern and shift towards healthy food over fast food chains and increase in demand for ready to eat meals has made consumers prefer this over any of those high calorie joints
- Requirement: menu Pricing Strategy, Packaging and Labeling, Online Ordering and Delivery System, quality control, Seasonal Offerings, online payments system, etc.
- Lunch, dinner meals
- GST registration
- Food safety license
- Investment: ₹50000-₹1lakh
- Profits. : ₹1lakh-₹3lakh per month
- Can be started at home
- Easy marketing prospects
- Wide scope for expansion
- Middle and working class
- Corporate events
- Parties and occasions
- Millennials and baby boomers
- Food delivery apps: Swiggy, ZOMATO, Rapido etc
Fast food cafés and street and stall based business
India comprises of 67% of the unorganized fast food market held by street food vendors and the remaining by the fast food giants like Burger King, KFC, McDonald’s etc.
The demand for fast food has been increasing because of an increase in the disposable income of the consumers and also for the rising demand of the ready-to-eat food.
Then there’s demand for the stall based dessert and juice bars contributed by the same factors except by the healthy-eating and ice cream loving audience.
Don’t worry, you can fit in here and fit in well too.
- Requirement: Location, Interior Setup, Suppliers and Inventory, Kitchen Equipment(fryers, grills, storage container), Menu and Pricing, Mobile Payment Solutions, etc.
- Burger joints
- Juice centres
- Ice cream centres
- Bubble tea
- Chinese cuisine
- Street food
- FSSAI registration
- Food establishment license
- Health and sanitation licenses
- GST Registration
- Investment required: ₹1lakh-₹10lakh
- Profits made: ₹1lakh-₹5 lakhs per month
- Wider consumer reachability
- Low investment
- Quick turnover
- Bulk orders
- Students from college and schools
- Middle and upper working class
- Online food delivery apps
- These business opportunities are the most profitable ones under different investment categories suiting your capital capabilities.
- Food industry in India has been booming because of the westernization in terms of ready to eat and quick service restaurant stations as mentioned above.
- All of the above food businesses come with quick turnover and provide you with wide scope for expansion, giving you just the reasons you need for taking any of these opportunities up.
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