India's gourmet food market to hit $24.5B by 2034
What's the story
India's gourmet food market is expected to grow from $6.6 billion at present to $24.5 billion by 2034, according to the IMARC Group. The market is projected to expand at a compound annual growth rate (CAGR) of 17.8% during this period, indicating a shift toward higher-quality and health-focused food products. This growth is also redefining what constitutes "gourmet" food in India.
Investment surge
FreshTerra's premium grocery venture
The expanding gourmet food market is attracting investments across various sectors, including specialist grocery chains and digital delivery platforms.
FreshTerra, a premium grocery venture launched by Arvind Mediratta and Ambuj Narayan in July, caters to health-conscious consumers with products like freshly milled flour and cold-pressed oils.
The company raised $9 million in seed funding earlier this year and plans to open up to 15 stores by FY28.
Market diversification
Other brands benefiting from the market
Food Stories, a premium gourmet concept by Kishore Biyani's daughters, is also tapping into this market with products like single-origin coffee and artisanal cheese.
The business has recorded a revenue of ₹32.64 crore in FY25 and is expanding beyond New Delhi to other cities.
Other brands such as Urban Platter and The Gourmet Jar are also benefiting from the market.
E-commerce shift
Quick commerce platforms adapting to trend
Quick commerce platforms like Blinkit, Zepto, Flipkart Minutes and Amazon Now are also embracing the gourmet food trend.
These platforms see premium groceries as a way to increase average order values without solely relying on order volume growth.
Swiggy Instamart is expanding its premium food assortment through its own brands Noice and Nectr.