Global consumer foodservice sales rise 5.4%
Global consumer foodservice value increased with over USD $2.7 trillion dollars in sales, according to data from market research firm Euromonitor International.
Full service restaurants accounted for the largest proportion of sales globally, followed by fast food and cafes/bars.
By region, Latin America and the Middle East/Africa lead with a compound annual growth rate (CAGR) growth from 2009-2014 of 10.7% and 9.3% respectively.
All regions have seen growth over this period, except for Western Europe, where sales have remained flat or declining every year since 2009.
The world’s largest foodservice market in 2014 with over USD $560 billion dollars in sales is China, and emerging markets now account for 13 of the top 20 largest foodservice markets in value terms. Some of these markets include China, Brazil, India, Mexico, Indonesia, Vietnam, Turkey and Argentina.
“The importance of emerging market demand continues to grow, even in a challenging macroeconomic environment,” Euromonitor International’s Head of Consumer Foodservice Michael Schaefer said.
“Yet competition is expanding fast and consumer demand in key markets grows more sophisticated all the time.”
Major players YUM! Brands and McDonald’s faced difficulties in 2014 with sales issues in flagship markets like the US and China, creating openings for smaller local players.
“Fast food and coffee shops are still the categories of choice for global chains,” Schaefer said.
“Global consumers demand affordable convenience in an engaging environment. Yet local operators are getting better all the time, and there is real opportunity for innovators in the current environment.”
