20 April 2016

Dining goes casual around the world

Global market research company Euromonitor International has found that consumer food service sales grew 5.7% globally in 2015, improving on the previous year’s growth rate of 5.3%. Fast casual dining was the strongest growing segment across the industry at 10.4%, increasing US$3.4 billion from 2014 to 2015.

“Consumers are shifting their dining preferences, especially in developed markets,” Elizabeth Friend, Consumer foodservice Strategy Analyst at Euromonitor International, said. “Coffee shops, for example, saw a high increase in sales last year, which shows that the dining-out culture is continuing to evolve toward more modern, premium, casual and social experiences.”

China continues to be the largest market for consumer food service with sales totalling US$617 billion, growing 9.5% from 2014 to 2015 despite the market’s slowdown.

Online orders have become popular in China and South Korea where more than 60% of home deliveries were ordered online. Globally, China placed the most fast food orders online at 26% of all orders in 2015.

“China was the true growth leader during the year and we expect it to continue to offer strong growth opportunities ahead, albeit within the context of very high competition. Over the forecast period [2015 to 2020], more growth is projected in China than we saw in the previous five years,” Friend says.

From 2015 to 2020, China is forecast to achieve US$235 billion in new food service sales, while India with is expected to achieve US$35.7 billion in sales.

posted from Bloggeroid