The global consumer foodservice market increased in value by over 5.4% in 2014, with over US$2.7 trillion in sales, according to market research company 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) 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 US$560 billion dollars in sales is China and according to Euromonitor data, 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,” says Euromonitor International’s head of Consumer Foodservice, Michael Schaefer. “Yet competition is expanding fast and consumer demand in key markets grows more sophisticated all the time.”
2014 was a year of real difficulty for some of the largest players, as both YUM! Brands and McDonald’s faced sales issues in flagship markets like the US and China, which created openings for smaller local players.
“Fast food and coffee shops are still the categories of choice for global chains,” continues Michael Schaefer. “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.”
To learn more about our international consumer foodservice research, please visit http://www.euromonitor.com/consumer-foodservice.