Global consumer foodservice value increased over 4.6% in 2013, with over US$2.6 trillion dollars in sales. The Middle East, Africa and Asia Pacific led compound annual growth from 2008-2013 with 10.7% and 6.6% respectively. All regions saw growth over this period except for Western Europe, which saw a decline of 1.4%.
The importance of emerging market demand continues to grow, even in a challenging macroeconomic environment, yet competition is expanding fast, and consumer demand in key markets grows more sophisticated all the time. Emerging and developed 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, with China now the world’s largest foodservice market with over US$510 billion dollars in sales in 2013.
In 2013, Starbucks, the fifth largest foodservice company, led the top ten with global growth of 9.6% and over US $17.3 billion dollars in sales. Among the top 10 chains, all but two experienced growth in the 2012-2013 year. Fast food and coffee shops are still the categories of choice for global chains. Global consumers will continue to demand affordable convenience in an engaging environment.
Have a question or a thought to add? Leave us a comment below.