Asia/Pacific to Drive Global Foodservice Revenue Growth Through 2024
CLEVELAND, June 29, 2020 /PRNewswire/ -- The Asia/Pacific region, led by China, is expected to account for 64% of global foodservice revenue gains through 2024, according to a new Freedonia Group analysis. Despite temporary slowdowns due to the COVID-19 pandemic, major Asia/Pacific markets like China, Japan, and South Korea, appear to have brought the virus under control for the most part, allowing foodservice activities to resume, albeit with restrictions that could become the new normal in markets worldwide.
Global Foodservice, a new study from The Freedonia Group, examines these and other major trends affecting the $3.7 trillion global foodservice industry.
Also see the blog 4 Ways COVID-19 Is Impacting the Global Foodservice Industry.
Developing Asia/Pacific markets represent key drivers of global growth
Foodservice markets are rapidly expanding in large developing countries such as China, India, and Indonesia, where rising incomes and Westernizing dining customs are driving new demand for foodservice. In particular, these trends support strong growth opportunities for limited-service, as global chains – including KFC, McDonald's, Pizza Hut, Starbucks, and Taco Bell – continue to target the region for expansion.
The dominant China market will account for the majority of regional gains as rising consumer incomes support continued robust growth in all segments and major international brands continue to expand their presence in the country. In addition, increasing investment in automated foodservice technologies and online food delivery infrastructure like cloud kitchens will help boost revenues.
Regional gains aided by healthy growth in mature markets
Regional revenue growth will also be supported by healthy (if more moderate) advances in mature markets such as Australia and Japan. Although the greatest absolute gains will come from the large but slow-growing full-service dining segment, more innovative areas are growing most quickly. Opportunities exist in investments that expand the use of self-service kiosks, vending machines, and food delivery robots in China, Japan, and South Korea.
Looking for more?
Global Foodservice is now available from The Freedonia Group. This study analyzes global foodservice revenues by region, major national market, and foodservice outlet (i.e., full-service restaurants; fast food and fast casual establishments; other eating and drinking places such as bakeries and coffee shops; and other foodservice outlets including catering, hotel, retail, and sports venue foodservice).
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group