Fast Casual Is the Fastest Growing Foodservice Segment Globally
Global market research company Euromonitor International released new consumer foodservice industry data. According to the new research, consumer foodservice sales grew 5.7 percent globally in 2015, improving on last year’s growth rate of 5.3 percent. Fast-casual dining was the strongest growing segment across the industry at 10.4 percent, increasing USD $3.4 billion from 2014 to 2015.
Fast casual grew at 10.4 percent, increasing USD $3.4 billion from 2014 to 2015, according to Euromonitor.
“Consumers are shifting their dining preferences, especially in developed markets,” says Elizabeth Friend, consumer foodservice strategy analyst at Euromonitor International. “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.”
Online orders have become popular in China, Israel, and South Korea where more than 60 percent of home delivery sales were ordered online. Globally, China placed the most fast food orders online at 26 percent compared to the U.S. where online fast food sales were less than 1 percent 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 USD $235 billion in new foodservice sales, followed by the U.S. and India with forecast USD $48.8 billion and $35.7 billion, respectively.