LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the food service market in APAC is expected to grow at a CAGR of close to 7% during the forecast period.
This research report titled ‘Food Service Market in APAC 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the food service market in APAC into the following type of services. They are:
- Restaurants
- Fast foods
- Cafés/bars
- Delivery and takeaway
- Others
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The top three revenue-generating segments are discussed below:
Restaurants market in APAC
The restaurants market in APAC accounted for more than 46% of the total market share in 2016. The increasing demand for premium drinks, the eminence of craft segment, large-scale mergers and acquisitions, and proper marketing is propelling the growth in the market. The market players leverage social media and digital media platforms to promote and market their product offerings. The increasing demand for craft alcohol, such as craft beer will impact the market positively. The volume of alcohol beverages has increased steadily because of the emergence of new wineries, breweries, and distilleries with growing production capacity and increasing number of new product varieties.
According to Manjunath Reddy, a lead analyst at Technavio for food service research, “The rise in demand for restaurants in APAC is attributed to the increase in the consumer income level. Strong emerging economies like China, Indonesia, Philippines, Thailand, Malaysia, India, and Vietnam will propel the growth of the market in this region.”
Fast food market in APAC
In 2016, the fast food market in APAC occupied for more than 23% of the total market share. Fast food is considered as an empty calorie food, which can be defined as food with high calories and fewer micronutrients. The growing urbanization is significantly impacting the food intake routine of consumers where most of them are attracted toward fast food. Based on infrastructure, fast food restaurants can be classified into quick service restaurants (QSRs) and fast casual restaurants. QSRs are grasping the fast food market because of their authenticity and hygiene.
“The growing urbanization and infrastructure, such as new malls and shopping complexes, have provided new opportunities for the foodservice chains to expand their outlets. The development of new fast food style chains will propel the growth in the market,” says Manjunath.
Cafés/bars market in APAC
The cafés/bars market in APAC accounted for more than 46% of the total market share in 2016. The western culture of sipping premium coffee and socializing in coffee shops is driving the specialty coffee shops market in APAC. The market growth is driven by local chains rather than international brands alone. The main reason for the rise in the demand for cafés/bars is attributed to the increase in the consumer income level. However, strict government regulations and increased taxes and duties on alcoholic drinks are expected to hinder the market growth. The availability of alcohol worldwide is roughly one outlet per 250 residents while in China, it is one outlet per 300 residents.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- McDonald’s
- Restaurant Brands International
- Seven & i Holdings
- Starbucks
- Yum China Holdings
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