Euromonitor reports fast-casual sales growth continues to outpace the overall U.S. market.
Consumer foodservice sales grew 5.7 percent on a global basis in 2015, according to Euromonitor International, a global market research firm. This represents a .4 percent increase over the previous year.
Sales at fast-casual operations increased 10.4 percent, making it the fastest growing operator segment, according to Euromonitor. “Consumers are shifting their dining preferences, especially in developed markets,” Elizabeth Friend, consumer foodservice strategy analyst at Euromonitor International, said. “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.”
Asian restaurants followed fast-casual dining at 9.3 percent growth, reflecting the significance of the Chinese market. China continues to be the largest market for consumer foodservice with sales totaling USD $617 billion, growing 9.5 percent from 2014 to 2015 despite the market’s slow down, according to Euromonitor.
Online orders have become popular in China, Israel and South Korea where more than 60 percent of home delivery sales were ordered online, according to Euromonitor. 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.