In the next five years, Euromonitor predicts Asia-Pacific's food-service sales to rise by 38.7% by 2019 with $1.5tn sold. In particular, China continues to lead the region in sales and is expected to remain one of the fastest-growing Asian markets over the next five years. This overall growth in the Asia-Pacific region makes it the second largest growth market in the world for food-service operators.
Behind Asia-Pacific, Latin America and Western Europe are set for the largest growth in food service. Euromonitor expects chain sales to grow by 114.3% by 2019 in Latin America and 22.6% in Western Europe, respectively.
International markets are important to operators within the food-service industry as they provide potential for growth outside of the stagnant US. For example, Asia-Pacific's total food-service sales in 2014 totalled $1.1tn, while North America's 2014 food-service sales only totalled $556.3bn. Understanding the tastes and trends of consumers in the region will also help companies decide whether or not their concept will do well.
"Our food-service research offers real insights from every major market and this scope gives us a unique view of the most important trends playing out at the global level," said Michael Schaefer, Head of Beverages and Foodservice of Euromonitor International. "As this year's International Top 25 list shows, the number of truly global food-service players continues to grow and we expect the pace of growth and innovation will continue to accelerate going forward."
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