Foodservice sales increased 5.4% in 2014

Consumer foodservice sales increased by more than 5.4% globally in 2014 with more than US$2.7 trillion in sales, new data from Euromonitor International shows. Full-service restaurants accounted for the largest proportion of sales globally, followed by fast-food outlets and cafes/bars.

Latin America and the Middle East/Africa showed the greatest growth, with a compound annual growth rate (CAGR) of 10.7% and 9.3% respectively from 2009 to 2014. While the rest of the world is growing, sales have remained flat - or even declined - every year since 2009 in Western Europe.

China was the world’s largest foodservice market in 2014, with sales of more than US$560 billion. Euromonitor’s data shows that emerging markets now account for 13 of the top 20 largest foodservice markets in value terms.

“The importance of emerging market demand continues to grow, even in a challenging macro-economic environment, yet competition is expanding fast and consumer demand in key markets grows more sophisticated all the time,” said Euromonitor International Head of Consumer Foodservice Michael Schaefer.

2014 was a difficult year for some large players. Both YUM! Brands and McDonald’s faced sales issues in their flagship markets, creating openings for smaller local players.

“Fast food and coffee shops are still the categories of choice for global chains. Global consumers demand affordable convenience in an engaging environment. Yet local operators are getting better all the time, and there is real opportunity for innovators in the current environment,” said Schaefer.