"Hong Kong - The Future of Foodservice to 2024” published by GlobalData provides extensive insight and analysis of the Hong Kong Foodservice market over the next five years (2019-2024) and acts as a vital point of reference for operators or suppliers. The report includes:
The Hong Kong foodservice profit sector grew in value by a CAGR of 3.8% over the period, 2014-2019, to reach HKD148.5 billion (US$19 billion). The full-service restaurants hold almost two-thirds of the market and grew with a CAGR of 3.5% in the review period. Quick-service restaurants and pubs, clubs, and bars also witnessed a notable growth over the same period. The country is considered a high income economy and growth across all profit sector channels is primarily attributed to rising average transaction numbers as well as expansion in outlets. Technological capabilities have been transforming the restaurant industry in the country, across channels.
Overview of Hong Kong’s macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on Hong Kong’s foodservice market including GDP per capita, consumer price index, population growth and annual household income distribution.
Growth dynamics: In-depth data and forecasts of key channels (QSR, FSR, Coffee & Tea shop and Pubs, Clubs and Bars) within Hong Kong’s foodservice market, including the value of the market, number of transactions, number of outlets and average transaction price.
Customer segmentation: identify the most important demographic groups, buying habits and motivations that drive out-of-home meal occasions among segments of the Hong Kongan population.
Key players: Overview of market leaders within the four major channels including business descriptions and number of outlets.
- High disposable incomes of consumers and rise in tourist visits during the review peiord boosted the growth of the overall foodservice sector. FSR represents the largest foodservice channel in Hong Kong, generating revenue of HKD95.3 billion in 2019 (or a 64.2% share of the overall profit sector).
- Third party delivery services have seen a slow rate of acceptance in Hong Kong, largely due to the proximity and density of outlets. However, the atmosphere of social unrest in 2019 and concerns regarding the COVID-19 infection, made individuals more reluctant to go out, creating better conditions for delivery service providers. Thereby, takeaway transactions in the channel are forecast to outperform dine-in occasions, especially in QSR and FSR.
- Currently, the FSR channel is dominated by independent operators, where 83% of revenue was generated by independent outlets in 2019. While chains are best represented in the coffee & tea shop channel, wherein they accounted for 53% of the channels’ sales value in 2019 and Starbucks Corporation - the largest operator, generated 38.5% share of the total channel revenue.
Reasons To Buy
- Specific forecasts of the foodservice market over the next five years (2019-2024) will give readers the ability to make informed business decisions through identifying emerging/declining markets.
- Consumer segmentation detailing the desires of known consumers among all major foodservice channels (QSR, FSR, Coffee & Tea shop and Pubs, Clubs and Bars) will allow readers understand the wants and needs of their target demographics.