Turkey - The Future of Foodservice to 2021
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Turkish economy saw strong but inconsistent growth between 2010 and 2015. Recent political and regional uncertainty and instability has dampened growth. Consumer prices are also rising rapidly, potentially doubling between 2012 and 2020. Tourism is a key driver of revenue for many foodservice operators, but the industry has fallen victim to regional instability. Indeed, inbound tourist numbers in 2016 fell significantly from numbers recorded in previous years.
Overall revenue in the profit sector within the foodservices industry rose at a CAGR of 7.9% between 2014 and 2016. Despite some economic headwinds, strong growth in overall revenue is forecast to continue to 2021, at a CAGR of 7.7%. Across all channels, growth is driven to a greater extent by growth in transactions than growth in outlet numbers. Due to economic and political uncertainty, consumers across foodservice channels show a high level of price sensitivity. While lower-priced, value-driven channels are set to benefit from cost conscious consumers, more discretionary channels will have to adapt, and offer more, to continue to grow.
Turkey's Quick Service Restaurants (QSR) channel is the country's largest profit sector channel in terms of sales value, accounting for a 33.7% share in 2016. Between 2014 and 2016, the channel saw value growth at a CAGR of 9.3%, far exceeding the profit sector average of 7.8%. Despite this, revenue generated by chain QSR is forecast to grow at a CAGR of 10.0% to 2021, higher than the independent forecast of 8.6%. Chain operators' ability to offer discounts and promotions is a key driver of this growth, although there are numerous opportunities for independents to target consumers with niche and craft options, free of negative chain perceptions.
Full Service Restaurants (FSR) channel is the second largest profit sector foodservice channel in terms of sales value, accounting for 26% of sector revenue in 2016. The channel grew at a CAGR of 7.8% between 2014 and 2016. Strong growth is forecast to persist to 2021, albeit at a marginally contracted CAGR of 7.4%. Historic growth in the channel was primarily driven by growth in average transaction values between 2014 and 2016.
The report "Turkey - The Future of Foodservice to 2021" provides extensive insight and analysis of the Turkish Foodservice market over the next five years (2016-2021) and acts as a vital point of reference for operators or suppliers.
In particular, this report provides the following analysis -
Companies mentioned in this report: Restaurant Brands International, Burger King, McDonald's, Yorpas AS, Dominos Pizza inc, Oses Cig Kofte, Yemeksepti, Starbucks, Altinkiliclar Khave, khave Dunyasi, Gonhul Khavesi, Retail Food Group, Gloria Jeans Coffee, Arcapita Inc, Caribou Coffee, Komagene, Oses.