Latest news with #RocioFranco
Yahoo
4 days ago
- Business
- Yahoo
1 in 5 consumers chose foodservice delivery over dine-in in 2024: Euromonitor International
Delivery threatens dine-in share, boosted by third party subscriptions encouraging repeat orders Digital innovations at the forefront of customer engagement and brand differentiation LONDON, July 01, 2025--(BUSINESS WIRE)--Delivery leads the consumer foodservice market's recovery, making up 21% of the global consumer foodservice market in 2024, up from 9% in 2019, according to data analytics company Euromonitor International. Euromonitor International's World Market for Consumer Foodservice 2025 report highlights this is driven by robust growth in the Asia Pacific region, which contributed to 40% of global foodservice sales, with a 6% forecast value Compound Annual Growth Rate (CAGR) for 2029. Despite economic uncertainties, the global consumer foodservice industry grew in 2024, reaching a total market value of USD3.2 trillion, a 5.5% increase from 2023. This indicates a continued path to recovery and growth opportunities. Rocio Franco, senior consultant at Euromonitor International, said: "Inflation and economic uncertainty remain major concerns for consumers. Despite global transactions recovering to pre-pandemic levels, indicating strong demand in the industry, consumers are still cutting back on spending and opting for more affordable options." Eat-in continues to lose share while delivery continues to grow Delivery is increasingly taking market share from eat-in dining, making up 21% of the global consumer foodservice market in 2024, up from 9% in 2019. By 2029, delivery is projected to account for 24% of the foodservice market by 2029, while eat-in is expected to lose its share by 3%, down to 52% by 2029. While high inflation has helped many markets bounce back to 2019 pre-pandemic levels, constant sales are forecast to only recover fully from 2026. Offering convenience and value, third-party players have amplified this with aggressive discount competition and increased loyalty programme subscriptions, often removing delivery or service charges to enhance frequency in orders. Limited-service restaurants are also experiencing a boom, appealing to cost-conscious diners as they offer a flexible range of products. By strategising on 'snackification' with options ranging from smaller-sized, budget-friendly products to more premium choices, this strikes a balance between value and quality for consumers. Digital innovation and personalisation at the forefront Foodservice brands have been leveraging technology to meet rising consumer expectations and differentiate in a crowded market. From launching proprietary apps to expanding loyalty programmes, this enables brands to hyper-personalise consumers' experiences by tailoring offerings and promotions based on individual needs. Franco commented: "To retain customers, restaurant operators must strategise to offer value beyond price, focusing on enhancing experiences, embracing digitalisation, and building brand loyalty." Innovations such as such as self-service kiosks, digital recognition, and voice automation in drive-throughs are helping enhance customer engagement, support new product development and provide a competitive edge while driving omnichannel growth. View source version on Contacts Euromonitor Press Office - press@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
4 days ago
- Business
- Business Wire
1 in 5 consumers chose foodservice delivery over dine-in in 2024: Euromonitor International
LONDON--(BUSINESS WIRE)--Delivery leads the consumer foodservice market's recovery, making up 21% of the global consumer foodservice market in 2024, up from 9% in 2019, according to data analytics company Euromonitor International. Asia Pacific contributes 40% of global foodservice sales. Euromonitor International's World Market for Consumer Foodservice 2025 report highlights this is driven by robust growth in the Asia Pacific region, which contributed to 40% of global foodservice sales, with a 6% forecast value Compound Annual Growth Rate (CAGR) for 2029. Despite economic uncertainties, the global consumer foodservice industry grew in 2024, reaching a total market value of USD3.2 trillion, a 5.5% increase from 2023. This indicates a continued path to recovery and growth opportunities. Rocio Franco, senior consultant at Euromonitor International, said: 'Inflation and economic uncertainty remain major concerns for consumers. Despite global transactions recovering to pre-pandemic levels, indicating strong demand in the industry, consumers are still cutting back on spending and opting for more affordable options.' Eat-in continues to lose share while delivery continues to grow Delivery is increasingly taking market share from eat-in dining, making up 21% of the global consumer foodservice market in 2024, up from 9% in 2019. By 2029, delivery is projected to account for 24% of the foodservice market by 2029, while eat-in is expected to lose its share by 3%, down to 52% by 2029. While high inflation has helped many markets bounce back to 2019 pre-pandemic levels, constant sales are forecast to only recover fully from 2026. Offering convenience and value, third-party players have amplified this with aggressive discount competition and increased loyalty programme subscriptions, often removing delivery or service charges to enhance frequency in orders. Limited-service restaurants are also experiencing a boom, appealing to cost-conscious diners as they offer a flexible range of products. By strategising on 'snackification' with options ranging from smaller-sized, budget-friendly products to more premium choices, this strikes a balance between value and quality for consumers. Digital innovation and personalisation at the forefront Foodservice brands have been leveraging technology to meet rising consumer expectations and differentiate in a crowded market. From launching proprietary apps to expanding loyalty programmes, this enables brands to hyper-personalise consumers' experiences by tailoring offerings and promotions based on individual needs. Franco commented: 'To retain customers, restaurant operators must strategise to offer value beyond price, focusing on enhancing experiences, embracing digitalisation, and building brand loyalty.' Innovations such as such as self-service kiosks, digital recognition, and voice automation in drive-throughs are helping enhance customer engagement, support new product development and provide a competitive edge while driving omnichannel growth.
