Hong Kong Foodservice: The Future of Foodservice in Hong Kong to 2016
Healthier options for the health conscious people of Hong Kong
London, August 10th, 2012 ?In 2011, the profit sector accounted for 97.6% of total foodservice sales in Hong Kong and recorded a CAGR of 7.03% over the review period.? The cost sector accounted for 2.4% of the total foodservice sales in the Hong Kong foodservice market and recorded a CAGR of 0.90% over the review period (reference graph below).? Restaurants contributed to 78% of the total profit sector sales and recorded a CAGR of 7.60% over the review period. In the profit sector, pubs, clubs and bars recorded the highest CAGR, of 7.86%, over the review period, followed by restaurant with a CAGR of 7.60%, retail with a CAGR of 6.44%, and leisure with a CAGR of 5.03%. Education, Hong Kong?s largest channel in cost sector contributed 75% of the total cost sector sales and grew at a CAGR of 0.52% over the review period.
The growth in tourism is expected to have positive effect on the growth of foodservice industry in Hong Kong.? The prevalent trend of eating out found amongst the young generation, increasing demand of health food by the older population, and the increasing demand for fast-food by single family households, is expected to drive the demand for different varieties of foodservice.
Small households, the increasing number of women joining the workforce, and a busy life-style has led to an increased demand for fast-food and frozen meat. An increase in the ageing population has led to increased demand for functional food.
Increasing health awareness has encouraged the people of Hong Kong to turn towards natural and organic products. Most foodservice operators have also begun to offer organic food options in their menus to cater to the increased demand for such items.
Rooftop restaurants are the latest trend in the Hong Kong foodservice market. Although prices in these restaurants and bars are considerably high, the ambience and the spectacular outside views are enough to retain consumers.
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The report: Hong Kong Foodservice: The Future of Foodservice in Hong Kong to 2016.
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