Global consumer foodservice value increased more than 4.6 percent in 2013, with $2.6 trillion dollars in sales, according to new research from Euromonitor International. The Middle East, Africa and Asia Pacific led compound annual growth from 2008-2013 with 10.7 percent and 6.6 percent, respectively.
All regions saw growth over this period except for Western Europe, which saw a decline of 1.4 percent, the company said in a news release.
According to Euromonitor data, emerging and developed markets now account for 13 of the top 20 largest foodservice markets in value terms. Some of these markets include China, Brazil, India, Mexico, Indonesia, Vietnam, Turkey and Argentina, with China now the world's largest foodservice market with more than $510 billion dollars in sales in 2013.
"The importance of emerging market demand continues to grow, even in a challenging macroeconomic environment," said Euromonitor International's Head of Consumer Foodservice, Michael Schaefer. "Yet competition is expanding fast, and consumer demand in key markets grows more sophisticated all the time."
In 2013, Starbucks, the fifth largest foodservice company, led the top 10 with global growth of 9.6 percent and over $17.3 billion dollars in sales. Among the top 10 chains, all but two experienced growth in the 2012-2013 year.
"Fast food and coffee shops are still the categories of choice for global chains," Schaefer said. "Global consumers will continue to demand affordable convenience in an engaging environment."