Wednesday, 28 March 2012

Ireland Foodservice: The Future of Foodservice in Ireland to 2016

London, March 28th, 2012 – The Irish foodservice industry is expected to record positive CAGR from 2011 – 2016, primarily due to rising disposable income leading to increased consumer expenditure in the Ireland. The foodservice sector will have to deal with the emergence of a number of new trends, including restaurants offering mini meals and combos, discounts, and promotional offers in order to generate customer traffic.

Ireland’s foodservice sector has been driven recently by the changing demographics of the population and a shift in consumer preferences towards nutritional and healthy eating. Ireland’s foodservice sector is, however, majorly dependent on performance of the profit sector, which was severely affected by the economic downturn in Ireland. During the economic downturn period, consumers’ spending patterns have changed, which has affected the dining out behavior of consumers.

With a 94.8% share in 2011, the profit sector accounted for the majority of Ireland foodservice sales. Within the profit sector the pub, club and bar, and restaurant channels accounted for the majority of the share. The cost sector accounted for 5.2% of total foodservice sector sales with the healthcare channel being the largest contributor in this sector (reference see graph below).

From 2008 to 2010, Ireland’s annual disposable income declined by 17%, a fall that resulted in a marked slowdown in the number of consumers visiting foodservice outlets and had a damaging effect on the foodservice sector, which resulted in the reduction in average transaction cost, which in turn affected the sale of foodservice operators and even resulted in the shutdown of outlets.

The recession in 2008-2009 led to an increase in the turnover of the fast food sector. With a decline in disposable income during the recession, an increasing number of consumers opted for quick bites and cheaper dining. The number of older people continues to increase more than ever before. The foodservice industry will have to adjust to kind of food, quality and convenience demanded by various age groups and will have to consider where the food will be consumed. Furthermore Ireland is becoming a heterogeneous society due to increased immigration from other countries during the years of the economic boom. The increased ethnic diversity has influenced food consumption patterns and demand in recent years.

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