The Turkish food service market is one of the growing markets in Europe. The steady growth in GDP and increased disposable income were a few of the major growth factors of the food service industry in the country.
The increase in the number of single family households in the country, rising number of women in the workplace, and a fast-paced lifestyle amongst the young are creating a shift towards fast food from formal meal occasions. Additionally, growing health concerns are causing consumers to develop healthier and more nutritious eating habits.
“Turkish Foodservice: The Future of Foodservice in Turkey to 2016” provides a top-level overview and detailed market, channel, and company-specific insights into the operating environment for foodservice companies. It is an essential tool for companies active across the Turkish foodservice value chain, and for new companies considering entering the market.
Key Features and Benefits
Key Market Issues
Strong economic growth benefit the foodservice industry.
Steady economic growth in Turkey is one of the major growth factors for the foodservice industry in the country. It was apparent during the recent global economic downturn that the Turkish economy is dynamic and growing, making it one of the fastest growing economies in Europe.
Low debt level makes Turkey an attractive investment destination.
Gross government debt was valued at TRY432.9 billion in 2011, comprising 33.2% of GDP, which was below the level of the euro convergence criteria of 60%. The ratio was also below the 18 EU countries, making it one of the preferred investment destinations in the European continent. Higher foreign investment spurs economic growth, which bears well for the foodservice industry.
Changing demographics creating new niche segments.
In recent years, the demographic and social changes have shaped the growth of the foodservice industry in Turkey. Changing demographics such as the rising proportion of the aged population, ethnic diversity, smaller household size, and increased working population are impacting the foodservice industry.
Ethnic diversity leads to change in food preferences.
Increased ethnic diversity has influenced food consumption patterns and demand in recent years. In Turkey, the overall population comprises of non-Turkish nationals from Bulgaria, Germany, Kosovo, Greece, Netherlands, Romania, and the western part of Asia. However, the taste and preferences of these population groups are different from each other, creating newer opportunities for foodservice providers to target new consumer sets.
Tourism one of the key driver for foodservice growth in Turkey.
Tourism in Turkey has been one of the major growth drivers behind its economic development over recent decades. With the growth of the tourism industry in Turkey, the foodservice sector is expected to benefit more, especially the accommodation and leisure channels.
Key Highlights
Increase in disposable income combined with reduction in unemployment rate is expected to drive foodservice sales.
In Turkey, disposable income increased from US$383.8 billion in 2006 to US$528.8 billion in 2011, a growth at a CAGR of 6.62%, which gave a positive upturn to the foodservice industry. Additionally, the slowdown in the unemployment rate from 14% in 2009 to 9.9% in 2011 had a positive effect on disposable income, which resulted in increased consumer spending. In total, improvement in both these factors is forecast to lead to greater economic growth and an increase in sales for foodservice operators.
Increasing health concerns encouraging Turks to adopt healthier lifestyles.
The increases in obesity, heart disease cases, and other related disease, have encouraged many to evaluate their eating habits and to adopt healthier lifestyles. As a result, foodservice providers are offering new low-calorie, high-nutritional-value food variants designed to cater to the needs of health conscious older consumers.
Fast-paced urban life and rising employment fuel the growth of convenience food.
In spite of current health concerns, fast food and quick-service restaurants remain as key factors of the Turkish foodservice industry. Factors such as urbanization, an increasing working female population, smaller families, and less time for cooking have stimulated the growth of the fast food and quick-service restaurants in Turkey.
Consumer expecting local geography and cultural experience.
Local taste combined with a local ambiance always attracts consumers in Turkey. The customers, especially tourists and business travelers, are always looking for place where they can get the feel of the local environment. Therefore, many chained and independent coffee shops are providing local geography and cultural ambience to customers.
Online ordering is increasing in Turkey.
The foodservice providers are increasingly adopting online ordering services, and operators are enhancing their presence on the internet by introducing their websites, which allows service providers to provide information on the latest offers, menu details, contact address, location map, table booking, and online ordering options.
Buy your copy of this report @ http://www.reportsnreports.com/reports/172789-turkish-foodservice-the-future-of-foodservice-in-turkey-to-2016.html
