Hong Kong - The Future of Foodservice to 2027

Hong Kong - The Future of Foodservice to 2027

Summary

“Hong Kong Foodservice Market Size and Trends by Profit and Cost Sector Channels, Players and Forecast to 2027” published by GlobalData provides extensive insight and analysis of the Hong Kong Foodservice market over the next five years (2022–27) and acts as a vital point of reference for operators or suppliers.

The Hong Kong profit sector’s total revenue totaled HKD107.1 billion ($13.7 billion) in 2022, having contracted at a negative compound annual growth rate (CAGR) of 5% during 2017–22. The economic slowdown in the last few years, coupled with fluctuating inflation, negatively impacted foodservice sales. However, the sector is expected to rebound and register consistent growth in the next five years, thanks to robust economic expansion and rising tourism. The support from the Hong Kong government to promote travel and tourism will positively influence sales at hotels, restaurants, and cafés. During 2022–27, the Hong Kong profit sector will register a strong value CAGR of 11.9%. Additionally, the number of transactions will register a CAGR of 8.9%, while the number of outlets will post a CAGR of 0.8%, during 2022–27.

The report includes -

• Overview of Hong Kong's macro-economic landscape: Detailed analysis of current macro-economic factors and their impact on the Hong Kong foodservice market including GDP per capita, consumer price index, population growth, and annual household income distribution.
• Growth dynamics: In-depth data and forecasts of key channels (QSR, FSR, coffee & tea shop, and pub, club & bar) within the Hong Kong foodservice market, including the value of the market, number of transactions, number of outlets and average transaction price.
• Customer segmentation: Identify the most important demographic groups, buying habits, and motivations that drive out-of-home meal occasions among segments of the Hong Kong population.
• Key players: Overview of market leaders within the four major channels including business descriptions and number of outlets.

Scope

• The Hong Kong profit sector’s value totaled HKD107.1 billion ($13.7 billion) in 2022, having declined sharply at a negative CAGR of 5% during 2017–22. In 2022, Hong Kong’s GDP declined on account of multiple economic challenges such as climbing interest rates and decelerating global demand. FSR was the leading channel in 2022, contributing 62.3% of the sector’s total sales, while QSR ranked a distant second with a 23.9% share of sales. Chain restaurant value sales will rise faster than independent outlet value sales during 2022–27. Chinese was the most preferred cuisine type in Hong Kong’s FSR channel in 2022. During 2022–27, the Hong Kong profit sector will register a strong value CAGR of 11.9%. Additionally, the number of transactions will register a CAGR of 8.9%, while the number of outlets will post a CAGR of 0.8%, during 2022–27.

Reasons to Buy

• Specific forecasts of the foodservice market over the next five years (2022–27) will give readers the ability to make informed business decisions through identifying emerging/declining markets.
• Consumer segmentation detailing the desires of known consumers among all major foodservice channels (QSR, FSR, coffee & tea shop, and pub, club & bar) will allow readers understand the wants and needs of their target demographics.