Spain HRI Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spain HRI Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Spain HRI market is projected to grow, witnessing a CAGR of 1.96% during the forecast period (2020-2025).

Key Highlights

• The foodservice brands are eying the post-millennial age group as their prime targets. The growth of the foodservice industry, particularly for spanish cuisines, was largely in the small- and medium-sized cities, the potentially lucrative regions where key global brands and regional players are seeking effective market penetration.
• Spain is an attractive market for international food companies. There is an increase in export opportunities for the United States' food and beverage suppliers, especially in the restaurant and hotel sector, due to the growing tourism sector in the country. Also, growth in the tourism sector in Spain, MICE (Meeting, Incentive, Conference, and Exhibitions) activities, and developments in the hotel and restaurant sector have further contributed to the market growth.

Key Market TrendsRapid Growth In Fast-Food Segment In Spain

Fast food, being a popular choice among the Spanish consumers, continues to grow, majorly driven by price-consciousness. Among the Spaniards, eating out is a popular trend, which further favors the growth of fast food. Burger fast food remains a key format, due to strategies based on lowering prices, promotions, and convenience, wherein companies are observed to increasingly introduce product innovations and customization of food menus according to local tastes and preferences. Key market strategies, such as partnerships and expansions in the number of outlets, are expected to boost the market demand. However, fluctuations in commodity prices and rise in labor costs can pose a major market challenge.

Street Stalls/Kiosks Segment Gaining Popularity

Growth in this segment is driven by growth in independent street stalls and kiosks operators, majorly due to the growth of tourism. Tourists are generally attracted by Spanish food, such as ice cream, churros, and hot chocolate that are served in street stalls at lower prices, compared to high-end restaurants. Additionally, food products in the Spanish market are becoming more diversified, and consumers are becoming more open, creating opportunities for new and foreign products served at street stalls and kiosks. An example of a prominent player in this segment is Oscar Mayer, a chain of street kiosks with significant leadership in hot dog and bacon categories.

Competitive Landscape

Spain HRI market is competitive and fragmented. Full-service restaurants hold a major share. One of the main features of 100% home delivery/takeaway in Spain, which remained unchanged in the review period, is the strong leadership by chained outlets. Some of the major key players in Spain foodservice market include McDonald's Corp, TelePizza SA, Zena Group, Comess Group SL, Vips Group, and Burger King Worldwide Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Yum! Brands, Inc.
McDonald's Corporation
Domino's Pizza, Inc.
Starbucks Corporation
Restaurant Brands International Inc.
Vips Group
Comess Group SL
Ibersol Restoration Group

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.