Despite economic pressures still affecting the global economy consumers across the world are continuing to spend money on eating out and as a result the food service industry is set to grow by a whopping $114 billion in just three years finds Datamonitor.
Kaustav Ray Managing Analyst at Datamonitor said: “With consumers spending more on eating out globally our figures also show that more than 1 million new outlets will open over the next three years. Nearly 500,000 of these will be in China.”
Mr Ray added: “Our research has revealed a picture of overall growth across food services, but not all markets are doing well. The food service industry in the US faces a difficult time over the next three years as the economy continues to recover from the recession. However consumers in countries like the UK who were also hit by the recession will continue to spend on eating out as the market is predicted to show moderate growth at 3.3%.”