Oct 4,2019 | Food
South Africa has the largest foodservice market in the African sector, which is made up of over 140,000 chain stores including well known franchises and independent food businesses. As the hospitality and tourism sector is one of the fast-growing sectors, it attracts a mix of business and holiday travelers, thus resulting in a positive impact to the food service sector
The South African profit sector food service market is dominated by Quick Service Restaurants (QSR) and fast food. A young population with a growing middle class present good growth prospects for operators. The total profit sector revenue grew at a CAGR of 2.5% between 2016 and 2018, with growth forecast to contract to 2.0% until 2023. The driving factors towards the growth are mainly due to consumer demands of healthy eating alternatives, free delivery options and the ongoing development of fast food market. South Africa's food service industry has grown tremendously as the QSR channel dominated the sector accounting for over 50% of overall revenue. The evolving market includes franchises of fast food retailers and multi?national franchise corporations co?existing with modern supermarkets, contract food caterers, and informal traders. Although the coffee and tea shop channel is still in its early years, the growing popularity of coffee will lead the QSR operators looking to reap more profit on the coffee craze. "South Africa - The Future of Foodservice to 2023” is a recent report on Bharatbook that provides extensive insight and analysis of the South African Foodservice market over the next five years (2018-2023) and acts as a vital point of reference for operators or suppliers. The report includes an overview of South Africa's macro-economic landscape, in-depth data and forecasts of key channels (QSR, FSR, Coffee & Tea Shops, Pubs, Clubs and Bars) within South Africa's foodservice market, identifying the most important demographic groups, buying habits and motivations that drive out-of-home meal occasions among segments of the South African population. It also covers key players within the four major channels including business descriptions and number of outlets, as well as case studies of recent successes and failures within the South African foodservice market. For more insights on the market, you can visit the link on "South Africa - The Future of Foodservice to 2023”.