The Total outbound tourist expenditure on Foodservice sector, attained a global value of USD 219,262.10 million in 2023
The indicator recorded a historical growth (CAGR) of 49% between 2020 to 2023, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Global travel intermediaries segment overview
Global Total outbound tourist expenditure on Foodservice sector experienced a minor decline between 2020 and 2021.
Impact of COVID-19 on global travel intermediaries
The global travel intermediaries market declined strongly in the historic period caused primarily by a fall in 2020 as a result of the COVID-19 pandemic. However, the market is expected to recover in the forecast period but this ultimately depends on strong vaccination rates keeping the virus under control.
Real GDP declined across the world in 2020 as lockdown disrupted domestic economies. This had a knock-on effect with unemployment rising and disposable income falling which reduced travel demand. Additionally, the implementation of quarantine measures for those arriving from certain countries has deterred travel somewhat although this has recently been lifted for travelers within the EU. The travel intermediaries market is positively correlated with the travel and tourism industry, meaning that the latter would follow the same pattern as the first. Thus, as consumers traveled less, growth in the travel and tourism industry fell driving down the travel intermediaries market. The COVID-19 pandemic has caused a significant reduction in global travel, particularly MICE tourism which is currently not seen as essential. The rise of Zoom and Microsoft Teams have temporarily plugged this gap and this is a concern for the Belgian travel intermediaries market as it could lead to a shift to technology-based meetings over face to face.
Who are the leading players?
The leading player in the foodservice industry globally is McDonald’s, with a highly visible presence across the world.
Yum! Brands operates as a leading player in this industry through its KFC, Pizza Hut, and Taco Bell brands. In FY2020, it operated through a network of numbers of restaurants in so many countries and territories.
Restaurant Brands International is a leading player in the global foodservice industry primarily through its Burger King brand, but also through its Tim Hortons and Popeyes brands. The company’s outlets tend to be operated through a network of franchisees. Restaurant Brand’s International largest markets in Europe include France, Germany, and Spain.
Starbucks operates in the coffee and tea shop segment of the industry. Starbucks is focusing on diversifying its revenue streams with an expanded food option, as well as renovating its existing stores and concentrating on the customer experience. Starbucks is focusing on diversifying its revenue streams with an expanded food option, as well as renovating its existing stores and concentrating on the customer experience.
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