London, August 10th, 2012 – In 2011, the profit sector accounted for 97.6% of total foodservice sales in Hong Kong and recorded a CAGR of 7.03% over the review period (2006 - 2011). The cost sector accounted for 2.4% of the total foodservice sales in the Hong Kong foodservice market and recorded a CAGR of 0.90% over the review period (see graph below). Restaurants contributed to 78% of the total profit sector sales and recorded a CAGR of 7.60% over the review period. In the profit sector, pubs, clubs and bars recorded the highest CAGR, of 7.86%, followed by restaurants with a CAGR of 7.60%, retail with a CAGR of 6.44%, and leisure with a CAGR of 5.03%. Education, Hong Kong’s largest channel in cost sector contributed 75% of the total cost sector sales and grew at a CAGR of 0.52% over the review period.
The growth in tourism is expected to have positive effect on the growth of foodservice industry in Hong Kong. The prevalent trend of eating out found amongst the young generation, increasing demand of health food by the older population, and the increasing demand for fast-food by single family households, is expected to drive the demand for different varieties of foodservice.
Small households, the increasing number of women joining the workforce, and a busy lifestyle has led to an increased demand for fast-food and frozen meat. An increase in the ageing population has led to increased demand for functional food.
Increasing health awareness has encouraged the people of Hong Kong to turn towards natural and organic products. Most foodservice operators have also begun to offer organic food options in their menus to cater
to the increased demand for such items.Rooftop restaurants are the latest trend in the Hong Kong foodservice market. Although prices in these restaurants and bars are considerably high, the ambience and the spectacular outside views are enough to retain consumers.
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For more information on the article, please contact:
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Industry Report Store is a collection of incisive, regularly updated market reports across 40+ industry sectors and 100+ countries.
We provide access to the latest data on global and local markets, key industries, top companies, M&A activity, new product launches and trends so you can make faster and better informed business decisions.
The reports in our store draw on robust primary and secondary research, proprietary databases, industry surveys and insightful analysis from our own expert teams and from carefully selected third-party publishers.
With access to over 400 in-house analysts and journalists, and a global media presence in over 30 industries, Industry Review delivers in-depth knowledge of local markets worldwide.
For more information, please visit our website at www.industryreportstore.com
For more information on the article, please contact:
Press Contact:
Shelly Wills
Tel: +44 (0) 20 7936 6671
shelly.wills@industryreportstore.com
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