$10.3 Billion Turkey Food Service Market to 2027: Wide Variety of Cuisines and Rising Tourism Fuels Growth
Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Turkey Food Service Market, By Type (Dining Service (Hotels, Restaurants), PBCL (Pubs, Bars, Cafes and Lounges), QSR (Quick Service Restaurants), and Others), By Ownership, By Domestic Vs. International Brands, By Region, Competition, Forecast & Opportunities, 2017-2027F" report has been added to ResearchAndMarkets.com's offering.
Turkey food service market is expected to register a CAGR of 5.85% and is expected to reach a market size of USD 10,359.95 million by 2027F on account of wide variety of food options, increasing preference for dining out, changing lifestyles, a large number of youthful and working population, increasing preference for international cuisine, etc. these are the certain factors propelling the food services market forward.
TAB Gida San ve Tic AS
Shaya Kahve San ve Tic AS
Pizza Restaurantlari AS
Anadolu Endustri Holding AS (McDonald's)
Yasar Dondurma ve Gida AS
Komagene (Yorpas Yoresel Yiyecekler AS)
Tavuk Dunyasi (TD Gida Sanayi ve Tic Ltd Sti)
Kahve Dunyasi (Altiniliclar Gida San Ve Tic Ltd Sti)
Oses (Oses Grup Gida San ve Tic Ltd Sti)
Turkey's hotels, restaurants, and institution (HRI) industry, valued at several billion dollars, accounts for around 6% of the country's overall food and beverage market. In Turkey, there are approximately 3,800 hotels, 5,000 catering businesses, over 150,000 eateries, and 360 shopping centers with food courts.
Moreover, within the Turkish culture the importance of communal dining is quite high owing to the belief that the socialization technique promotes the strengthening of bonds between friends and families. As a result, dining out with others is embedded in Turkish culture. This is one of the crucial factors for the growth of food service market in Turkey.
Turkish households is witnessing a significant increase in working population and dual incomes. Therefore, the Couples and parents are frequently too busy to sit down and prepare meals, which has caused a rise in the number of Turks who prefer to eat out or order home delivery.
With most individuals working from home following the COVID-19 pandemic, the food service sector has seen a subsequent decline in demand in Turkey. The industry was impacted due to the reduction in restaurant dine-in capacity to 50% in the initial stage followed by the closure of all dine-in spaces.
However, the food delivery industry, which is dominated by Yemeksepeti, Getir Yemek, and other applications, saw an increase in business as a result of the interruptions due to COVID-19 lockdown protocols. Moreover, in order to attract customers and maintain business operations, restaurateurs began to list themselves on these sites. Additionally, as customer adoption of food delivery applications started to rise, delivery-only kitchens or cloud kitchens started to prosper.
Variety of Cuisines Drives the Market Growth
Owing to its unique location at the intersection of three continents-Europe, Asia, and the Northern Africa as well as the centuries-long migration of Turks from Central Asia to Europe, Turkish cuisine is among the most diverse in the world. The well-traveled, thriving middle class is willing to spend money on dining experiences that are comparable to those found around the world because they are exposed to international trends in terms of newer formats and cuisines as well as seamless interaction made possible by the growth of multiple communication channels such as the internet and mobile phones.
With the cultural influence, various domestic chains are competing with the international chains in order to promote the traditional food culture of the country. The most recent development in the food service sector that is driving demand is the advent of an application that guides purchasers and makes it easier for them to pick products based on their preferences.
Growing Tourism is Fueling the Market Growth
With 15.5 million residents living on both sides of the Bosphorus Strait, Istanbul is a distinctive transcontinental city. Owing to the presence of major tourist sites in Fatih, Sariyer, Sisli, and Beyoglu as well as the availability of 500+ lodging facilities with 100,000+ beds, travelers favor the Istanbul's European side.
The peacefulness and rich cultural past of the Asian side's tourist destinations, Kadikoy and Uskudar, are well-known. Before the pandemic had an impact on the tourism industry, Istanbul saw a record-high 14.9 million foreign visitors in 2019. Due to the large number of tourists, Istanbul is a well-known destination for the food and beverage industry.
Increasing Share of Food Delivery and Take-away Aids Market Growth
The population's increasingly busy lives and hectic schedules, , easy access to internet, rising e-commerce usage, increasing demand for hygienic fast food, and growing popularity for online food ordering are certain factors that have encouraged a number of food chain restaurants to turn to online distribution channels to increase their overall sales.
Significantly, even restaurants altered their outlook and grew more dependent on online food delivery platforms in Istanbul. Yemeksepeti, one of the major players in meal delivery, which has added more than 32,000 restaurants in 2020. There is a sizable addressable market, which led companies such as Zomato, Trendyol Yemek, Fuudy, and Tikla Gelsin to introduce their services in Turkey.
In this report, Turkey food service market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Turkey Food Service Market, By Type:
Dining Service (Hotels, Restaurants)
PBCL (Pubs, Bars, Cafes and Lounges)
QSR (Quick Service Restaurants)
Others (Cafeteria, Cloud Kitchen, Vending Companies)
Turkey Food Service Market, By Ownership:
Turkey Food Service Market, By Domestic Vs. International Brands:
Turkey Food service Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/mbomit-food?w=12
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