Capping off 2022, the global restaurant industry made a remarkable rebound, soaring to a valuation of 2.6 trillion euros, reinstating itself to pre-pandemic norms. Simultaneously, Italian cuisine worldwide resumed its double-digit growth at an 11% increase, accumulating a total value of 228 billion euros over the period.
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Notably, Italy emerges as a dominant player, with full-service restaurants constituting half of the market share, solidifying its position as the largest European nation in this segment. These pivotal insights stem from the 2023 edition of Deloitte’s “Foodservice Market Monitor” report, entitled “Evolving Frontiers in the Foodservice Industry”.
ITALIAN CUISINE CONTINUES TO GROW
Globally, Italian cuisine enjoys a significant foothold, commanding a 19% share of the traditional restaurant market. Italian restaurants predominantly position themselves as offering a compelling value-for-money proposition, emphasizing a favorable quality-to-price ratio.
DELIVERY IS INCREASINGLY INFLUENTIAL
Delivery has made substantial gains in the overall global restaurant market, escalating from 5% in 2016 to a commanding 19% in 2022. This growth trend has continued unabated for six consecutive years. Notably, the travel segment has outshone the rest with a remarkable year-on-year surge of 43% in the 2021-2022 period.
ITALIAN RESTAURANTS TOP EUROPE’S RANKING
When examining the global restaurant market based on restaurant types, the foodservice industry is primarily dominated by full-service restaurants, often referred to as traditional establishments, comprising 46% of the market share. This category exhibits a substantial concentration, with ten key countries covering a noteworthy 78% of the entire market. In Italy, full-service restaurants claim a significant 50% market share, positioning the country as the leader in this segment across Europe.
Tommaso Nastasi, Partner and Value Creation Service Leader at Deloitte Italy, underscores that “The Covid-19 pandemic has brought about shifts in consumer tastes, with a heightened focus on sustainability and a growing interest in plant-based offerings. Price sensitivity has also intensified due to the substantial inflation observed in 2022. Additionally, the widespread adoption of hybrid work arrangements has significantly altered consumer behaviors. More consumers now prefer dining out in the evening rather than during lunch hours. The recovery of the tourism sector has been instrumental in revitalizing the restaurant market by increasing visitor traffic and their willingness to spend. To align with these evolving consumer preferences, industry operators are adapting their value propositions. This includes product innovations, such as the introduction of a wider range of vegetarian and plant-based options, as well as enhancing the customer experience through the utilization of digital tools.”