Greece - The Future of Foodservice to 2021
Unemployment in Greece remains notoriously high, reaching 23.5% in 2016. Youth unemployment has remained above 40% since 2011, resulting in a ‘brain-drain’ of young, qualified Greeks seeking employment and higher standards of living elsewhere. Greece’s recovery also continues to be hindered by a long-standing culture of tax evasion, which is often referred to in the press as the country’s ‘national sport’. Recent efforts from the governing Syriza to clamp down on this have included the mandatory installation of Point of Sale (POS) terminals across certain industries.
Between 2014 and 2016, the Greek profit sector recorded subdued value growth at a CAGR of 0.6%. The foodservice profit sector has, to a degree, evaded the steep decline experienced in other industries, due to its links to the reliably robust tourism industry. Similarly, the foodservice market enjoys somewhat inelastic demand, as Greeks remain resilient and continue to partake in regular out-of-home meal occasions.
In 2016, Greece’s QSR market was valued at approximately EUR€ 1.5 Billion, posting growth at a CAGR of 0.7% since 2014. While the global QSR market has been widely touted as ‘recession proof’, this hasn’t proved the case in Greece. Soaring unemployment and plummeting levels of disposable income have become so severe that many consumers are neglecting to ‘trade down’ meal solutions, instead opting to ‘trade out’ of out-of-home foodservices completely.
Valued at approximately EUR€ 2.8 Billion in 2016, the FSR market represents the second largest foodservice channel by revenue, accounting for 21.8% of overall profit sector revenue. Although value in the channel rose at a relatively strong CAGR of 0.7% between 2014 and 2016, this can be mostly attributed to Greece’s reliably stable tourism industry.
In 2016, Greece’s coffee and tea shop market was valued at EUR€ 386 million, posting growth at a CAGR of 0.3% since 2014. Among surveyed foodservice consumers, 63% visited a coffee or tea shop in the previous week, highlighting the relatively inelastic nature of demand in the market. For many, socializing over a Frappe or a traditional bitter coffee remains a daily ritual, despite Greece’s turbulent economic climate.
The report Greece - The Future of Foodservice to 2021 provides extensive insight and analysis of the Greek Foodservice market over the next five years (2016-2021) and acts as a vital point of reference for operators or suppliers.
In particular, this report provides the following analysis -
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