DUBLIN–(BUSINESS WIRE)–The “Japan Foodservice Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)” report has been added to ResearchAndMarkets.com’s offering.
Japan foodservice market was valued USD at USD 142.84 billion in 2020 and is projected to witness a CAGR of 0.84% during the forecast period (2021 – 2026).
Restaurant chains in Japan are taking earnings guidance off the menu after shutdowns and limited hours caused by the coronavirus pandemic have made near-future projections hard to project, with sales in March 2020 down to almost 40% of some companies. The foodservice operators, which rely on lunch and dinner demand from business workers, are also suffering as more companies have employees are working from home at the government’s request.
According to a report released by TableCheck Inc., the percentage of reservations (dining reservations) being cancelled was increased about 3.6 times before the pandemic for groups of 10 or more. A French restaurant and bar named Scene near Hachioji Station on the Keio Line earlier in June 2020 launched takeout and delivery services. Due to reduced traffic and numerous cancellations, the restaurant suffered about a 70% year-on-year sales drop in June 2020.
The Japanese foodservice market is primarily driven by the increasing frequency of dining out, amid time-pressed schedules and the growing influence of cross-culture dietary patterns, due to the strong presence of foodservice providers offering Japanese, Korean, ethnic, and western cuisines.
Japanese consumers, in general, tend to be highly demanding, putting great emphasis on quality and branding and are willing to spend more resources on value-added products. The latest trend in Japanese foodservice includes listing calories on the restaurants’ menu. Connected to this overall trend, strong attention has been paid to the sugar content, and products with lower sugar content are considered healthier, which is expected to drive the market forward.
Key Market Trends
Inclination Toward the American and Western Cuisine
The variety of restaurants and menu items available in the Japanese food service continues to expand in the country, as Japanese consumers are interested in trying a new and vast variety of cuisines, which are available at their convenience in Japan. Food from Europe, Asia, Australia, and the Americas are becoming increasingly popular, partly due to a large number of Japanese travelling abroad every year (17.9 million in 2017, as per the USDA report).
Moreover, consumers have access to media and the internet, exposing them to various international products, activities, and lifestyles. Apart from this, Japan is also experiencing rapid growth in the tourism industry, which, in turn, is profitable for international foodservice brands in the country.
Full-Service Restaurant Holds the Largest Market Share in Japan
The consumers in the country and the increasing number of tourists that visit every year are actively seeking traditional authentic Japanese cuisines, primarily sushi, along with a great dining experience, which is one of the major factors driving the growth of the full-service restaurants in the country. Some of the popular full-service restaurants include Sushi Sho, Shiseido Parlour, Ponchi-ken, Seirinkan, Les Chanterelles, Ise Sueyoshi, Tenoshimam, Nanzenji Hyotei, and Natives Restaurant & Patio.
French restaurants have always been popular in Japan, and more recently, Italian and Spanish restaurants have also grown in popularity. Mexican restaurants, which are still fewer in number, are slowly growing in popularity, and they provide opportunities for US exporters of items, such as tortillas, frozen guacamole, and related Tex-Mex ingredients.
However, the rising labor and ingredient costs and unfavourable demographic trends have presented considerable challenges to full-service restaurants, significantly constraining their growth.
Competitive Landscape
The Japanese foodservice market is highly competitive with major market share held by prominent players, such as McDonald’s Corporation, Yum! Brands Inc., Zensho Holdings Co Ltd, Skylark Group, MOS Food Services Inc., and Yoshinoya Holdings Co. Ltd. Zensho Holdings Co. Ltd, with the largest market share of 2.76% in 2020, emerged as the market leader, Skylark Group holds the second largest share with 1.66%.
Japan foodservice market is highly competitive and it is mostly dominated by the local players. The key players are embarking on merger and acquisition as one of their key strategies to achieve consolidation and optimize their offerings. Moreover, these players merge with local players, to gain dominance in the local markets.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Full-Service Restaurant
5.1.2 Quick Service Restaurants
5.1.3 Cafes and Bars
5.1.4 100% Home Delivery Restaurants
5.1.5 Street Stalls and Kiosks
5.2 Structure
5.2.1 Independent Consumer Foodservice
5.2.2 Chained Consumer Foodservice
6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Key Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 McDonald’s Corporation
6.3.2 Yum! Brands, Inc.
6.3.3 Starbucks Corporation
6.3.4 Zensho Holdings Co. Ltd
6.3.5 Skylark Group
6.3.6 Dunkin’ Brands
6.3.7 MOS Food Services Inc.
6.3.8 Yoshinoya Co. Ltd
6.3.9 Matsuya Food Holdings Co. Ltd
6.3.10 Ichibanya Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/t2va3k
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Vietnam is increasingly popular among Indian tourists, consistently topping reports and surveys as a favoured…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 December 2024 - For Octa, a…
ACCRA, GHANA - Media OutReach Newswire - 24 December 2024 - 1win, in partnership with…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 December 2024 - Shopee Malaysia recently…
MOSCOW, RUSSIA - Media OutReach Newswire - 24 December 2024 - Wildberries, a leading e-commerce…
HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 24 December 2024 - JustMarkets…