The report titled “Restaurant Industry in Istanbul Outlook to 2025: Driven by changing consumer behaviour and rebound in tourism activity” provides an in-depth analysis of the restaurant industry in Istanbul – focusing on aspects including study of food and beverage industry in Turkey along with HORECA segment, snapshot on online food delivery platforms in Turkey, the market size of HORECA segment in Istanbul, social and economic demographic of Istanbul, district-wise evaluation of Istanbul for attractiveness to restaurant business basis customer cohorts, ecosystem supportiveness and business operating expenses and analysis of the various categories of restaurants (QSRs, Fine Dining, Casual Dining, Hotel based Restaurants, Shisha Lounges, Nightclubs, Multi-cuisine, Coffee-shops, Patisserie and Desert Parlours) basis business, operational & financial parameters in Istanbul. The report concludes with impact of COVID-19, encompassing trends and challenges shaping the future outlook of the restaurants and F&B industry in Turkey and recommendations from analysts to sail through the difficult times of COVID-19 and economic downturn.
Economic
Outlook of Turkey
Turkey has a population of 84.3
Million people (2020), with a projected population of 90 Million people by the
year 2025. The country has been witnessing a steady depreciation of its
currency, the Turkish Lira against the US Dollar, with the USD/TL exchange rate
having appreciated from TL 2.18 in 2014, to 7.90 in Q2 2021. The Consumer Price
Index (CPI) is indicative of the rising inflation in the country, with the
metric having gone from a value of 103.06 in 4th quarter of 2015, to
206.82 in the 2nd quarter of 2021. Further, there exist excess
levels of current account deficit along with low forex reserves; however there
are positives in the pipeline as well. Short term measures include reduction in
interest rates by the TCMB (Central Bank of Turkey) to promote growth revival
and easy credit flow to the customers, along with an expansionary credit policy
and a stimulus package worth USD 15.4 Billion, including loan moratoriums and
social security programs.
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Overview of
Food and Beverage Industry and HORECA Ecosystem
The CAGR for the F&B industry
of Turkey (in USD denomination) is projected to be ~2.4% from the year 2020 to
the year 2025. People spend roughly 20% of their income on F&B related
expenditures, along with having high preferences of dining out. There are
around 51,000 food companies in the country, along with 649 beverage firms,
150,000+ fast food outlets and more than 3,000 hotels employing more than a
million people in the year 2020. More than 85% of the food and beverage
ingredients are imported. Turkey attracted around 16 million foreign visitors
in the year 2020, whose spending contributed around 23% of the total
expenditure on F&B activities for the year. Restaurants contribute around
10% to the total market size of the F&B industry in Turkey, and the
industry itself is expected to witness a CAGR of 11% from the year 2020 to the
year 2025.
Demographics
of Istanbul
Around 18.5% of the population of
the population of Turkey lives in Istanbul, and around 39.3% of the foreigners
who visit Turkey land in Istanbul. Istanbul also contributes close to 39% alone
to the Turkish restaurant industry. 97% of the households in Istanbul have
access to internet services, and the average monthly household income in
Istanbul is around TL 7,613, or about 550 US Dollars.
Istanbul is a preferred
destination for foreign visitors from Western Asia and Europe due to its location
advantages, with Germany being the leading country with 7.5% share of the total
foreign visitor arrivals. This is followed by Iran, Russia, Iraq, France, UK,
USA, KSA, China and Kuwait. The European side of the city is the most preferred
tourist spot, with >85% of the foreign visitors in Istanbul.
Categories
of Restaurants
Quick Service Restaurants (QSRs)
leads the restaurant categories basis end-user spend. It also has the highest
number of outlets in comparison to any other category in Istanbul and also
fetches higher weekly footfalls. It has been observed the Franchise
model is the preferred type of expansion which is being carried out across
QSRs, Casual Dining Restaurants and Coffee-Shop categories.
The occasional nature of demand
across categories such as desert parlors, cuisine-specific restaurants and
nightclubs leads to them contributing less to the end-user spend in the F&B
industry, collectively.
Evaluation
of Districts in Istanbul
While Esenyurt is the most
populated district in Istanbul, with a population of around 954,600 people,
Fatih witnesses the highest foreign visitor count, followed by Beyoğlu and
Şişli; lending such districts a key avenue for restaurants business.
Restaurant
Industry in Istanbul Future Outlook and Projections
The Restaurant Industry in
Istanbul is anticipated to grow with improvement in macroeconomic indicators
coupled with a rebound in tourism activity. Over the forecast period
FY’21-FY’25, the Restaurant Industry in Istanbul is further anticipated to
showcase an upward trend in terms of end-user spend, which will in turn also
drive the market size of the F&B industry in Turkey upwards, over the next
5 years. For the next 5 years, Franchise driven expansion is set to shape the
outlook of restaurants industry with QSRs, Casual and Fine dining categories
dominating end-user spends in Istanbul.
Key Segments
Covered in Restaurant Industry in Istanbul
- Market Size of Restaurant Industry in Turkey
on the basis of transaction value
- Market Size of Restaurant Industry in Istanbul
on the basis of transaction value
- Segmentation by type of visitor
- Domestic visitor
- Foreign visitor
Key Target
Audience
- Restaurants and Hotel Chains
- Food Aggregators
- Catering Companies
- Real Estate Companies
- Potential Market Entrants
Time Period
Captured in the Report:
- Historical Period: 2015-2021
- Forecast Period: 2021-2025F
Companies
Covered:
- Quick Service Restaurants:
- McDonald’s
- Burger King
- Sbarro Pizzeria
- KFC
- Popeye’s
- Simit Sarayi
- Karafirin
- Panista
- Pasa Doner
- Usta Donerci
- Casual Dining Restaurants:
- Big Chef’s
- Midpoint
- Happy Moon’s
- Sazeli
- Gunaydin
- Cookshop
- Mado
- Emirgan Sutis
- Ozsut
- Kofteci Ramiz
- Fine Dining Restaurants:
- Zuma
- Paper Moon
- Nusr-et
- Da Mario
- Nobu
- Vogue
- Spago
- 360
- Sunset Bar & Grill
- Lacivert
- Hotel based Restaurants:
- 16 Roof, Swissotel
- Mikla
- Spago
- Tugra
- Shang Palace
- Toro
- Novikov
- Shisha Lounges:
- Huqqa
- PS Lounga
- Ajjna
- Lulu
- Ali Baba Nargile
- Azure the Bosphorous
- Middle Eastern Cuisine Restaurants:
- Tahin
- Hatay Medeniyetler Sofrası
- Buuzecedi
- Arada Beyrut Cafe
- Al Hallab
- Arada Endulus
- Nomads
- Nightclubs:
- Sorite
- 360
- Klein
- Ulus 29
- Oligark
- Masquarade
- Coffee Shops:
- Espresso Lab
- Viyana Kahvesi
- Petra
- Kronotrop
- Kahve Dunyasi
- Cup of Joy
- Coffee Department
- Ministry of Coffee
- Walter’s Coffee
- Coffeetopia
- Patisserie and Desert Parlours:
- Vakko
- Baylan
- Mendel’s
- Maia
- Divan
- Pelit
- Asuman
For More Information, refer to below
link:-
Istanbul
Food & Beverage Market Research Report
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