The international company “Deloitte” (headquartered in London) expects that the food service market in Turkey will grow by 86 percent over the next three years, to exceed 770 billion Turkish liras (about 40 billion dollars).
The leading company in providing auditing and financial advisory services said in a statement Thursday that it issued a report on the Turkish food service market in which it surveyed the full-service daily restaurant chains that make up the bulk of food services in Turkey.
According to the report, the size of the Turkish food services market was estimated at 144 billion Turkish liras (about $7.5 billion) in 2021, of which full-service restaurants constituted the largest segment, with a share of nearly 40 percent.
The report indicated that the market achieved a growth of 16.3 percent between 2016-2021, despite the decline in sales caused by the Corona pandemic and the closure of many branches in 2020.
And he indicated that the food services market in Turkey is expected to reach 415 billion liras (about 21.5 billion dollars) in 2023 and grow by 86 percent in 2026 to reach 770 billion liras (about 40 billion dollars).
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.
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.