Revenue in the Norwegian foodservice forecasted to accelerate at a CAGR of 3.3% till 2021, driven primarily by increasing transaction numbers.
Albany, NY -- (SBWIRE) -- 09/27/2017 -- Foodservice in Norway witnessed a significant growth especially during the period 2014 to 2016, when it grew at a CAGR of 3.0% during this time frame. This sector has shown better performance in 2016 and is expected to continue with this trend going ahead. A detailed picture of the food service in Norway has been presented in a new research study titled "Norway - the Future of Foodservice" that has been added to the research repository of Market Research Hub (MRH). According to this research study, the growth of the food sector in Norway during the period 2016-2021 is projected to reflect a CAGR of 3.3%. This increase in CAGR can be attributed to a substantial rise in transaction numbers. Moreover, it is underpinned by a weak Norwegian Krone coupled with low rates of interest that has given rise to increased foreigner visits to this region and consecutively a rise in foreign currency in Norway.
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Foodservice in Norway has also been influenced by various trends such as wellness and health trends, rising awareness regarding environmental health, rising demands for high living standards and hygiene and higher disposable income of the people. Based on these trends, various players in the country have restructured their menu and services. The growth in outlets is anticipated to remain quiet till 2021, and the number of outlets is estimated to rise below 1% CAGR in various foodservice channels except for mobile operators. An increase in the disposable income of people has pushed the experiential and higher cost channels, for example, pubs, bars and clubs. Consumers are continuously seeking convenience from operators involved in foodservices, which has boosted revenues from food delivery and food takeaways across various foodservice channels, ensuing increase in FSR concepts or casual dining concepts.
Report Covers Various Sector Viewpoints
The research report on Norway - the Future of Foodservice includes a complete overview of the macroeconomic scenario in Norway that includes macroeconomic aspects and their influence on the growth of the foodservice sector in Norway, which involves the GDP, population growth, consumer price index, as well as distribution of household income annually. It also portrays factors driving the growth of the foodservice market in Norway, with an in-depth analysis on the statistical data carried out on key channels such as FSR, QSR, coffee and tea shops, clubs, pubs and bars, along with weighted forecasts till 2021. This research also includes current market value analysis, transactions numbers, outlets numbers and average price. An in-depth customer categorization is carried out, which focuses on various demographic groups, their motivations for dining out, buying and eating habits, etc.
According to this research report, families form the most important category of visitors to QSRs (Quick Service Restaurants) and hence QSRs also appeal more to children. Casual dining is expected to be a key growth pusher for the FSR (Full Service Restaurant) channel till 2021 as a lot of consumers are anticipated to shift from QSR to FSR, which provides high quality. The takeaway and delivery provision is also expected to witness growth due to higher convenience and good value they provide.
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Competitive Scenario in the Norwegian Foodservice Market
The research report involves various companies such as Big Bite, Egon, Burger King, McDonald's Corporation, Espresso House, NorgesGruppen, Restaurant Brands International, Pizzabakeren, Stockfleth AS, Starbucks Corporation, Subway and Wayne's Coffee.
Reasons to Invest in the Report
The research report gives weighted forecasts and analysis on the foodservice market in Norway over five years, 2016-2021, which will enable the reader to slate informed decisions and identify emerging markets with a view to expand their business. Detailed consumer categorization across major food channels will give the reader a brief understanding about consumer behavior, buying habits and demands with respect to various demographics. A detailed study of key players involved in the foodservice sector in Norway will give the reader a beneficial understanding about various Norway foodservice market nuances.
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