New Zealand Foodservice Market - Growth, Trends, and Forecasts (2023-2028)

Over the next five years, the New Zealand foodservice market is expected to grow at a CAGR of 3.73 percent.

The market in New Zealand is witnessing enhanced demand for dining out, thereby placing demand on food service providers. The frequency of dining out has increased owing to the time-pressed schedules of consumers in the region. Also, consumers' eating habits are becoming more like those in the West because of the presence of international companies, especially in developed cities. This makes the market even more popular and helps it grow.

The consumption habits of consumers have been completely altered by the pandemic, and this trend has been taken up by New Zealand as well. The homebound scenario has been a prominent affair, and the operation of food services has been on an experimental basis. Although consumers had kept their taps on popular chains such as KFC, restaurants were mostly closed and were operational through online services. Because of the pandemic, people ate less outside of their homes in the first phase, which led to a rise in online food delivery.

In addition to this, the geographic expansion of the international players in the market is further supporting demand. So, all of the above factors are sure to keep market growth and demand going strong in the years to come.

New Zealand Foodservice Market Trends

Full-Service Restaurants Segment Fueling Market Growth

The pandemic impacted the Hotel, Restaurant, and Institutional (HRI) sector in New Zealand, which severely impacted the tourism and hospitality sectors, which were hit by the closed international borders. In the year 2022, tourism numbers will have significantly improved since the reopening of borders, making a positive impact on the restaurant market in New Zealand.

The full-service restaurant segment is highly dynamic and competitive in New Zealand, attributed to the presence of multiple local and international players. To increase localization, restaurants in the country are emphasizing sustainability and collaborating with locally sourced ingredients and market players.Therefore, leading market players are focusing on opportunities from rising consumer trends and expanding their offerings to cater to the altered demand among consumers.

Furthermore, a number of restaurants are introducing vegan, gluten-free, and raw food diets along with pure vegetarian fare in their product offerings to attract vegan consumers to them. Such full-service restaurants are increasingly accepting vegan food options and providing vegan options in addition to high-quality food.Such factors are fueling market demand for the full-service restaurant segment in the New Zealand foodservice market.

Rising Demand For Fast Food in Foodservice Market

Consumers in New Zealand are gravitating towards fast food while eating at restaurants. Spending on fast food has risen among consumers in the country owing to the growing demand for such products as a result of their taste, price, and convenience.

Multiple new players are entering the market, which is attributed to the significant demand for fast food across the country. This is being done with the aim of enhancing their revenue and market share. Taco Bell, for example, will open a new location in Wellington, New Zealand, in October 2021. Popular brands such as KFC, McDonald's, and Subway are embarking on expansion plans across the country to effectively penetrate the market.

New Zealand Foodservice Market Competitor Analysis

The New Zealand market for foodservice is dynamic, competitive, and fragmented, and includes the presence of both large regional and domestic players. Key players in the market include Starbucks Corporation, Yum! Brands Inc., McDonald's Corporation, Domino's Pizza Limited, and Inspire Brands Inc. Market players place emphasis on merger, expansion, acquisition, and partnership, along with product innovation and new product development, as their strategic approaches to enhance their brand presence among consumers and the country. Players also offer unique products to cater to the preferences of the consumers efficiently in the market and enhance their market share.

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• The market estimate (ME) sheet in Excel format
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