Finnish Foodservice: the Future of Foodservice in Finland to 2016
"Finnish Foodservice: The Future of Foodservice in Finland to 2016” provides a top-level overview and detailed market, channel, and company-specific insights into the operating environment for foodservice companies. It is an essential tool for companies active across the Finnish foodservice value chain, and for new companies considering entering the market. http://www.bharatbook.com/market-research-reports/food-market-research-report/finnish-foodservice-the-future-of-foodservice-in-finland-to-2016.html
Introduction and Landscape
Why was the report written?
This report is the result of Canadean’s extensive market and company research covering the Finnish foodservice industry. It provides detailed analysis of both historic and forecast foodservice industry values at channel level, analysis of the leading companies in the industry, and Finland’s business environment and landscape. Business Report
What is the current market landscape and what is changing?
The global recession coupled with the European crisis has affected the foodservice industry in Finland. Rising food prices, the slowly declining unemployment rate and low consumer spending has stalled the growth in the foodservice sales.
What are the key drivers behind recent market changes?
Private consumption increased in the review period due to the steady increase in disposable income. The influx of foreign nationals as well as many international foodservice operators in the country has contributed to a slow but steady growth.
What makes this report unique and essential to read?
Finnish Foodservice: The Future of Foodservice in Finland to 2016 provides a top-level overview and detailed market, channel, and company-specific insights into the operating environment for foodservice companies. It is an essential tool for companies active across the Finnish foodservice value chain, and for new companies considering entering the market.
Key Features and Benefits
This report provides readers with unparalleled levels of detail and insight into the development of the foodservice sector within Finland.
This report provides readers with in-depth data on the valuation and development of both the profit and cost sectors in the Finland’s foodservice market.
This report provides details on the number of outlets, transactions, average prices, foodservice sales, sales per outlet, and transactions per outlet per week, across nearly 50 sub-channels.
This report provides highly granular future forecasts and historic market data to aid market and strategic planning.
This report will help you to assess the impact of the economic recession and recovery on foodservice market growth.
Key Market Issues
Global recession results in low consumer spending and public investment.
The European recession and the global slowdown affected the Finnish GDP over the review period. In 2011, GDP grew by 2.9%, a drop from the 3.7% registered in 2010. In 2010, public investment declined by 6.7% over the previous year, but private fixed investment grew by 4.0%.
Rising food prices and real estate prices impedes the growth of foodservice industry.
Real estate and food prices in Finland are expected to increase by 2.7% in 2012 over the last year. The increasing price of real estate effects the growth of hotels, restaurants, and pubs, clubs and bars channels the most. Foodservice companies need to invest heavily when expanding their business. This translates into increased foodservice prices.
The slow decline of unemployment rate stalls the growth of consumption.
In 2010, the unemployment rate was 8.4%, which marginally declined to 7.8% in 2011. The slow decline of the unemployment rate is affecting the foodservice industry adversely, as the consumption at foodservice outlets has reduced. In 2012, the unemployment rate is expected to decline marginally to 7.7% which will contribute to the declining consumption.
Shortage of labor increases labor cost which in turn makes foodservice costly
Finland’s population is aging fast and, as a result, the rate of retirement is higher than that of new entrants in the workforce. This has created a labor shortage in the country and the government is now looking to further horizons in order to fill the gaps.
Foreign direct investment growth is slow in the foodservice sector
Many large international foodservice companies have still not opened outlets in the country despite a favorable business environment. Finland, being one of the highest coffee consumers in Europe, does not have a Starbucks outlet. Similarly, Burger King, KFC and Costa Coffee have not yet ventured into the country.
Private consumption increase drives foodservice industry.
Private consumption increased in the review period due to the steady increase in disposable income. In 2010, private consumption increased by 3%, which increased slightly to 3.3%, in 2011. The economy also witnessed an increase in debt funded consumption, which meant that expenditure was higher than income.
New consumer portals and online discussion forums provide new way to exchange foodservice experiences.
The emerging trend of sharing personal experiences of the services and products of various foodservice outlets online has become increasingly popular in recent years, due to the launch of new portals such as Yelp and Virtual Tourist. These discussion forums become even more relevant recently, with internet penetration in the country currently at 85%.
Mobile applications finding a resonance among Finnish foodservice operators
Mobile applications are fast becoming popular amongst the youth with the increasing number of smartphone users. Mobile applications such as Eat.fi and Tässä.fi serve as handy restaurant locators. These applications also help rate the quality of service and products of the restaurants, pubs, clubs and bars.
A new wave of international cuisine restaurants enters Finland big cities
The influx of foreign nationals has brought about a new wave of international cuisine restaurants. In 2006, foreign nationals comprised 2.3% of the total population which is still increasing every year. At present, there are several restaurants serving Italian, French, Chinese, Thai, and Indian cuisines.
Pop-up restaurants are the new popular restaurant format
Finland has witnessed the opening of several pop-up restaurants over the review period. A significant increase in real estate prices have forced restaurant owners to expand in the form of pop-up restaurants. The format also serves cuisines from various countries and provides a global touch to the pop up restaurant industry.
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Finnish Foodservice: The Future of Foodservice in Finland to 2016
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