Foodservice - Ireland - February 2012
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The all-Ireland foodservice market has been in continual decline since 2008 due to the impact of the recession. The Restaurant Association of Ireland (RAI) reported that around 700 restaurants and coffee shops closed down between 2009 and 2011 as a result of the economic crisis.
The drive amongst consumers to save money, particularly as fears continue around the eurozone crisis, the EU-IMF bailout and the prospect of a double-dip recession, is continuing to constrain the market. However, as consumers suffer the stress of financial worries and work longer hours to improve their job security, quick, convenient foodservice options are a key solution for many. Low-cost menu options remain popular, whilst consumers continue to demonstrate an interest in treating themselves to a nice meal out. This theme of out-of-home dining as a reward, combined with greater tourism opportunities and a slightly improved economic outlook, is driving growth in the foodservice market, with the estimated market valued at just over €5.9 billion for 2011.
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