Key Market Indicators
Cyprus' expenditure on food services is projected to rise to approximately €2.7 billion by 2028, up from about €2.5 billion in 2023. This marks an average annual growth rate of 1.3%. However, since 2000, the country's demand has declined by 1.5% annually. In 2023, Cyprus ranked 25th in this sector, with Serbia surpassing it at the same expenditure level of €2.5 billion. Spain, Italy, and France held the second, third, and fourth positions, respectively. On the revenue front, Cyprus' food services sector is expected to reach around €3.2 billion by 2028, growing from €2.9 billion in 2023. This reflects a compound annual growth rate (CAGR) of 2%. Since 2010, the Cypriot market has experienced an annual growth rate of 2.5%. In 2023, Cyprus was ranked 23rd in food services revenue, with Bulgaria ahead at €2.9 billion. Germany, France, and Italy occupied the second, third, and fourth positions, respectively.
