The value added in the food and beverage service activities sector in Turkey showed significant growth from 2013 to 2023, rising from 23.2 billion to 77.95 billion New Turkish Liras. This represents a notable increase and underlines the sector's upward trajectory. Over the past five years (2019-2023), the average annual growth rate (CAGR) was 8.3%, a considerable slowdown as compared to the earlier years due to various factors including market saturation and economic conditions. The year-on-year growth has fluctuated, with a peak in 2016 at 33.21% and reaching 4.92% in 2023.
From 2024 onwards, forecasts indicate a continuous, though slower, growth with a five-year CAGR of 3.14%, amounting to a cumulative growth of 16.7% by 2028. This suggests that the sector is maturing, with moderate but consistent expansion.
Future trends to watch for include:
- Potential impacts of economic policies and inflation on consumer spending.
- Changes in consumer behavior towards dining out and preferences for various types of cuisine.
- Technological advancements in food service delivery and the rising trend of digitalization.
- Investments in sustainable and health-conscious food and beverage options.
