The turnover of restaurants and mobile food service activities in the UK has experienced notable growth over the past decade, transitioning from 33.89 billion Euros in 2013 to a value of 56.0 billion Euros in 2023. Year-on-year increases was observed to peak at 21.4% in 2015, followed by a gradual decline in growth rate. Between 2022 and 2023, the increase was 2.46%, reflecting slower growth. The compound annual growth rate (CAGR) for the past five years up to 2023 was approximately 2.8%, indicating steady but modest growth in recent years.
Forecasted data suggests that the turnover will continue to rise, reaching 62.33 billion Euros by 2028. However, the next five years' CAGR is expected to moderate to 1.69%, showing an overall forecasted growth rate of 8.75% from 2024 to 2028.
Future trends to watch for include:
- The impact of digital transformation on food service operations, including online ordering and delivery services.
- Shifts in consumer preferences towards healthy and sustainable food options.
- Potential economic fluctuations and their effects on discretionary spending.
- Continued innovation in mobile food services and the influence of technology on the dining experience.
