According to Bord Bia’s 2020 Irish Foodservice Market Insights Report, the value of the Irish foodservice (or out of home industry) for 2020 is estimated to be €4.5 billion, representing a drop of 47% against 2019 figures.
After eight years of consecutive growth, the report shows that the industry is expected to lose over €4 billion in consumer spending in 2020.
However, it predicts that, even in a worst-case scenario, there will be some bounce back in terms of market recovery in 2021.
Acknowledging the hugely challenging environment that the industry has faced over the past seven months and the ongoing uncertainties as we head into 2021, the report looks to forecast what the future will hold for all involved in foodservice in Ireland.
It also outlines key trends that foodservice operators and food suppliers should consider in order to ensure that their businesses remain relevant.
The findings of the report were shared with almost 500 delegates at Bord Bia’s Virtual Foodservice Seminar broadcasting live from the RDS, Dublin on Wednesday, November 11th.