Restaurants in Australia Industry Market Research Report Now Updated by IBISWorld

Melbourne, Victoria (PRWEB) March 17, 2015

According to IBISWorld industry analyst Stephen Gargano, “changing social trends have fuelled a recovery for the Restaurants industry over the past five years, helping it to bounce back from a low point during the global financial crisis.” The industry is expected to post annualised growth of 3.6% over the five years through 2014-15 – including a rise of 2.0% during the current year – to total $ 11.7 billion. Busier lifestyles and diminishing leisure time have increasingly led consumers to turn to restaurants as a solution. Restaurants have allowed consumers to combine dining with leisure and avoid spending time on food preparation.

Consumer demand for quality food and fine dining experiences has fuelled industry revenue growth over the past five years. “The industry’s performance has been lifted by the success of popular cooking TV shows, which have reconnected people with the pleasures of eating out”, says Gargano. The developing food culture, combined with increasing consumer health consciousness and a focus on quality, is expected to provide opportunities for the industry to grow further. Operators have sought to take advantage of consumers’ moves towards informal dining, with casual, healthier menus driving sales. In an effort to boost profit, the industry is also expected to focus on better-quality meals and ingredients, for which consumers are willing to pay a premium price. Over the next five years, rising discretionary incomes and consumer demand for quality and variety will support industry revenue growth. Industry revenue is forecast to rise over the five years through 2019-20. Restaurateurs will face tough competition as other hospitality operators, such as fast-food retailers, also try to capitalise on these trends. Pubs, cafes and prepared meals from supermarkets loom as competitive threats. Operators will need to be diligent, focusing on operating efficiencies and consumer trends in order to keep costs down and profit up.

The Restaurants industry is characterised by a low level of market share concentration. The industry is highly fragmented, with a large number of single establishments and owner-operated restaurants. The industry is comprised mainly of small businesses, with the majority employing fewer than 20 people. Some renowned chefs have successfully built a larger portfolio of restaurants, which benefit from their association with the chef. The low level of concentration in the industry has resulted in fierce competition among operators. The industry has low barriers to entry and owners typically compete on price, menu offerings, cuisine and customer service. Owner-operators are prominent in the industry, putting a significant proportion of their own time and effort into running their restaurants. This discourages widespread expansion as owners may not be able to effectively manage multiple locations.

For more information, visit IBISWorld’s Restaurants industry in Australia report page.

Establishments in this industry serve food and beverages on the premises, and include licensed restaurants, BYO restaurants, licensed and BYO restaurants, and unlicensed restaurants. The industry excludes companies primarily providing takeaway food services, catering services and theatre restaurants.

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IBISWorld industry Report Key Topics

Industry Performance



Executive Summary



Key External Drivers



Current Performance



Industry Outlook



Industry Life Cycle



Products & Markets



Supply Chain



Products & Services



Major Markets



International Trade



Business Locations



Competitive Landscape



Market Share Concentration



Key Success Factors



Cost Structure Benchmarks



Basis of Competition



Barriers to Entry



Industry Globalisation



Major Companies



Operating Conditions



Capital Intensity



Technology & Systems



Revenue Volatility



Regulation & Policy



Industry Assistance



Key Statistics



Industry Data



Annual Change



Key Ratios

About IBISWorld Inc.

Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://ift.tt/WXfHI5 or call (03) 9655 3886.

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