Foodservice revenues to return to pre-pandemic levels in 2022

Revenues in the Irish foodservice industry are expected to return to pre-pandemic levels next year after falling by nearly half in 2020.

A new report from Bord Bia predicts the Irish foodservice market will grow by 11 per cent this year to reach almost €5 billion by year end, with an additional 56 per cent rise – equivalent to a €2.6 billion expansion – forecast for 2022.

The 2021 estimate is lower than previous guidance for 16 per cent growth. Bord Bia Foodservice specialist Maureen Gahan said the earlier forecast has not anticipated the length nor depth of the third lockdown, which kicked in after Christmas.

Foodservice is the general term used to describe all food prepared and consumed out of the home. It covers everything from pubs, restaurants, cafes and hotels, to catering services offered in institutional settings such as workplaces, hospitals and educational institutions.

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Last year’s dramatic decline in revenues came after eight years of consecutive growth.

Resilience

"Foodservice in Ireland has displayed resilience in the face of the most prolonged shutdown in modern memory. The industry has shown adaptability, perseverance and tenacity to survive, and with the assumption that the worst part of the crisis has passed, will begin to emerge and grow again in 2021 and beyond," said Ms Gahan.

“We are forecasting a strong second half to 2021 as the vaccine rollout continues at pace, coupled with pent up demand and consumer savings and we remain confident on the longer-term viability and resurgence of the industry.

As the economy recovers and consumers grow more confident living in the age of Covid-19, this will see a parallel recovery in the Irish foodservice market,” she added.