The restaurant and dining industry comprises of many types of players from cafes and restaurants to luxury hotel based restaurants. The largest percentage of share of the restaurant industry however is taken up by the restaurants and the cafes.
The restaurant and dining industry in the world is estimated to have a market value of $1,367 billion as of 2008 (Global Restaurants Industry Profile’ 2008). In the year 2007 alone, the industry grew by 4.2 percent. The industry has variant type of business pertaining to the restaurants, bars, pubs as well as fast food restaurants. The leading company managing the restaurant industry worldwide is the McDonalds Corporation. “The global restaurant sector remains fragmented and made up predominantly of small and medium-sized enterprises, which suggests a high degree of competition. Restaurant operators are the main market players. End-users are the buyers and they generally are high price sensitive. It is possible to enter the market on a small, independent scale. However, to compete successfully with the strong, diversified brands, a significant investment outlay is required. The strong intensity of rivalry is mitigated by market growth and product differentiation.” (Global Restaurants Industry Profile’ 2008)
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