Market Trends of Latin America Airport Quick Service Restaurant Industry
This section covers the major market trends shaping the Latin America Airport Quick Service Restaurant Market according to our research experts:
By Food Type, Meals is Expected to Witness Significant Growth During the Forecast Period
By food type, meals is expected to witness significant growth during the forecast period. The growth in the number of air passengers as well as the increasing revenues of the middle-class population along with changes in food habits will lead various restaurants in Latin American airport to adapt to the changing preferences of the passengers and serve meals which is customized to suit the passenger requirements. Changes in meal types of passengers have led to rapid growth in the consumption of fast foods and this has led to the creation of new opportunities for market players. Moreover, the availability of a wide variety of different types of meals at restaurants within the airport and at lower costs as compared to in-flight meal purchasing is also boosting the growth of restaurants within the airports.
Various companies, in the present scenario, are expanding their food chains in Latin American countries where the penetration of low-cost carriers is high. As most of the low-cost carriers do not provide provisions for in-flight catering, expanding food chains will lead to different food and beverage companies catering to different types of meals for the passengers. Thus, such measures will lead the market to witness growth during the forecast period.
Brazil is Expected to Witness Significant Growth During the Forecast Period
The country of Brazil is expected to witness significant growth during the forecast period in Latin America Airport Quick Service Market. Brazil is the largest economy in Latin America, and this is the reason why the country has by far the largest air transport market in the Latin American region. Moreover, the growth in the market can be attributed to an increase in the number of air passengers in Brazil coupled with a growing number of food and beverage companies within Brazilian airports.
In 2021, according to CEIC data, the domestic air passenger traffic in Brazil was reported at 62,583,158 which was an increase as compared to the air passenger traffic which accounted for 45,249,089 in 2020. Moreover, in 2021, International air passenger traffic from Brazil was reported at 4,788,367 2021 according to CEIC data. For 2020, international air passenger traffic accounted for 6,763,298 people.
According to the recent report of IATA, the aviation sector contributes approximately USD 18.8 billion to the GDP of Brazil and the increase in the number of air passenger traffic will push various airports in Brazil to provide quick services to passengers in a shorter time. This will lead to various quick-service restaurants being opened across Brazilian airports and this will lead to the market growth during the forecast period.
