The Americas
Restaurant stocks tumble as tariffs hit
As reverberations from the tariff announcements were felt across the world and across sectors, the foodservice industry has not escaped the impact. Casual dining chains, including Dine Brands, owner of Applebee’s and IHOP dropped almost 3%, while fast casual favorite Chipotle slid 2%. Fast food stores were hit too, as McDonald’s and Yum Brands both were affected in trading. Meanwhile, chains that routinely source ingredients from overseas markets – bell peppers from Canada, beef from Australia and palm oil from Indonesia – will be looking for suitable substitutes from the domestic market.
Olive Garden knocked off its perch
After seven years as America’s top casual restaurant, Olive Garden has been displaced by Texas Roundhouse in the number one spot, according to Technomic data on the top 500 largest restaurant chains in the US. The new favorite benefited from a growing number of locations and increased sales – Texas Roundhouse ended 2024 with 26 additional locations. The Louisville, Kentucky-based steak restaurant chain generated $5.4bn in revenue in 2024, up 16% year on year, with Oliva Garden reporting $5.1bn in comparison.
Asia Pacific
Calls for new food security strategy in Australia
The Australian government faces calls to elevate food security as a national priority to the same level as national defence in the Australian Strategic Policy Institute’s new Green Paper on National Food Security Preparedness. Calling for a new approach to supply chains that are increasingly at risk from geopolitical tensions and climate change, the report says a coordinated cross-party and industry-led approach to strengthening resilience is vital. “If national security and defence organisations are preparing for potential conflict, then Australia’s agriculture sector and food system stakeholders should also be preparing for this period of strategic uncertainty.”
Yum China reports progress on sustainability goals
Yum China has published its 2024 Sustainability Report, outlining achievements and progress towards its sustainability goals in three focus areas: people, environment and food. Highlights include a continued engagement with its People First philosophy; a commitment to a low-carbon transition through the pursuit of energy-savings and the adoption of cost-effective scalable renewable energy solutions; along with a drive to reduce food waste, and re-use and recycle waste materials. In 2024 the company expanded its coffee grounds collection network to 8,700 restaurants, recycling around 2,000 tons of grounds and explored the usage of recycled coffee grounds in various products.
Europe, Middle East, Africa
Nominations open for the Basque Culinary World Prize
It is time to get your nominations in for the prize awarded to chefs and foodservice professionals who affect change beyond the kitchen. The €100,000 prize has previously been awarded to José Andrés, founder of World Central Kitchen; Leonor Espinosa who works with indigenous communities in Colombia; and last year’s recipient Andrés Torres who went from being a war correspondent to helping societies in disaster zones around the world to cook. The judging panel is looking for chefs who take their work beyond the mere act of cooking in the tenth edition of this award. Nominations are open until 30 May. To nominate, visit www.basqueculinaryworldprize.com
Slow start to 2025 for hospitality in the UK
A new report from Meaningful Vision, a UK market intelligence company, found a challenging picture of the hospitality sector in the first months of the year. In a study of 60,000 UK food outlets, it found slowing growth in new openings and a decline in footfall compared to 2024. The report forecasts a growth of promotions, including limited-time offers, and customer loyalty programs as it predicts market conditions will drive price increases at potentially different rates. “The start of 2025 has been tough, with a marked slowdown in those eating out as consumers adjust spending habits in response to economic uncertainty. We’ve also seen tough market conditions drive price increases,” said Maria Vanifatova, CEO of Meaningful Vision.
Tina Nielsen
