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2. Slide. Introduction ……………………………………………………………………………………. 3 Industry Overview ………. …………………………………………………………..………….. 4 Menu Analysis ………. …………………………………………………………..………………17 Consumer Insights …………………………………………………………………………49 Concept Profiles ………………………………………………………………... …... …... 80. 3.

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  1. 2 Slide • Introduction……………………………………………………………………………………. 3 • Industry Overview ………. …………………………………………………………..…………..4 • Menu Analysis ………. …………………………………………………………..………………17 • Consumer Insights …………………………………………………………………………49 • Concept Profiles ………………………………………………………………... …... …... 80

  2. 3 • The average American ate 15.8 pounds of seafood in 2009, according to the National Oceanic & Atmospheric Administration. That’s not hard to believe, because fish and shellfish suit so many dining trends. Seafood items can be dipped in melted butter or creamy, indulgent tartar sauce, or grilled over fragrant wood to please those looking for a better-for-you choice. Popular entrées like classic fish and chips or Southern-style catfish satisfy cravings for comfort food as well as a value. The growing number of fish and shellfish items on appetizer menus speaks to seafood’s appeal as a platform for innovation, since appetizers tend to be the most experimental section of the menu. And forward-looking emerging concepts are finding ways to serve seafood quickly and conveniently out of limited kitchen footprints. • Market Intelligence Report: Seafood digs deep into Technomic’s exclusive consumer, menu and industry data to uncover insights and opportunities in the seafood market. • The report includes data from Technomic’s MenuMonitor online trend-tracking resource, which analyzes the menus of more than 1,200 top chains, emerging concepts and leading independent restaurants on a continuing basis. • Also included is consumer data culled from Technomic’s Consumer Trend Reports, allowing us to parse demographic differences among consumers who like seafood to varying degrees. • Rounding out the data are operator examples, including the new products and hot concepts driving innovation in seafood.

  3. Industry Overview

  4. A brief overview of the restaurant industry can help put the seafood segment into perspective • Exhibit 1

  5. A brief overview of the restaurant industry can help put the seafood segment into perspective • Exhibit 1 (cont.)

  6. A brief overview of the restaurant industry can help put the seafood segment into perspective • Exhibit 2

  7. A brief overview of the restaurant industry can help put the seafood segment into perspective • Exhibit 2 (cont.)

  8. Seafood concepts’ sales comprise 2.5% of Top 500 chain sales Exhibit 3: Seafood Category—Share of Top 500 Chains’ Sales and Units Sales Units 2.5% Seafood Chains 1.4% Seafood Chains All Other chains All Other chains Total Top 500 Sales: $230B Total Top 500 Units: 206,847

  9. The seafood category fared worse than Top 500 performance overall Exhibit 4: Seafood Category—Top 500 Performance Comparison % Sales Growth 2008-2009 Sales ($MM) Total Top 500 Chains $229,958 Seafood Chains 5,808 Units % Unit Growth 2008-2009 Total Top 500 Chains 206,487 Seafood Chains 2,852

  10. While there are some growing concepts, the seafood category is losing sales and units • Exhibit 5

  11. While there are some growing concepts, the seafood category is losing sales and units • Exhibit 5 (cont.)

  12. All of the seafood concepts that increased sales in 2009 are casual-dining concepts • Exhibit 6

  13. Eddie V’s Prime Seafood and Wintzell’s Oyster House top the ranking of seafood concepts that increased unit counts • Exhibit 7

  14. Red Lobster, which made $2.4 billion, boasted almost a quarter of seafood segment sales • Exhibit 8

  15. Red Lobster, which made $2.4 billion, boasted almost a quarter of seafood segment sales • Exhibit 8 (cont.)

  16. Menu Analysis

  17. While the number of seafood entrées is down, they comprised almost one out of five entrées on menus Exhibit 9: Number of Seafood Entrées Base: Top 500, 116 emerging chains and 113 independent restaurants Entrées include fish entrées, shellfish entrées, and mixed grill, sandwich and salad entrées that feature seafood Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  18. Fish entrée incidence is down -11.8% from last year; shellfish entrée incidence declined -3.8% Exhibit 10: Number of Seafood Entrées by Type Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  19. At full-service concepts, the number of fish entrées is down -11.9%, and shellfish entrées are down -3.1% Exhibit 11: Number of Fish and Shellfish Entrées by Segment Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  20. Exhibit 12: Top 10 Fish Entrées on Menus Sushi/sashimi/maki and salmon are the top choices at all concepts menuing seafood Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  21. Exhibit 13: Top 10 Fish Entrées on Seafood-Concept Menus Sushi/sashimi/maki and salmon are also the top choices at seafood concepts Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  22. Operators make use of many different fish species to add innovative items • Exhibit 14 Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  23. Operators make use of many different fish species to add innovative items • Exhibit 14 (cont.) Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  24. Exhibit 15: Top Shellfish Entrées on Menus Shrimp is the shellfish most often menued at all concepts as well as at seafood-specific concepts Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  25. Exhibit 16: Top Shellfish Entrées on Seafood-Concept Menus Shrimp is the shellfish most often menued at all concepts as well as at seafood-specific concepts Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  26. Shellfish entrées that were added to menus in the first half of 2010 include some less-used species • Exhibit 17 Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  27. Shellfish entrées that were added to menus in the first half of 2010 include some less-used species • Exhibit 17 (cont.) Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  28. The number of sushi items was at its highest in 2009, and is down 12.1% from that level in 2010 Exhibit 18: Number of Sushi/Sashimi/Maki Entrées and Appetizers, 2005-2020 Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June periods of 2005-2010

  29. Exhibit 19: Top 10 Seafood Species Used in All Sushi/Sashimi/Maki Entrées Tuna is mentioned in 21.8% of sushi/sashimi/maki entrée menu descriptions Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  30. While the number of seafood entrées is down overall, some dishes are more popular on menus • Exhibit 20: Fish and Shellfish Entrées That Are Growing in Number on Menus Base: Top 500, 116 emerging chains and 113 independent restaurants Note: “Other Trout” includes species excluding Rainbow Trout Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  31. Several fish and shellfish entrées have seen lower incidence on menus • Exhibit 21: Fish and Shellfish Entrées That Are Seeing the Largest Decrease on Menus Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  32. The number of sandwiches and entrée salads featuring fish and shellfish is up • Exhibit 22: Seafood Sandwiches and Salad Entrées Are Growing in Number on Menus Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  33. Exhibit 23: Top 5 Seafood Species on Entrée Salads Shrimp is the most popular seafood on all entrée salads Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  34. Exhibit 24: Top 5 Seafood Species on Sandwiches Tuna is the seafood most frequently mentioned in sandwich menu item descriptions Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  35. Exhibit 25: Top 5 Seafood Species on Pasta Entrées Shrimp makes a big splash on pasta entrées, appearing on 15.6% of them Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  36. The number of seafood appetizers rose 2.0%, to 1,960 in 2010 from 1,921 in 2009 Exhibit 26: Number of Seafood Appetizers Base: Top 500, 116 emerging chains and 113 independent restaurants Appetizers include breaded and non-breaded fish and shellfish, and seafood soups Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  37. Non-breaded protein appetizers drove the growth in seafood appetizers • Exhibit 27: Seafood Appetizers by Type Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  38. Exhibit 28: Top 10 Proteins in All Appetizer Menu Descriptions Seven out of the top 10 proteins in all appetizer menu descriptions are seafood varieties Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2009 and Jan.-June 2010

  39. Seafood appetizers recently added to menus include a variety of fish and shellfish species • Exhibit 29 Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  40. Exhibit 30: Top Sauces in Fish Entrée Menu Descriptions It’s no surprise to see tartar sauce at the top of the list of sauces served with fish entrées Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  41. Exhibit 31: Top Sauces in Shellfish Entrée Menu Descriptions Tartar sauce also lands at the top of the list of sauces for shellfish entrées Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  42. Exhibit 32: Top 10 Flavors in Fish Entrée Menu Descriptions Lemon is the top flavor mentioned in fish entrée menu descriptions Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  43. Exhibit 33: Top 10 Flavors in Shellfish Entrée Menu Descriptions On shellfish entrées, garlic and tomato top the list Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  44. Exhibit 34: Top 10 Preparation Methods in Fish Entrée Menu Descriptions Almost one in five fish entrées is described as being grilled Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  45. Exhibit 35: Top 10 Preparation Methods in Shellfish Entrée Menu Descriptions Frying is the top preparation method used in shellfish entrée descriptions Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  46. Operators appear to be unwilling to market seafood items as healthful • Exhibit 36: Healthy Claims in Fish and Shellfish Menu Descriptions Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  47. Exhibit 37: Top 10 Proteins Named in Healthy Menu Items Four of the top 10 proteins named in descriptions of dishes listed within “healthy” sections of menus are seafood species Base: Top 500, 116 emerging chains and 113 independent restaurants Source: Technomic MenuMonitor, Jan.-June 2010

  48. Consumer Insights

  49. Fully 84% of consumers say they eat seafood Exhibit 38: Do you ever eat the following? Base: 1,500 consumers aged 18+ Source: Technomic, Inc.; 2009 Flavor Consumer Trend Report

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