Statistics South Africa has shared its latest report on food and beverages. According to the report, the industry experienced a positive year-on-year growth of 7.4% in March 2023 when compared to the same month in 2022. This growth is measured in real terms, meaning it takes into account the inflation and is calculated based on constant 2019 prices.
Among the different types of income, bar sales saw the highest growth rate at 15.6%, followed by food sales at 6.8%.
When considering the types of businesses within the food and beverages industry, restaurants and coffee shops played a significant role in driving the overall growth. They experienced a 5.1% increase, contributing 2.5 percentage points to the total growth. Additionally, catering services saw an impressive 17% growth, also contributing 2.5 percentage points.
Zooming out to the first quarter of 2023, the food and beverages industry witnessed a substantial growth of 12.1% compared to the same period in 2022. Once again, restaurants and coffee shops were the main drivers of this growth, with a 10.9% increase, contributing 5.3 percentage points. Takeaway and fast-food outlets also performed well, with a growth rate of 9.7% and contributing 3.6 percentage points.
However, it’s worth noting that when we look at the seasonally adjusted income, which accounts for seasonal fluctuations, the food and beverages industry experienced a decrease of 2.5% in March 2023 compared to February 2023. This decline followed a drop of 3.9% in February and a significant increase of 5.4% in January 2023.
In conclusion, the food and beverages industry has shown positive growth in March 2023, with bar sales and food sales leading the way. Restaurants, coffee shops, and catering services have been the key contributors to the industry’s growth. While there was a slight decline in income when considering seasonal adjustments, overall, the industry has performed well, showing a steady upward trend.
Share your thoughts on this article and join the conversation on Twitter or Facebook.
