Fast Food in Japan

Transcription

Fast Food in Japan

MarketLine Industry Profile
Fast Food in
Japan
January 2012
Reference Code: 0104-2230
Publication Date: January 2012
WWW.MARKETLINEINFO.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
Japan - Fast Food
© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
0104 - 2230 - 2011
Page | 1
EXECUTIVE SUMMARY
Market value
The Japanese fast food market grew by 1.5% in 2011 to reach a value of $32,482.9 million.
Market value forecast
In 2016, the Japanese fast food market is forecast to have a value of $40,960.3 million, an increase of 26.1% since
2011.
Market volume
The Japanese fast food market grew by 1.7% in 2011 to reach a volume of 9,911.1 million transactions.
Market volume forecast
In 2016, the Japanese fast food market is forecast to have a volume of 12,610.6 million transactions, an increase of
27.2% since 2011.
Category segmentation
Restaurants - QSR is the largest segment of the fast food market in Japan, accounting for 43.9% of the market's total
value.
Geography segmentation
Japan accounts for 33% of the Asia-Pacific fast food market value.
Market rivalry
For the fast food market, the main source of buyer power is the lack of switching costs: within a given price range, a
consumer's choice of fast food provider is purely a matter of personal taste, and can vary from one day to the next.
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TABLE OF CONTENTS
EXECUTIVE SUMMARY ............................................................................................................................................... 2
MARKET OVERVIEW .................................................................................................................................................... 6
Market definition ......................................................................................................................................................... 6
Market analysis .......................................................................................................................................................... 6
MARKET DATA.............................................................................................................................................................. 7
Market value............................................................................................................................................................... 7
Market volume............................................................................................................................................................ 8
MARKET SEGMENTATION........................................................................................................................................... 9
Category segmentation .............................................................................................................................................. 9
Geography segmentation ......................................................................................................................................... 10
MARKET OUTLOOK .................................................................................................................................................... 11
Market value forecast ............................................................................................................................................... 11
Market volume forecast ............................................................................................................................................ 12
FIVE FORCES ANALYSIS ........................................................................................................................................... 13
Summary .................................................................................................................................................................. 13
Buyer power ............................................................................................................................................................. 14
Supplier power ......................................................................................................................................................... 15
New entrants ............................................................................................................................................................ 16
Threat of substitutes................................................................................................................................................. 17
Degree of rivalry ....................................................................................................................................................... 18
LEADING COMPANIES ............................................................................................................................................... 19
McDonald's .............................................................................................................................................................. 19
MOS Food Services ................................................................................................................................................. 22
Yoshinoya Holdings Co Ltd ...................................................................................................................................... 25
Yum! Brands ............................................................................................................................................................ 28
MACROECONOMIC INDICATORS ............................................................................................................................. 31
Country Data ............................................................................................................................................................ 31
APPENDIX ................................................................................................................................................................... 33
Methodology............................................................................................................................................................. 33
Industry associations ................................................................................................................................................ 34
Related Datamonitor research ................................................................................................................................. 34
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LIST OF TABLES
Table 1: Japan fast food market value: $ million, 2007–11(e) ........................................................................................ 7
Table 2: Japan fast food market volume: million transactions, 2007–11(e).................................................................... 8
Table 3: Japan fast food market category segmentation : $million, by value, 2011(e) .................................................. 9
Table 4: Japan fast food market geography segmentation : $million, by value, 2011(e) ............................................. 10
Table 5: Japan fast food market value forecast: $ million, 2011–16............................................................................. 11
Table 6: Japan fast food market volume forecast: million transactions, 2011–16 ........................................................ 12
Table 7: McDonald's: key facts .................................................................................................................................... 19
Table 8: McDonald's: key financials ($) ........................................................................................................................ 20
Table 9: McDonald's: key financial ratios ..................................................................................................................... 20
Table 10: MOS Food Services: key facts ..................................................................................................................... 22
Table 11: MOS Food Services: key financials ($) ........................................................................................................ 22
Table 12: MOS Food Services: key financials (¥) ........................................................................................................ 22
Table 13: MOS Food Services: key financial ratios ...................................................................................................... 23
Table 14: Yoshinoya Holdings Co Ltd: key facts .......................................................................................................... 25
Table 15: Yoshinoya Holdings Co Ltd: key financials ($) ............................................................................................. 25
Table 16: Yoshinoya Holdings Co Ltd: key financials (¥) ............................................................................................. 26
Table 17: Yoshinoya Holdings Co Ltd: key financial ratios ........................................................................................... 26
Table 18: Yum! Brands: key facts ................................................................................................................................ 28
Table 19: Yum! Brands: key financials ($) .................................................................................................................... 29
Table 20: Yum! Brands: key financial ratios ................................................................................................................. 29
Table 21: Japan size of population (million), 2007–11 ................................................................................................. 31
Table 22: Japan GDP (constant 2000 prices, $ billion), 2007–11 ................................................................................ 31
Table 23: Japan GDP (current prices, $ billion), 2007–11............................................................................................ 31
Table 24: Japan inflation, 2007–11 .............................................................................................................................. 32
Table 25: Japan consumer price index (absolute), 2007–11 ........................................................................................ 32
Table 26: Japan exchange rate, 2007–11 .................................................................................................................... 32
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LIST OF FIGURES
Figure 1: Japan fast food market value: $ million, 2007–11(e) ....................................................................................... 7
Figure 2: Japan fast food market volume: million transactions, 2007–11(e) .................................................................. 8
Figure 3: Japan fast food market category segmentation : % share, by value, 2011(e) ................................................ 9
Figure 4: Japan fast food market geography segmentation : % share, by value, 2011(e).......................................... 10
Figure 5: Japan fast food market value forecast: $ million, 2011–16 ........................................................................... 11
Figure 6: Japan fast food market volume forecast: million transactions, 2011–16 ....................................................... 12
Figure 7: Forces driving competition in the fast food market in Japan, 2011 ............................................................... 13
Figure 8: Drivers of buyer power in the fast food market in Japan, 2011 ..................................................................... 14
Figure 9: Drivers of supplier power in the fast food market in Japan, 2011 .................................................................. 15
Figure 10: Factors influencing the likelihood of new entrants in the fast food market in Japan, 2011 .......................... 16
Figure 11: Factors influencing the threat of substitutes in the fast food market in Japan, 2011 ................................... 17
Figure 12: Drivers of degree of rivalry in the fast food market in Japan, 2011 ............................................................. 18
Figure 13: McDonald's: revenues & profitability ........................................................................................................... 21
Figure 14: McDonald's: assets & liabilities ................................................................................................................... 21
Figure 15: MOS Food Services: revenues & profitability .............................................................................................. 23
Figure 16: MOS Food Services: assets & liabilities ...................................................................................................... 24
Figure 17: Yoshinoya Holdings Co Ltd: revenues & profitability ................................................................................... 26
Figure 18: Yoshinoya Holdings Co Ltd: assets & liabilities ........................................................................................... 27
Figure 19: Yum! Brands: revenues & profitability ......................................................................................................... 30
Figure 20: Yum! Brands: assets & liabilities ................................................................................................................. 30
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MARKET OVERVIEW
Market definition
The fast food market is defined as the sale of food and drinks for immediate consumption either on the premises or in
designated eating areas shared with other foodservice operators, or for consumption elsewhere. Datamonitor's definition
excludes sales through vending machines and is restricted to sales in specific foodservice channels (please see channel
definitions below). All market values are given in Operator Buying Prices, that is the amount spent by foodservice
operators on the food and drink that they serve and not the amount the consumers spend on food and drinks (Operator
Selling Prices - OSPs) in these channels. The difference is the mark up the foodservice operator adds in order to cover
their other costs and generate a profit. This therefore values the market in terms of the amount of money for which food
and drinks manufacturers are competing. All currency conversions were performed using constant 2009 average annual
exchange rates. Market volumes are classed as the total number of visits by individuals to foodservice locations that
involve the consumption of either food. Multiple purchases made during the same visit are counted as one transaction.
The purchase of drink with food in the same location in the same visit is also considered as one transaction, not two. The
market is broken down in to four segments: Quick Service Restaurants (QSR), Takeaways, Mobile & Street Vendors and
Leisure Locations. QSR's are defined as: locations where the primary function is to provide full meals but where table
service is not offered. Takeaways are defined as: establishments that provide freshly prepared food for immediate
consumption and where typically 80% or more of revenues come from consumers who take the food off the premises to
consume. Mobile & street vendors are defined as: Either individual mobile stalls or vans that offer a limited range of
freshly prepared food as well as beverages. Leisure locations are defined as: locations serving food and drinks for
immediate consumption on premises within leisure outlets (such as Cinemas, Theatres, Racecourses etc.) that the
Leisure operator owns and operates itself.
For the purposes of this report, Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New Zealand,
Singapore, South Korea, Taiwan, and Thailand.
Market analysis
The Japanese fast food market has experienced weak growth in recent years. Moderate growth is predicted from 2012 to
the end of the forecast period.
The Japanese fast food market is expected to generate total revenues of $32.5 billion in 2011, representing a compound
annual growth rate (CAGR) of 1.3% between 2007 and 2011. In comparison, the Chinese and Indian markets will grow
with CAGRs of 15.5% and 12.7% respectively, over the same period, to reach respective values of $36.2 billion and
$11.3 billion in 2011.
Market consumption volumes are forecast to increase with a CAGR of 1.4% between 2007 and 2011, to reach a total of
9.9 billion transactions in 2011. The market's volume is expected to rise to 12.6 billion transactions by the end of 2016,
representing a CAGR of 4.9% for the 2011-2016 period.
The Restaurants - QSR segment is expected to be the market's most lucrative in 2011, with total revenues of $14.3
billion, equivalent to 43.9% of the market's overall value. The Takeaways segment will contribute revenues of $13.5
billion in 2011, equating to 41.6% of the market's aggregate value.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.7% for the five-year period 2011
- 2016, which is expected to drive the market to a value of $41 billion by the end of 2016. Comparatively, the Chinese
and Indian markets will grow with CAGRs of 12.7% and 10.4% respectively, over the same period, to reach respective
values of $65.7 billion and $18.6 billion in 2016.
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MARKET DATA
Market value
The Japanese fast food market grew by 1.5% in 2011 to reach a value of $32,482.9 million.
The compound annual growth rate of the market in the period 2007–11 was 1.3%.
Table 1: Japan fast food market value: $ million, 2007–11(e)
Year
$ million
¥ million
€ million
2007
30,907.7
2,714,584.7
23,28 .0
2008
31,093.7
2,730,922.3
23,426.1
0.6
2009
31,232.7
2,743,132.8
23,530.8
0.4
2010
31,990.2
2,809,658.5
24,101.5
2.4
2011(e)
32,482.9
2,852,938.2
24,472.8
1.5
CAGR: 2007–11
SOURCE: MARKETLINE
% Growth
1.3%
MARKETLINE
Figure 1: Japan fast food market value: $ million, 2007–11(e)
SOURCE: MARKETLINE
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Market volume
The Japanese fast food market grew by 1.7% in 2011 to reach a volume of 9,911.1 million transactions.
The compound annual growth rate of the market in the period 2007–11 was 1.4%.
Table 2: Japan fast food market volume: million transactions, 2007–11(e)
Year
million transactions
2007
9,393.4
2008
9,460.9
0.7
2009
9,507.7
0.5
2010
9,743.2
2.5
2011(e)
9,911.1
1.7
CAGR: 2007–11
SOURCE: MARKETLINE
% Growth
1.4%
MARKETLINE
Figure 2: Japan fast food market volume: million transactions, 2007–11(e)
SOURCE: MARKETLINE
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MARKET SEGMENTATION
Category segmentation
Restaurants - QSR is the largest segment of the fast food market in Japan, accounting for 43.9% of the market's total
value.
The takeaways segment accounts for a further 41.6% of the market.
Table 3: Japan fast food market category segmentation, by value, 2011(e)
Category
%
Restaurants - QSR
43.9%
Takeaways
41.6%
Leisure
10.1%
Street and mobile vendors
4.3%
Total
99.9%
SOURCE: MARKETLINE
MARKETLINE
Figure 3: Japan fast food market category segmentation : % share, by value, 2011(e)
SOURCE: MARKETLINE
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Geography segmentation
Japan accounts for 33% of the Asia-Pacific fast food market value.
China accounts for a further 36.7% of the Asia-Pacific market.
Table 4: Japan fast food market geography segmentation, by value, 2011(e)
Geography
%
China
36.7
Japan
33.0
India
11.5
South Korea
3.7
Rest of Asia-Pacific
15.2
Total
SOURCE: MARKETLINE
100%
MARKETLINE
Figure 4: Japan fast food market geography segmentation : % share, by value, 2011(e)
SOURCE: MARKETLINE
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MARKET OUTLOOK
Market value forecast
In 2016, the Japanese fast food market is forecast to have a value of $40,960.3 million, an increase of 26.1% since
2011.
The compound annual growth rate of the market in the period 2011–16 is predicted to be 4.7%.
Table 5: Japan fast food market value forecast: $ million, 2011–16
Year
$ million
¥ million
€ million
% Growth
2011
32,482.9
2,852,938.2
24,472.8
1.5%
2012
34,008.4
2,986,917.0
25,622.1
4.7%
2013
35,494.8
3,117,464.4
26,741.9
4.4%
2014
37,156.6
3,263,424.6
27,994.0
4.7%
2015
38,981.0
3,423,658.1
29,368.5
4.9%
2016
40,960.3
3,597,497.0
30,8 9.7
5.1%
CAGR: 2011–16
SOURCE: MARKETLINE
4.7%
MARKETLINE
Figure 5: Japan fast food market value forecast: $ million, 2011–16
SOURCE: MARKETLINE
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Market volume forecast
In 2016, the Japanese fast food market is forecast to have a volume of 12,610.6 million transactions, an increase of
27.2% since 2011.
The compound annual growth rate of the market in the period 2011–16 is predicted to be 4.9%.
Table 6: Japan fast food market volume forecast: million transactions, 2011–16
Year
million transactions
% Growth
2011
9,911.1
1.7%
2012
10,394.7
4.9%
2013
10,868.9
4.6%
2014
11,398.7
4.9%
2015
11,980.0
5.1%
2016
12,610.6
5.3%
CAGR: 2011–16
SOURCE: MARKETLINE
4.9%
MARKETLINE
Figure 6: Japan fast food market volume forecast: million transactions, 2011–16
SOURCE: MARKETLINE
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FIVE FORCES ANALYSIS
The fast food market will be analyzed taking fast food operators as players. The key buyers will be taken as consumers,
and food ingredients providers and workforce providers as the key suppliers.
Summary
Figure 7: Forces driving competition in the fast food market in Japan, 2011
SOURCE: MARKETLINE
MARKETLINE
For the fast food market, the main source of buyer power is the lack of switching costs: within a given price range, a
consumer's choice of fast food provider is purely a matter of personal taste, and can vary from one day to the next.
It is vital to maintain reliable upstream networks offering food of marketable quality, and in a generally low margin – high
volume business, keeping food costs down is also important. Entry to the global fast food market does not require large
capital outlay; setting up a single, independent fast food outlet is within the means of many individuals. Substitutes for
fast food include other forms of profit foodservice, and also food retail (ready meals or ingredients for home cooking).
Many forms of fast food have attracted criticism for being unhealthy, while food retail offers consumers greater freedom
to control their diet. Particular segments of the fast food market can be concentrated - for example, the burger segment
is dominated by Burger King and McDonalds - the market as a whole is fairly fragmented, with many independents as
well as large chains, thus increasing rivalry.
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Buyer power
Figure 8: Drivers of buyer power in the fast food market in Japan, 2011
SOURCE: MARKETLINE
MARKETLINE
Economic malaise resulting from the financial crisis has consequently strengthened buyer power as industry players aim
to both attract and secure price sensitive consumers. However, the main source of buyer power is the lack of switching
costs: within a given price range, a consumer's choice of fast food provider is purely a matter of personal taste, and can
vary from one day to the next. There is also likely to be relatively high price elasticity of demand, because fast food is not
strictly essential to consumers. High transaction volumes, however, means that the impact of any one consumer on
revenues is usually small. Despite a downturn in consumer expenditure and signs of saturation, investment in the fast
food industry remains high, with new stores opening across the sector. Investment in brand building has driven customer
loyalty, while the sheer convenience of fast food makes it more important to the consumer than a simple source of food.
Buyer power is assessed to be moderate overall.
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Supplier power
Figure 9: Drivers of supplier power in the fast food market in Japan, 2011
SOURCE: MARKETLINE
MARKETLINE
One key input for players in the fast food market is of course food. It is vital to maintain reliable upstream networks
offering food of marketable quality, and in a generally low margin – high volume business, keeping food costs down is
pivotal. Suppliers may also have customers in the cost foodservice sector, or other segments of the profit foodservice
sector. This decreases their dependence on fast food companies, strengthening supplier power. Suppliers are often
large companies in comparison with fast food players. Also, although Japan has more foodservice suppliers than some
comparable countries, the existence of associations of suppliers increases their power to a level assessed as strong.
These factors boost supplier power, especially for the many small foodservice players. The fast food business is labor
intensive, and wages form a significant proportion of operating costs: around 25-30%. Thus, as a whole minimum wage
legislation in Japan goes some way towards strengthening employees, considered here as suppliers of labor. Overall,
supplier power is assessed as moderate.
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New entrants
Figure 10: Factors influencing the likelihood of new entrants in the fast food market in Japan,
2011
SOURCE: MARKETLINE
MARKETLINE
Entry to the Japanese fast food market does not require large capital outlay; setting up a single, independent fast food
outlet is within the means of many individuals in Japan. Larger companies can reduce the cost of expanding into Japan
by running some or all of their outlets as franchises. Franchisees run the majority of McDonald's outlets in Japan. They
bear the costs of equipping outlets at sites owned or leased by the franchiser, and pay a fee for the franchise itself, as
well as rents and service charges. (The franchisee enjoys something of the advantages of running their own business,
while benefiting from the franchiser's brand strength, expertise, and scale economies.) Negligible switching costs for
consumers mean that they are free to transfer their custom to a new player. However, market entrants face several other
barriers. Retaliation by existing players, such as the launch of a price war, is a possibility, especially where a new entrant
moves into a more concentrated segment. The brand strength of the major chains is considerable, which may negate
much of the effect of low switching costs. Overall, there is a moderate likelihood of new entrants.
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Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the fast food market in Japan, 2011
SOURCE: MARKETLINE
MARKETLINE
Substitutes for fast food include other forms of profit foodservice, and also food retail (ready meals or ingredients for
home cooking). The generic product of fast food is mainly considered as convenience. Convenience and availability are
the main drivers for choosing fast food coupled with a focus on value. As the market consists of many differentiated fast
food companies, customers have the option of choosing the best value products. Frozen re-heatable prepared food
offers strong competition against fast food. This substitute product is convenient and cheap and offers quality meals on a
scale which matches the fast food industry. Many forms of fast food have attracted criticism for being unhealthy, while
food retail offers consumers greater freedom to control their diet. For the calorie conscious consumer, the main
substitute is preparing a home cooked meal where the switching cost is the opportunity cost of time spent in the kitchen.
Overall, the threat of substitutes is assessed as moderate.
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Degree of rivalry
Figure 12: Drivers of degree of rivalry in the fast food market in Japan, 2011
SOURCE: MARKETLINE
MARKETLINE
While particular segments of the fast food market can be concentrated - for example, the burger segment is dominated
by Burger King and McDonalds - the market as a whole is fairly fragmented, with many independents as well as large
chains. Rivalry is somewhat mitigated with the absence of high exit costs coupled with the ease with which capacity can
be increased; chains can increase the number of outlets (the prevalence of franchising is a factor here) whilst
independents can take on more staff or extend opening hours. As players of all sizes in this market are highly focused on
fast food, profitability relies on low margin-high turnover operations. Price competition is thus prevalent amongst industry
players, especially between value meals. In particular, the value meals range are a reaction to shifting consumer trends
and a larger focus on competition amongst industry players. This form of price dumping has become particularly
prevalent as a result of a fragile wider economic environment. Brand power, however, forms the greatest competition in
the fast food market, for example McDonalds spends hundreds of millions of dollars on global advertising. Overall, rivalry
is assessed as strong.
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LEADING COMPANIES
McDonald's
Table 7: McDonald's: key facts
Head office:
One McDonald's Plaza , Oak Brook , Illinois 60523 , USA
Telephone:
1 630 623 3000
Fax:
1 630 623 5700
Website:
www.mcdonalds.com
Financial year-end:
December
Ticker:
MCD
Stock exchange:
New York
SOURCE: COMPANY WEBSITE
MARKETLINE
McDonald's Corporation (McDonald's or 'the company') franchises and operates McDonald's branded fast food
restaurants all over the world. The company is one of the world's largest food service retailing chain, preparing and
serving a range of food products and beverages. As of 2010, the company operated 32,737 restaurants in 117 countries;
out of which 6,399 were company-operated and 26,338 were franchised. The franchise agreements include conventional
franchise arrangements as well as developmental license agreements and foreign affiliates. Of the total franchises, the
company manages 19,279 conventional franchisees, 3,485 developmental licensees and 3,574 affiliates.
Under the conventional franchise arrangement, McDonald's owns or secure leases for the land and building while
franchisees provide a portion of initial capital outlay in the form of equipment, signs, seating, decor and maintenance.
These franchisees, in turn, contribute to the company's revenue through the payment of rent and royalties based upon
the percentage of sales. On an average, the conventional franchise arrangements extend for a period of 20 years and
represents 70% of total franchised restaurants of the company.
Under the developmental license arrangement, licensees provide capital for the entire business, including the real estate
interest. For this type of franchises, McDonald's receives an initial fees as well as the royalty based on a percent of
sales. The company's largest developmental license arrangement operates more than 1,750 restaurants across 18
countries in Latin American and the Caribbean region.
Also, the company owns equity investments in some of the foreign affiliated markets, referred to as affiliates. The
company receives a royalty based on a percent of sales in these markets. As of 2010, Japan remains the largest
affiliates market with more than 3,300 McDonald's restaurants.
The company reports its revenues based on four geographic segments: Europe, the US, APMEA (Asia/Pacific, Middle
East and Africa), and other countries and corporate. Other countries and corporate includes Canada and Latin America,
as well as corporate activities and certain investments.
McDonald's restaurants offer a standardized menu, although there may be geographic variations. McDonald's key
product offerings includes hamburgers and cheeseburgers, chicken sandwiches, French fries, wraps, chicken nuggets,
salads, desserts, sundaes, soft serve cones, pies, and cookies. It also offers beverages such as milk shakes, soft drinks,
coffee, and flavored tea. McDonald's restaurants in the US and many international markets also offer a wide range of
breakfast menu. The company's breakfast offerings include muffins, biscuits, hotcakes, and bagel sandwiches.
McDonald's markets its products under a wide range of brand names that include Big Mac, Big N' Tasty, Filet-O-Fish,
Chicken McNuggets, Mac Snack Wrap, McChicken, McMuffin, McGriddles, and McCafe among others.
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Key Metrics
The company recorded revenues of $24,075 million in the fiscal year ending December 2010, an increase of 5.8%
compared to fiscal 2009. Its net income was $4,946 million in fiscal 2010, compared to a net income of $4,551 million in
the preceding year.
Table 8: McDonald's: key financials ($)
$ million
2006
2007
2008
2009
2010
20,895.2
22,786.6
23,522.0
22,744.7
24,075.0
3,544.2
2,395.1
4,313.0
4,551.0
4,946.0
Total assets
28,974.5
29,391.7
28,462.0
30,224.9
31,975.0
Total liabilities
13,516.2
14,111.9
15,079.0
16,191.0
17,341.0
Employees
465,000
390,000
400,000
400,000
400,000
Revenues
Net income (loss)
SOURCE: COMPANY FILINGS
MARKETLINE
Table 9: McDonald's: key financial ratios
Ratio
2006
2007
2008
2009
2010
17.0%
10.5%
9.3%
9.1%
18.3%
20.0%
20.5%
3.2%
(3.3%)
5.8%
Asset growth
(3.4%)
1.4%
(3.2%)
6.2%
5.8%
Liabilities growth
(8.9%)
4.4%
6.9%
7.4%
7.1%
Debt/asset ratio
46.6%
48.0%
53.0%
53.6%
54.2%
Return on assets
12.0%
8.2%
14.9%
15.5%
15.9%
$44,936
$58,427
$58,805
$56,862
$60,188
$7,622
$6,141
$10,783
$11,378
$12,365
Profit margin
Revenue growth
Revenue per employee
Profit per employee
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Figure 13: McDonald's: revenues & profitability
MARKETLINE
Figure 14: McDonald's: assets & liabilities
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MOS Food Services
Table 10: MOS Food Services: key facts
Website:
4th Floor, Think Park Tower, 2 1 1 Osaki, Shinagawa Ku, Tokyo 141
6004, JPN
www.mos.co.jp
Financial year-end:
March
Ticker:
8153
Stock exchange:
Tokyo
Head office:
MARKETLINE
MOS Food Services is engaged in the operation of hamburger stores under the brand name, MOS Burger. The company
also operates stores which offer sweets, tea and coffee under the Mother Leaf and Caffe leggero brand names. In
addition, it is involved in the operation of restaurants under the names: Chef's V, Green Chill and AEN. The company
also operates noodle specialty stores under the Chirimen-tei name. Further, MOS Food Services is involved in the
hygiene inspection of food products and financing activities. The company primarily operates in Japan, where it is
headquartered in Tokyo, and employs around 1,122 people.
Key Metrics
The company recorded revenues of $719 million in the fiscal year ending March 2011, an increase of 5.3% compared to
fiscal 2010. Its net income was $21 million in fiscal 2011, compared to a net income of $19 million in the preceding year.
Table 11: MOS Food Services: key financials ($)
$ million
2007
2008
2009
2010
2011
Revenues
681.9
709.4
690.5
683.3
719.3
Net income (loss)
2.3
(3.7)
6.3
18.6
21.1
Total assets
530.2
517.8
508.7
529.7
554.3
Total liabilities
142.3
118.9
108.9
119.0
131.0
MARKETLINE
Table 12: MOS Food Services: key financials (¥)
¥ million
2007
2008
2009
2010
2011
59,890.8
62,301.9
60,641.9
60,009.9
63,175.0
202.1
(325.2)
552.4
1,634.6
1,854.0
Total assets
46,568.4
45,479.2
44,674.6
46,522.8
48,686.0
Total liabilities
12,494.7
10,445.0
9,568.6
10,450.4
11,505.0
Revenues
Net income (loss)
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
Page | 22
Table 13: MOS Food Services: key financial ratios
Ratio
2007
2008
2009
2010
2011
Profit margin
0.3%
(0.5%)
0.9%
2.7%
2.9%
Revenue growth
2.9%
4.0%
(2.7%)
(1.0%)
5.3%
Asset growth
0.9%
(2.3%)
(1.8%)
4.1%
4.6%
Liabilities growth
12.9%
(16.4%)
(8.4%)
9.2%
10.1%
Debt/asset ratio
26.8%
23.0%
21.4%
22.5%
23.6%
Return on assets
0.4%
(0.7%)
1.2%
3.6%
3.9%
MARKETLINE
Figure 15: MOS Food Services: revenues & profitability
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
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Figure 16: MOS Food Services: assets & liabilities
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
Page | 24
Yoshinoya Holdings Co Ltd
Table 14: Yoshinoya Holdings Co Ltd: key facts
Telephone:
DAVINCH Shinjuku Building. 4-3-17 Shinjuku, Shinjuku-ku, Tokyo 1608451, Japan
86 3 5269 5111
Fax:
86 3 5269 5090
Website:
www.yoshinoya-dc.com
Financial year-end:
February
Ticker:
98610
Stock exchange:
Tokyo
Head office:
MARKETLINE
Yoshinoya Holdings, formerly known as Yoshinoya D & C Co. Ltd, is a Japan-based restaurant chain operator. The
group specializes in gyudon operation and operates a national chain while pursuing the development of other restaurant
businesses in Japan.
The Beef Bowl-related segment operates a nationwide restaurant chain, which offers beef bowls, pork bowls, set meals
and other dishes. The Sushi-related segment operates sushi outlets and conveyor-belt type sushi restaurants. The
Snack-related segment operates Japanese-style fast-food outlets that serve mainly takoyaki (octopus ball) and
okonomiyaki (Japanese-style pancake). The Others Food Business segment offers curry rice, noodles and take-out
prepared dishes at food counters, as well as delivery services for western and Chinese food. The Others segment
provides facilities construction work and real estate leasing services.
The company operates in a global market New York, California, Beijing, Shanghai, Taiwan, Shenzhen, Hong Kong, the
Philippines, Singapore, Malaysia, and Australia.
Key Metrics
The company recorded revenues of $1,951 million in the fiscal year ending February 2011, a decrease of 4.6%
compared to fiscal 2010. Its net income was $4 million in fiscal 2011, compared to a net loss of $102 million in the
preceding year.
Table 15: Yoshinoya Holdings Co Ltd: key financials ($)
$ million
Revenues
Net income (loss)
Total assets
Total liabilities
2007
2008
2009
2010
2011
1,543.0
1,773.7
1,984.0
2,044.9
1,950.5
23.9
2.2
2.4
(101.8)
4.3
1,117.2
1,122.5
1,279.8
1,197.8
1,105.4
331.3
340.3
452.3
542.8
579.8
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
Page | 25
Table 16: Yoshinoya Holdings Co Ltd: key financials (¥)
¥ million
2007
2008
2009
2010
2011
135,519.0
155,779.0
174,249.0
179,602.0
171,314.0
2,096.0
189.0
208.0
(8,941.0)
382.0
Total assets
98,124.0
98,591.0
112,406.0
105,202.0
97,088.0
Total liabilities
29,099.0
29,889.0
39,728.0
47,675.0
50,919.0
Revenues
Net income (loss)
MARKETLINE
Table 17: Yoshinoya Holdings Co Ltd: key financial ratios
Ratio
Profit margin
2007
2008
2009
2010
2011
1.5%
0.1%
0.1%
(5.0%)
0.2%
10.7%
14.9%
11.9%
3.1%
(4.6%)
0.6%
0.5%
14.0%
(6.4%)
(7.7%)
(10.5%)
2.7%
32.9%
20.0%
6.8%
Debt/asset ratio
29.7%
30.3%
35.3%
45.3%
52.4%
Return on assets
2.1%
0.2%
0.2%
(8.2%)
0.4%
Revenue growth
Asset growth
Liabilities growth
MARKETLINE
Figure 17: Yoshinoya Holdings Co Ltd: revenues & profitability
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
Page | 26
Figure 18: Yoshinoya Holdings Co Ltd: assets & liabilities
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
Page | 27
Yum! Brands
Table 18: Yum! Brands: key facts
Head office:
1441 Gardiner Lane, Louisville, Kentucky 40213, USA
Telephone:
1 502 874 8300
Website:
www.yum.com
Financial year-end:
December
Ticker:
YUM
Stock exchange:
New York
MARKETLINE
Yum! Brand develops, operates, franchises and licenses a system of restaurants. These restaurants prepare, package,
and sell various food items. The company operates five branded restaurant concepts KFC, Pizza Hut, Taco Bell, LJS
and A&W. It operates more than 37,000 restaurants in more than 110 countries.
The company operates through six operating segments: KFC-US, Pizza Hut-US, Taco Bell-US, LJS/A&W-US, Yum
Restaurants International (YRI) and Yum Restaurants China (China). However, for financial reporting purposes, it
combined the four US operating segments into a single reporting segment (the US). The China segment includes China,
Thailand and Taiwan, and the international segment includes the remainder of its international operations.
KFC operates in 110 countries throughout the world. As of 2010, KFC had 5,055 units in the US, and 11,798 units
outside the US, including 3,244 units in China. Approximately 15% of the US units and 29% of the non-US units are
concept-owned. KFC restaurants in the US offer fried and non-fried chicken-on-the-bone products, under the names
Original Recipe, Extra Tasty Crispy and Kentucky Grilled Chicken. The restaurant's other principal items include chicken
sandwiches (including the Snacker and the Twister), KFC Famous Bowls, Colonel's Crispy Strips, chicken wings,
Popcorn Chicken and, seasonally, Chunky Chicken Pot Pies. KFC restaurants in the US also offer a variety of side
items, such as biscuits, mashed potatoes and gravy, coleslaw, corn and potato wedges, as well as desserts. While many
of these products are offered outside of the US, international menus are more focused on chicken sandwiches and
Colonel's Crispy Strips, and include side items that are suited to local preferences and tastes. Restaurant decor
throughout the world is characterized by the image of Colonel Saunders.
Pizza Hut operates in 95 countries throughout the world. As of 2010, Pizza Hut had 7,542 units in the US, and 5,890
units outside of the US. Approximately 6% of the US units and 22% of the non-US units are concept-owned. The Pizza
Hut restaurant chain specializes in the sale of ready-to-eat pizza products. The chain features sells a variety of pizzas,
which include Pan Pizza, Thin 'n Crispy, Hand Tossed, Sicilian, Stuffed Crust, Twisted Crust, Sicilian Lasagna Pizza,
Cheesy Bites Pizza, The Big New Yorker, The Insider, The Chicago Dish and 4forALL. Each type of pizza is offered with
a variety of toppings. In some restaurants, Pizza Hut also offers breadsticks, pasta, salads and sandwiches. Menu items
outside of the US are generally similar to those offered in the US, although pizza toppings are often matched to local
preferences and tastes.
Taco Bell operates in 21 countries and territories throughout the world. As of 2010, there were 5,634 Taco Bell units in
the US, and 262 units outside of the US. Approximately 22% of the US units and 1% of the non-US units are conceptowned. Taco Bell specializes in Mexican-style food products, including various types of tacos, burritos, gorditas,
chalupas, quesadillas, salads, nachos and related items. Additionally, it offers proprietary items such as Grilled Stuft
Burritos and Border Bowls.
LJS operates in four countries throughout the world. As of 2010, there were 964 LJS units in the US, and 31 units
outside the US. All single-brand units inside and outside of the US are operated by franchisees or licensees. As of yearend 2010, there were 86 concept-owned multi-brand units that included the LJS concept.
Japan - Fast Food
0104 - 2230 - 2011
Page | 28
LJS features a variety of seafood and chicken items, including meals featuring batter-dipped fish, chicken, shrimp,
hushpuppies and portable snack items. LJS restaurants basically feature a distinctive seaside/nautical theme.
A&W operates in nine countries throughout the world. As of 2010, there were 322 A&W units in the US, and 317 units
outside the US. As of year-end 2010, all units were operated by franchisees. A&W serves A&W draft Root Beer and its
signature A&W Root Beer floats, besides hot dogs and hamburgers.
Key Metrics
The company recorded revenues of $11,343 million in the fiscal year ending December 2010, an increase of 4.7%
compared to fiscal 2009. Its net income was $1,158 million in fiscal 2010, compared to a net income of $1,071 million in
the preceding year.
Table 19: Yum! Brands: key financials ($)
$ million
2006
2007
2008
2009
2010
9,561.0
10,416.0
11,304.0
10,836.0
11,343.0
824.0
909.0
964.0
1,071.0
1,158.0
Total assets
6,353.0
7,242.0
6,527.0
7,148.0
8,316.0
Total liabilities
4,916.0
6,103.0
6,635.0
6,123.0
6,647.0
Employees
53,200
48,160
49,000
50,400
52,920
Revenues
Net income (loss)
MARKETLINE
Table 20: Yum! Brands: key financial ratios
Ratio
2006
2007
2008
2009
2010
Profit margin
8.6%
8.7%
8.5%
9.9%
10.2%
Revenue growth
2.3%
8.9%
8.5%
(4.1%)
4.7%
Asset growth
9.6%
14.0%
(9.9%)
9.5%
16.3%
Liabilities growth
13.1%
24.1%
8.7%
(7.7%)
8.6%
Debt/asset ratio
77.4%
84.3%
101.7%
85.7%
79.9%
Return on assets
13.6%
13.4%
14.0%
15.7%
15.0%
$179,718
$216,279
$230,694
$215,000
$214,342
$15,489
$18,875
$19,673
$21,250
$21,882
Revenue per employee
Profit per employee
Japan - Fast Food
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0104 - 2230 - 2011
Page | 29
Figure 19: Yum! Brands: revenues & profitability
MARKETLINE
Figure 20: Yum! Brands: assets & liabilities
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
Page | 30
MACROECONOMIC INDICATORS
Country Data
Table 21: Japan size of population (million), 2007–11
Year
Population (million)
% Growth
2007
127.8
0.0%
2008
127.7
(0.1%)
2009
127.5
(0.1%)
2010
127.4
(0.1%)
2011(e)
127.1
(0.3%)
SOURCE: MARKETLINE
MARKETLINE
Table 22: Japan GDP (constant 2000 prices, $ billion), 2007–11
Year
Constant 2000 Prices, $ billion
% Growth
2007
4,876.6
1.5%
2008
4,705.8
(3.5%)
2009
4,454.9
(5.3%)
2010
4,566.0
2.5%
2011(e)
4,548.9
(0.4%)
SOURCE: MARKETLINE
MARKETLINE
Table 23: Japan GDP (current prices, $ billion), 2007–11
Year
Current Prices, $ billion
% Growth
2007
4,378.0
0.4%
2008
4,879.8
11.5%
2009
5,033.0
3.1%
2010
5,458.8
8.5%
2011(e)
5,424.9
(0.6%)
SOURCE: MARKETLINE
Japan - Fast Food
MARKETLINE
0104 - 2230 - 2011
Page | 31
Table 24: Japan inflation, 2007–11
Year
Inflation Rate (%)
2007
0.1%
2008
1.4%
2009
(1.4%)
2010
(0.7%)
2011(e)
(0.2%)
SOURCE: MARKETLINE
MARKETLINE
Table 25: Japan consumer price index (absolute), 2007–11
Year
Consumer Price Index (2000 = 100)
2007
98.1
2008
99.5
2009
98.1
2010
97.4
2011(e)
97.1
SOURCE: MARKETLINE
MARKETLINE
Table 26: Japan exchange rate, 2007–11
Year
Exchange rate ($/¥)
Exchange rate (€/¥)
2007
117.8145
161.2087
2008
103.4662
151.3969
2009
93.6167
130.1751
2010
87.8289
116.5760
2011
87.8289
116.5760
SOURCE: MARKETLINE
Japan - Fast Food
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0104 - 2230 - 2011
Page | 32
APPENDIX
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-
National/Governmental statistics
-
International data (official international sources)
-
National and International trade associations
-
Broker and analyst reports
-
Company Annual Reports
-
Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date
Japan - Fast Food
0104 - 2230 - 2011
Page | 33
Industry associations
Japan Foodservice Association
Tel.: 81 3 5403 1065
Fax: 81 3 5403 1070
www.jfsa.jp
Related Datamonitor research
Industry Profile
Fast Food in Australia
Fast Food in Asia-Pacific
Fast Food in the United States
Fast Food in China
Fast Food in Australia
Japan - Fast Food
0104 - 2230 - 2011
Page | 34
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Fast Food in Japan

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