Foodservice in Spain September 2021: Marketline Industry Profile

MarketLine Industry Profile
Foodservice in Spain
September 2021
Reference Code: 0180-2333
Publication Date: September 2021
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Industry Profiles
1. Executive Summary
1.1. Market value

The Spanish foodservice industry shrank by 41.3% in 2020 to reach a value of $70,248 million.
1.2. Market value forecast

In 2025, the Spanish foodservice industry is forecast to have a value of $125,607.7 million, an increase of
78.8% since 2020.
1.3. Market volume

The Spanish foodservice industry shrank by 29.4% in 2020 to reach a volume of 5,890.9 million
transactions.
1.4. Market volume forecast

In 2025, the Spanish foodservice industry is forecast to have a volume of 8,281.9 million transactions, an
increase of 40.6% since 2020.
1.5. Category segmentation

Pub, club & bar is the largest segment of the foodservice industry in Spain, accounting for 40.4% of the
industry's total value.
1.6. Geography segmentation

Spain accounts for 13.6% of the European foodservice industry value.
1.7. Market rivalry

The large number of companies with similar structures - offering similar products at similar prices -
increases the rivalry level within this industry.

Industry Profiles
1.8. Competitive Landscape

The Spanish foodservice industry is characterized by the presence of a number of large scale multinational
companies that operate alongside smaller, independent foodservice outlets. At the top end of the industry,
restaurant franchising is common, with the likes of McDonald’s and Restaurant Brands International
operating heavily franchised models. Food delivery is becoming a key growth strategy in this industry with
the proliferation of online delivery platforms such as Just Eat, Glovo, and Deliveroo, while industry players
are adapting to new technology and changing consumer trends. This strategy became crucial in 2020 due
to the outbreak of the COVID-19 pandemic and subsequent lockdowns.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Market volume.............................................................................................................................................2
1.4. Market volume forecast...............................................................................................................................2
1.5. Category segmentation................................................................................................................................2
1.6. Geography segmentation.............................................................................................................................2
1.7. Market rivalry...............................................................................................................................................2
1.8. Competitive Landscape ................................................................................................................................3
2. Market Overview 9
2.1. Market definition .........................................................................................................................................9
2.2. Market analysis ..........................................................................................................................................10
3. Market Data 12
3.1. Market value ..............................................................................................................................................12
3.2. Market volume...........................................................................................................................................13
4. Market Segmentation 14
4.1. Category segmentation..............................................................................................................................14
4.2. Geography segmentation...........................................................................................................................15
5. Market Outlook 16
5.1. Market value forecast ................................................................................................................................16
5.2. Market volume forecast.............................................................................................................................17
6. Five Forces Analysis 18
6.1. Summary ....................................................................................................................................................18
6.2. Buyer power...............................................................................................................................................20
6.3. Supplier power ...........................................................................................................................................21
6.4. New entrants .............................................................................................................................................23

Industry Profiles
6.5. Threat of substitutes ..................................................................................................................................25
6.6. Degree of rivalry.........................................................................................................................................26
7. Competitive Landscape 28
7.1. Who are the leading players? ....................................................................................................................28
7.2. What strategies do the leading players follow?.........................................................................................28
7.3. How is technology being used by the leading companies?........................................................................29
7.4. How are foodservice companies responding to consumer trends?...........................................................29
7.5. How have players in the market responded to the COVID-19 pandemic? ................................................30
8. Company Profiles 31
8.1. McDonald's Corp........................................................................................................................................31
8.2. Restaurant Brands International Inc ..........................................................................................................36
8.3. Restalia Grupo de Eurorestauracion SL......................................................................................................39
8.4. Restalia Grupo de Eurorestauracion SL......................................................................................................42
8.5. Domino's Pizza, Inc.....................................................................................................................................45
8.6. Jijonenca Industries SA...............................................................................................................................49
9. Macroeconomic Indicators 50
9.1. Country data ..............................................................................................................................................50
Appendix 52
Methodology ...........................................................................................................................................................52
9.2. Industry associations..................................................................................................................................53
9.3. Related MarketLine research .....................................................................................................................53
About MarketLine....................................................................................................................................................54

Industry Profiles
LIST OF TABLES
Table 1: Spain foodservice industry value: $ million, 2016–20 12
Table 2: Spain foodservice industry volume: million transactions, 2016–20 13
Table 3: Spain foodservice industry category segmentation: $ million, 2020 14
Table 4: Spain foodservice industry geography segmentation: $ million, 2020 15
Table 5: Spain foodservice industry value forecast: $ million, 2020–25 16
Table 6: Spain foodservice industry volume forecast: million transactions, 2020–25 17
Table 7: McDonald's Corp: key facts 31
Table 8: McDonald's Corp: Annual Financial Ratios 33
Table 9: McDonald's Corp: Key Employees 34
Table 10: McDonald's Corp: Key Employees Continued 35
Table 11: Restaurant Brands International Inc: key facts 36
Table 12: Restaurant Brands International Inc: Annual Financial Ratios 37
Table 13: Restaurant Brands International Inc: Key Employees 38
Table 14: Restalia Grupo de Eurorestauracion SL: key facts 39
Table 15: Restalia Grupo de Eurorestauracion SL: Key Employees 41
Table 16: Restalia Grupo de Eurorestauracion SL: key facts 42
Table 17: Restalia Grupo de Eurorestauracion SL: Key Employees 44
Table 18: Domino's Pizza, Inc.: key facts 45
Table 19: Domino's Pizza, Inc.: Annual Financial Ratios 46
Table 20: Domino's Pizza, Inc.: Key Employees 47
Table 21: Domino's Pizza, Inc.: Key Employees Continued 48
Table 22: Jijonenca Industries SA: key facts 49
Table 23: Spain size of population (million), 2016–20 50
Table 24: Spain gdp (constant 2005 prices, $ billion), 2016–20 50
Table 25: Spain gdp (current prices, $ billion), 2016–20 50
Table 26: Spain inflation, 2016–20 50
Table 27: Spain consumer price index (absolute), 2016–20 51

Industry Profiles
Table 28: Spain exchange rate, 2016–20 51

Industry Profiles
LIST OF FIGURES
Figure 1: Spain foodservice industry value: $ million, 2016–20 12
Figure 2: Spain foodservice industry volume: million transactions, 2016–20 13
Figure 3: Spain foodservice industry category segmentation: % share, by value, 2020 14
Figure 4: Spain foodservice industry geography segmentation: % share, by value, 2020 15
Figure 5: Spain foodservice industry value forecast: $ million, 2020–25 16
Figure 6: Spain foodservice industry volume forecast: million transactions, 2020–25 17
Figure 7: Forces driving competition in the foodservice industry in Spain, 2020 18
Figure 8: Drivers of buyer power in the foodservice industry in Spain, 2020 20
Figure 9: Drivers of supplier power in the foodservice industry in Spain, 2020 21
Figure 10: Factors influencing the likelihood of new entrants in the foodservice industry in Spain, 2020 23
Figure 11: Factors influencing the threat of substitutes in the foodservice industry in Spain, 2020 25
Figure 12: Drivers of degree of rivalry in the foodservice industry in Spain, 2020 26

Industry Profiles
2. Market Overview
2.1. Market definition

Foodservice is defined as the value of all food and drink, including on-trade drinks not drunk with food, for
immediate consumption on the premises or in designated eating areas shared with other foodservice operators, or
in the case of takeaway transactions, freshly prepared food for immediate consumption. Foodservice is restricted
to the sale of food and drink in specific foodservice channels defined below and excludes vending machines.
The food service industry is valued according to total sales of all food and drink (soft and alcoholic) in or through
accommodation outlets; pubs, clubs, and bars; full service restaurants; quick service restaurants and fast food; and
other.
The accommodation segment includes food and drinks sales in bed and breakfasts, guest houses, holiday parks,
hostels, and hotels and motels.
The pub, club and bar segment includes food and drink sales at nightclubs, private member and social clubs, and
pubs and bars.
The full service restaurants segment includes casual dining and fine dining.
The quick service restaurant & fast food segment includes coffee & tea shops, ice cream parlors, quick service
restaurants and fast food.
The other segment includes food and drink sales in leisure venues, such as visitor attractions; mobile operators,
such as vans and other mobile operators; retailers, such as bakeries, convenience stores, delicatessens,
department stores, garden centers, service station forecourts, supermarkets and hypermarkets, and other retail
sales.
Market volume is defined as the total number of transactions.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2020 annual average
exchange rates.
Forecast figures presented in this report are calculated using crisis scenarios for the market. The length of the
pandemic and restrictions introduced by various countries are still difficult to predict. Many governments had
introduced the national lockdowns and temporarily banned sales of products that are deemed "non-essential". As
the length of the pandemic and its impact on this market is not certain, the data used in this report has been
modeled taking forecast impacts on national economics into consideration.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.

Industry Profiles
2.2. Market analysis

The Spanish foodservice industry achieved moderate growth between 2016 and 2019. However, in 2020, the
industry declined by 41.3%, due to the impact of the COVID-19 pandemic. The industry is expected to bounce back
and achieve very strong growth in 2021 and 2022, with healthy growth rates expected over the remainder of the
forecast period.
Prior to 2020, tourism has helped drive growth in the Spanish foodservice industry. In 2019, Spain was the second
most visited country globally, with 83.7 million tourists, an increase of 1% on 2018. What’s more, a healthier
economy increased consumer spending and pushed Spanish consumers back into bars and restaurants. The
Spanish industry is the fourth largest in Europe, accounting for 13.9% of its total value in 2020.
The Spanish foodservice industry had total revenues of $70.2bn in 2020, representing a compound annual rate of
change (CARC) of -10.9% between 2016 and 2020. In comparison, the French and German industries declined with
CARCs of -10.2% and -8% respectively, over the same period, to reach respective values of $89.6bn and $71.8bn in
2020.
In 2020, the industry experienced a steep decline, primarily caused by the COVID-19 pandemic. Spain’s stringent
measures include localized and national lockdowns, business closures and border sealing, with many food outlets
being forced to close when the virus started to spread. However, home deliveries and takeaways played a
significant role in the sector in 2020 leading to a surge in businesses for food delivery providers.
Spanish GDP contracted by 11.43% in 2020, the deepest recession in 80 years. This was due to the weak
performance of the tourism and hospitality sectors. Real household consumption expenditure growth shrunk by -
11.5%, the fall in GDP and consumption has been consistent with a rise in total unemployment. In times of
uncertainty, many consumers opted for precautionary measures, such as spending on essential food items and
household products, which further contributed to the decline witnessed.
Industry transaction volumes declined with a CARC of -7.6% between 2016 and 2020, to reach a total of 5.9 billion
transactions in 2020. The industry's volume is expected to rise to 8.3 billion transactions by the end of 2025,
representing a compound annual growth rate (CAGR) of 7.1% for the 2020-2025 period.
Consumer attitudes towards traditional full service meal occasions have changed, giving way to a more price-
conscious outlook. Casual operators, such as Foster’s Hollywood and Ribs, have successfully adapted to this
change, offering the traditional full service experience at a lowered price point. On the other hand, consumer’s
limited financial ability to eat out has forced up expectations of fine dining full service meal occasions. Operators
are now expected to provide both a quality meal and a memorable experience.
The pub, club & bar segment was the industry's most lucrative in 2020, with total revenues of $28.4bn, equivalent
to 40.4% of the industry's overall value. The full service restaurant segment contributed revenues of $19.7bn in
2020, equating to 28.1% of the industry's aggregate value.
Spain has around 280,000 bars, one for every 165 people, which is the highest ratio in the EU. Additionally, a
preference for local or independent outlets over large chain operators drove the channel’s overall value growth.
This higher preference of independent outlets in the channel can be attributed to the availability of niche and craft
food or drinks, the willingness of Spanish to support local businesses, and the belief of a higher quality product
available with the local operators. Not only do Spanish people like to frequent the bars and pubs, Spain is also a
popular holiday destination for other Europeans and Americans. Travel and tourism is the largest contributor to
the Spanish economy in terms of GDP and this includes a large proportion from all sectors in the foodservice
industry.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 12.3% for the five-year
period 2020 - 2025, which is expected to drive the industry to a value of $125.6bn by the end of 2025.
Comparatively, the French and German industries will grow with CAGRs of 6.5% and 8.4% respectively, over the
same period, to reach respective values of $122.6bn and $107.4bn in 2025.
The industry is expected to recover and achieve very strong growth in 2021, as foodservice outlets reopen and
demand recovers. In 2021, GDP is expected to grow by 5.5%, as the fiscal and monetary measures push the
economy to recovery.

Industry Profiles
Growing demand for convenience and the increasingly busy lifestyle of consumers have increased demand for
home deliveries and takeaways. Moreover, new formats (such as the virtual kitchen) in the country are emerging
as operators will depend more on deliveries to reduce their real estate expenses. Food delivery partners like
Deliveroo and Glovo are trading largely to meet the demand.

Industry Profiles
3. Market Data
3.1. Market value

The Spanish foodservice industry shrank by 41.3% in 2020 to reach a value of $70,248 million.
The compound annual rate of change of the industry in the period 2016–20 was -10.9%.
Table 1: Spain foodservice industry value: $ million, 2016–20
Year $ million € million % Growth

2016 111,287.3 97,578.8
2017 113,406.3 99,436.8 1.9%
2018 116,783.4 102,397.9 3.0%
2019 119,744.9 104,994.6 2.5%
2020 70,248.0 61,594.8 (41.3%)
CAGR: 2016–20 (10.9%)

SOURCE: MARKETLINE MARKETLINE
Figure 1: Spain foodservice industry value: $ million, 2016–20

Industry Profiles
3.2. Market volume

The Spanish foodservice industry shrank by 29.4% in 2020 to reach a volume of 5,890.9 million transactions.
The compound annual rate of change of the industry in the period 2016–20 was -7.6%.
Table 2: Spain foodservice industry volume: million transactions, 2016–20
Year million transactions % Growth

2016 8,085.5
2017 8,151.8 0.8%
2018 8,271.6 1.5%
2019 8,348.2 0.9%
2020 5,890.9 (29.4%)
CAGR: 2016–20 (7.6%)

Figure 2: Spain foodservice industry volume: million transactions, 2016–20

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Pub, club & bar is the largest segment of the foodservice industry in Spain, accounting for 40.4% of the industry's
total value.
The Full service restaurant segment accounts for a further 28.1% of the industry.
Table 3: Spain foodservice industry category segmentation: $ million, 2020
Category 2020 %
Pub, Club & Bar 28,385.0 40.4%
Full Service Restaurant 19,741.0 28.1%
Quick Service Restaurant & Fast Food 8,713.2 12.4%
Accommodation 7,003.6 10.0%
Other 6,405.3 9.1%
Total 70,248.1 100%

Figure 3: Spain foodservice industry category segmentation: % share, by value, 2020

Industry Profiles
4.2. Geography segmentation

Spain accounts for 13.6% of the European foodservice industry value.
France accounts for a further 17.4% of the European industry.
Table 4: Spain foodservice industry geography segmentation: $ million, 2020
Geography 2020 %
France 89,649.7 17.4
Germany 71,839.0 13.9
Spain 70,248.0 13.6
United Kingdom 49,922.2 9.7
Rest Of Europe 233,473.7 45.3
Total 515,132.6 99.9%

Figure 4: Spain foodservice industry geography segmentation: % share, by value, 2020

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2025, the Spanish foodservice industry is forecast to have a value of $125,607.7 million, an increase of 78.8%
since 2020.
The compound annual growth rate of the industry in the period 2020–25 is predicted to be 12.3%.
Table 5: Spain foodservice industry value forecast: $ million, 2020–25
Year $ million € million % Growth

2020 70,248.0 61,594.8 (41.3%)
2021 91,450.4 80,185.4 30.2%
2022 109,492.0 96,004.7 19.7%
2023 117,068.1 102,647.5 6.9%
2024 120,646.6 105,785.2 3.1%
2025 125,607.7 110,135.2 4.1%
CAGR: 2020–25 12.3%

Figure 5: Spain foodservice industry value forecast: $ million, 2020–25

Industry Profiles
5.2. Market volume forecast

In 2025, the Spanish foodservice industry is forecast to have a volume of 8,281.9 million transactions, an increase of
40.6% since 2020.
The compound annual growth rate of the industry in the period 2020–25 is predicted to be 7.1%.
Table 6: Spain foodservice industry volume forecast: million transactions, 2020–25
Year million transactions % Growth

2020 5,890.9 (29.4%)
2021 6,779.2 15.1%
2022 7,722.5 13.9%
2023 8,044.3 4.2%
2024 8,174.3 1.6%
2025 8,281.9 1.3%
CAGR: 2020–25 7.1%

Figure 6: Spain foodservice industry volume forecast: million transactions, 2020–25

Industry Profiles
6. Five Forces Analysis

The foodservice market will be analyzed taking providers of food service including restaurants and cafes, fast food
retailers, and caterers as players. The key buyers will be taken as individual consumers, and food wholesalers and
distributors as the key suppliers.
6.1. Summary
Figure 7: Forces driving competition in the foodservice industry in Spain, 2020
The large number of companies with similar structures - offering similar products at similar prices - increases the rivalry
level within this industry.
The buyers in this industry are individual consumers. This significantly weakens buyer power as the loss of any one
buyer’s custom is unlikely to have a significant effect on a player’s revenues. Additionally, the standing of any individual
customer is diminished because of the sheer volume of potential customers. The exception here would be smaller,
premium-priced independent restaurants that rely on regular custom.
Suppliers to this industry are generally wholesalers that sell to numerous businesses. Many of these are large scale and
supply a large number of companies. This means that individual players are fairly dispensable and suppliers have a high
level of bargaining power over players in terms of pricing. However, chain restaurants exert much more power over
suppliers than independent players because their orders will be very large and the loss of business from one of these
would have a detrimental effect on the supplier’s revenue.
An abundance of suppliers, relatively low levels of capital outlay needed and an industry that is growing steadily, makes
it very attractive to new entrants. Despite these enabling factors, there are many barriers to entry. In a generally low-
margin industry, new entrants will face large, multinational incumbents such as McDonald’s. Such incumbents benefit
from scale economies that allow them to negotiate with suppliers, submit highly competitive bids to price-sensitive
customers and, therefore, improve their profitability.
Having a meal or drinks out is a non-essential activity which can be easily substituted by cooking at home with the only
switching cost being the time and effort to cook a meal. As such, the substitute threat is strong.

Industry Profiles
The growth of food delivery companies, such as UberEats, is ramping up rivalry in this industry. While these companies
have opened up new revenue streams for a variety of foodservice players, this is accompanied by increasing
competitive pressures.

Industry Profiles
6.2. Buyer power
Figure 8: Drivers of buyer power in the foodservice industry in Spain, 2020
The buyers in this industry are individual consumers. This significantly weakens buyer power as the loss of any one
buyer’s custom is unlikely to have a significant effect on a player’s revenues. Additionally, the standing of any individual
customer is diminished because of the sheer volume of potential customers. The exception here would be smaller,
premium-priced independent restaurants that rely on regular custom.
Although the revenue generated by any particular consumer is minimal, collectively they represent wider consumer
interests, and foodservice outlets cannot afford to disregard the sensitivities of buyers. Buyer power has strengthened
over the years with the growth of online review sites and social media where buyers can have a collective voice.
According to the TripAdvisor “Influences on Diner Decision-Making” survey in 2018, 91% of Spanish consumers are
influenced by online reviews.
Foodservice is not essential to the buyers; eating out is a leisure experience that can be avoided in difficult financial
times. As such, price can have an effect on demand. Many foodservice outlets, such as restaurants and cafes, will offer
deals and discounts at off-peak times to attract customers who would not necessarily be drawn in at full price. Other
tactics that foodservice players use include limited-time menu items and loyalty schemes in which they offer a reward
for repeat custom. For example, McDonald’s, the largest foodservice company in this market, offers a variety of loyalty
initiatives throughout the year. Such initiatives include McDonald's Monopoly, whereby customers receive tokens with
each purchase; these offer on-the-spot prizes off the menu, or colored tokens that have the potential to win cash prizes
once all tokens have been collected.
Large players in the foodservice industry invest heavily in brand-building, particularly in the low- and medium- price
segments. Such branding helps to drive customer loyalty which, along with social functions and the convenience of
foodservice, means the industry represents more to the consumer than a simple source of food.
Overall, buyer power is assessed as moderate.

Industry Profiles
6.3. Supplier power
Figure 9: Drivers of supplier power in the foodservice industry in Spain, 2020
Suppliers to this industry are generally wholesalers that sell to numerous businesses. Many of these are large scale and
supply a large number of companies. This means that individual players are fairly dispensable and suppliers have a high
level of bargaining power over players in terms of pricing. However, chain restaurants like McDonald's and Burger King
exert much more power over suppliers than independent players because their orders will be very large and the loss of
business from one of these would have a detrimental effect on the supplier’s revenue.
Other suppliers include producers of base ingredients. The production of base ingredients is dominated by large
players, although individual farmers with smallholdings are present. For example, Adecoagro is one of the largest
owners of productive farmland in South America, while the likes of Bunge and Cargill have revenue exceeding $40bn. In
the case of the latter, it exceeds $100bn. McDonald’s uses Cargill as a supplier. Small-scale farms are a feature of this
stage of the value chain. Individual or family-owned farms are commonplace and may in some cases be key suppliers to
foodservice chains or local, independent restaurants. Such suppliers have much less power than large, multinational
agricultural companies.
Large foodservice chains often maintain relationships with a wide range of suppliers, which ensures stability and helps
to offset the dangers of local sourcing problems or price fluctuations. Where possible, long term contractual obligations
are avoided and switching costs are kept to a minimum. The leading companies in this industry, including McDonald’s
and Restaurant Brands International, can dominate negotiations with certain suppliers. The leading players in this
industry often make up a larger proportion of a supplier’s revenues and as such can negotiate lower prices with
suppliers. Smaller, independent restaurants/cafes/coffee shops may find such negotiations difficult.
Backward integration is possible, with some foodservice companies growing their own produce or setting up their own
manufacturing facilities. This is particularly true for small, independent companies. Forward integration by suppliers is
less likely but is possible if a manufacturer/grower decides to establish foodservice operations.
In 2018, McDonald’s began to implement its chicken antibiotics policy in all of its markets around the world. This
involves the elimination of antibiotics in its chicken supply chain defined by the World Health Organization (WHO) as
Highest Priority Critically Important Antimicrobials (HPCIA) to human medicine. The company is also focusing on
antibiotic use in its beef supply chain, partnering with supplying beef producers to understand and measure current
antibiotic usage.
As food and drink inputs are fairly undifferentiated at the supply stage, players can choose from a selection of suppliers,
lowering the threat of an oligopoly. However, the players must be careful to choose suppliers with good quality

Industry Profiles
ingredients or risk damaging the reputation of the restaurant because of poor quality food or food poisoning. The
ability to switch suppliers can be made more difficult because the supply chain is likely to be complex which increases
supplier power.
Overall, supplier power can be assessed as moderate.

Industry Profiles
6.4. New entrants
Figure 10: Factors influencing the likelihood of new entrants in the foodservice industry in Spain, 2020
An abundance of suppliers, relatively low levels of capital outlay needed and an industry that is growing steadily, makes
it very attractive to new entrants. Despite these enabling factors, there are many barriers to this industry. In a generally
low-margin industry, new entrants will face large, multinational incumbents such as McDonald’s and Restaurant Brands
International, and domestic brands such as Grupo Restalia. Such incumbents benefit from scale economies that allow
them to negotiate with suppliers, submit highly competitive bids to price-sensitive customers and, therefore, improve
their profitability.
The foodservice industry is a highly regulated one, and is subject to strict regulations on matters of food hygiene. All
countries within the EU are required to follow legislation set by the European Food Safety Authority (EFSA). Such
regulations are stringent because of the risk to human health associated with poor hygiene. Although compliance
imposes costs, many aspects of hygiene require good working practices rather than costly expenditure on equipment.
Such costs can be externalized to some extent, perhaps by only recruiting key staff members that have already
completed appropriate training.
Although labor intensive, the industry rarely needs large numbers of highly-paid staff, and can rely instead on large
numbers of often low-paid employees, perhaps as temporary or part-time staff.
While eating out is popular in Spain, as the industry matures growth will begin to slow over the forecast period. This
could deter new entrants. Spanish consumers are increasingly striving for healthy eating with the country being ranked
top of the list in 2019 in the Bloomberg Healthiest Country Index, which ranks 169 economies according to factors that
contribute to overall health. What’s more, the demand for vegetarian, organic and low fat foods is increasing so fast
food players would need to provide alternatives for unhealthy offerings.
Delivery kitchens or ‘dark kitchens' are a physical location where kitchen staff can set up to provide delivery-only
takeaway meals. They have become increasingly popular due to their lower operating costs, as overheads can be
reduced or eliminated completely, and have also benefited from the growth in takeaway services amid the pandemic.
The concept allows established takeaway outlets and restaurants to enter a new territory without setting up a whole
new shopfront with overheads, making it a great strategy for potential new entrants.
Regardless of the factors mentioned above, the likelihood of any new players entering the industry in 2020 was highly
unlikely due to the economic uncertainty which has been brought about by the COVID-19 pandemic. With even some of
the largest chains suffering financially, this instability acted as a strong deterrent to any potential new entrants.

Industry Profiles
However, the industry is expected to bounce back and achieve very strong growth in 2021, which could entice new
players looking to take advantage of the strong demand for foodservices.
Overall, the likelihood of new entrants is assessed as moderate.

Industry Profiles
6.5. Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the foodservice industry in Spain, 2020
Having a meal or drinks out is a non-essential activity which can be easily substituted by cooking at home with the only
switching cost being the time and effort to cook a meal. It is usually cheaper than eating out and home-cooked food
usually contains fewer calories, and less salt and fat content, especially when compared to fast-food. Some players
capitalize on the drive for healthy eating by offering healthy options such as salads in McDonald’s.
Other leisure activities may be considered substitutes such as the cinema, theater, going to the park or the beach
although there are usually options to purchase food at the same time. One strategy adopted to deal with these types of
threats is to sell an experience, as well as food and drink. Chains may achieve this through investment in brand building
and advertising. Independent, full service restaurants may develop a more individualized identity, perhaps focusing on
the influence of a particular style of cooking. Foodservice players in Spain, especially in recent years, have been using
unusual ideas such as a restaurant which is Halloween themed all year round featuring actors dressed up in costume
and a restaurant in Lanzarote that uses a volcano's heat to cook food to entice customers looking for more than just a
meal.
Overall, the threat of substitutes is assessed as strong.

Industry Profiles
6.6. Degree of rivalry
Figure 12: Drivers of degree of rivalry in the foodservice industry in Spain, 2020
The Spanish industry is fairly unique when compared to many other European countries in that pubs, clubs and bars
dominate foodservice sales, accounting for over 40.4% of the industry value in 2020. This is followed by the full service
segment, which accounted for 28.1%. Across the foodservice industry there are a number of large companies
operating. In the pubs, clubs & bars segment, Casual Beer & Food, S.A.is the leading player. However, due to the highly
fragmented nature of this particular segment this company is not within the top four leading players in the industry as a
whole. In Spain, the leading player in the foodservice industry is McDonald's Corporation, which accounts for around
one fifth of sales in the quick service and fast food segment. Meanwhile, Restaurant Brands International and Tele Pizza
account for around 10% each of fast food sales in Spain. This demonstrates how consolidated this segment of the
industry is at the top end. Much more fragmentation is evident within the other segment of the foodservice industry.
There are a large number of independent or specialty foodservice companies operating alongside large incumbents. As
consumers incur no switching costs when changing their foodservice provider, rivalry is intensified among players.
This trend is evident across all the segments of this industry, with numerous companies with similar structures, offering
similar products at similar prices. What’s more, there is rivalry between segments, which is becoming increasingly
pronounced. For example, in the quick service segment there is growing competition from the increasingly crowded
and saturated coffee and tea market. Large players in this segment, such as Starbucks, are concentrating on expanding
their food offerings to diversify their revenue streams.
The growth of food delivery companies, such as Glovo, Deliveroo and UberEats, are ramping up rivalry in this industry.
While these companies have opened up new revenue streams for a variety of foodservice players, this is accompanied
by increasing competitive pressures. This is particularly true for companies in the quick service and fast food segment.
These food delivery companies essentially turn full service restaurants into key competitors to fast food companies,
with the likes of Deliveroo delivering food from a range of national foodservice chains as well local, independent
restaurants.
It is possible to differentiate in terms of the types of food sold, the establishment, and the price of food. Players benefit
from the relative ease of expansion, and if the venture fails, exit costs are not unduly expensive; physical assets such as
restaurants do not represent significant sunk costs, even if owned rather than rented. They can usually be sold for a
good price. Additionally, most employees laid off will not be eligible for costly redundancy payments.
Industry growth in moderate has been moderate so rivalry is more intense than in a region where it is rapidly growing
and with big chains dominating the industry, players have to work hard in order to thrive. Furthermore, the Spanish

Industry Profiles
market declined by 41.3% in 2020 due to the COVID-19 pandemic and subsequent lockdowns and travel restrictions. As
a result, rivalry increased by a significant amount that year.
Overall, rivalry in the foodservice industry is assessed as strong.

Industry Profiles
7. Competitive Landscape
The Spanish foodservice industry is characterized by the presence of a number of large scale multinational
companies that operate alongside smaller, independent foodservice outlets. At the top end of the industry,
restaurant franchising is common, with the likes of McDonald’s and Restaurant Brands International operating
heavily franchised models. Food delivery is becoming a key growth strategy in this industry with the proliferation
of online delivery platforms such as Just Eat, Glovo, and Deliveroo, while industry players are adapting to new
technology and changing consumer trends. This strategy became crucial in 2020 due to the outbreak of the
COVID-19 pandemic and subsequent lockdowns.
7.1. Who are the leading players?

The leading player in the Spanish foodservice industry is McDonald’s, accounting for around one fifth of sales in
the quick-service and fast food segment. At the end of 2020, there were around 530 McDonald’s outlets in
operation across the country. The company operates through a variety of franchised and company-operated
outlets, with revenues from franchised restaurants accounting for 55.8% of McDonald’s total worldwide revenues.
Restaurant Brands International is a leading player in the Spanish foodservice industry through its Burger King
brand. Burger King is operated in the country through a network of franchisees. The brand accounts for around
10% of the quick service and fast food segment in Spain.
Telepizza Group is the third largest player in the Spanish foodservice industry. The company operates in the quick
service and fast food segment, accounting for around 9% of sales in this segment. The company has over 700
outlets in operation throughout Spain.
The fourth largest player in this industry is Grupo Restalia. This company, like the other leading players, is active in
the quick service and fast food segment of the industry. Grupo Restalia operates through three brands, namely
100 Montaditos, Cerveceria La Surena, and The Good Burger. 100 Montaditos is the largest of these brands, with
around 320 outlets across Spain. In comparison, The Good Burger had 160 outlets, while Cerveceria La Surena had
100.
7.2. What strategies do the leading players follow?

Operating a franchised business model is a key strategy employed by the leading players in this industry.
Essentially, operating a franchised model means that the leading players are selling their brand name and reaping
the financial benefits from royalties, which are often paid as a percentage of sales. The day-to-day running of such
restaurants is the responsibility of franchisees. In this way, companies can expand without the overheads of
premises or staffing costs. In FY2020, McDonald's operated 39,198 restaurants in 119 countries, of which 36,521
were franchised restaurants, compared to 36,059 the previous year. Similarly, Restaurant Brands International
operates a heavily franchised business model, with over 99% of restaurants operated by franchisees in 2020. Tele
Pizza operates through a variety of directly owned and franchised outlets. Similarly, Grupo Restalia operates some
directly owned and some franchised outlets within all three of its brands.
Telepizza has developed as a leading player in this industry by being innovative in its product offering, with items
such as Pizza Burgers, Pizza Lasagna and Pizza Vulcano, which have helped the chain differentiate itself from its
competitors. What’s more, in 2018, the company signed a strategic alliance with Pizza Hut, owned by Yum! Brands.
This gives Telepizza the master franchise rights to the Pizza Hut brand in Spain, as well as in other countries,
including Portugal, Latin America (excluding Brazil), the Caribbean and Switzerland. In Spain, the company will
continue to operate the Telepizza brand but will also operate Pizza Hut stores and oversee Pizza Hut franchisees.
This will enable Telepizza Group to significantly expand its footprint both in Spain and internationally. To seek
more consumers, the chain also offers various discounts and deals such as Black Fridays and 2x1 pizza for a limited

Industry Profiles
period, to name a few. The company provides “My Telepi”; consumers can collect telepi-coins with every order
placed via the website or app and exchange them for exclusive promotions.
Grupo Restalia’s strategy has involved operating three different brands within the fast food segment to appeal to a
wider range of consumers. 100 Montaditos is a fast casual restaurant chain specialized in offering high-end and
varied Mediterranean gastronomy. Cerveceria La Surena offers Southern Spanish food and The Good Burger
restaurants offer gourmet burgers. The eateries offer both dine-in and carry-out services.
US fast food chain McDonald’s has focused on a strategy of adapting its offering to better appeal to Spanish
consumers. This has included a range of menu items specific to Spain, including the Big Mac Chicken sandwich,
crispy fried potato wedges (Patatas Deluxe), Fish McBites, Gazpacho, and the McIbérica sandwich, a beef burger
with jamón ibérico, Manchego cheese, olive oil, lettuce and tomato. McDonald’s in Spain also benefits from its
locations in busy tourist spots, where its brand logo is instantly recognizable to tourists from across the globe.
Similar to the strategy used by McDonald’s, Restaurant Brands International has adapted its Burger King menu in
Spain to appeal to local tastes. This has included the introduction of menu items including chili cheese bites and
supreme potatoes. The company also introduced its Steakhouse Doritos Burger, a creation developed through its
brand partnership with Doritos. In January 2020, the company acquired its biggest franchise, KAM foodservice,
which operated 70 outlets in the north of Spain, furthing its strategic decision to directly operate restaurants in the
country after acquiring another franchise Megafood last year.
7.3. How is technology being used by the leading companies?

Foodservice is an industry that for a long time relied upon more or less the same methods of selling and delivery,
but technology has had a transformative impact. Product innovation has been somewhat speedy. Major brands
are investing heavily into creating online and mobile platforms that make products exciting and attractive to
consumers. Food has never been so convenient and the encroachment of technology into a buying experience
that formerly only involved at most a phone call is beginning to dominate.
McDonald’s has been focusing on the ease and efficiency of ordering with the introduction of self-ordering
checkouts. The company has been installing these checkouts in 1,000 stores per quarter throughout 2018 and
2019, with the aim being to have this fully integrated across all McDonald’s stores. The company has also begun to
roll out mobile ordering and table service at branches throughout Spain. In October 2019, the company acquired
Dynamic Yield, a leading company in personalization and decision logic technology. This acquisition has helped the
company to be one of the first companies to integrate decision technology into the customer point of sale at a
brick and mortar locations. It also plans to integrate the technology into all of its digital customer experience
touchpoints, such as the McDonald’s Global Mobile App and self-order kiosks.
Restaurant Brands International has embraced technology with the introduction of mobile payments in numerous
Burger King outlets. Using this service, customers are able to pay for orders using their mobile phones and collect
orders from designated fast lanes.
7.4. How are foodservice companies responding to consumer trends?

There has been a growing interest in healthy food, organic produce and veganism in Spain, which is something that
foodservice companies are adapting to. This trend towards veganism is growing and is something that is more
prevalent amongst younger consumers, many of which foodservice companies are trying to attract.
In November 2020, McDonald’s announced it was launching a meatless burger – McPlant – in selected markets the
following year, with a plant-based burger instead of meat resembling meat in taste, texture, and color, after
testing plant-based burger incorporation with Beyond Meat in Canada. Spain rolled out a limited pilot of the plant-
based patty to test its customer’s appetite for vegetarian eats. Similarly, due to the growing demand for plant-
based food products, Burger King now offers a vegetable menu with 100% vegetal, providing a Whopper made
from plants instead of meat and vegetable nuggets.

Industry Profiles
7.5. How have players in the market responded to the COVID-19

pandemic?
The ban of non-essential gatherings and stringent physical distancing regulations as a result of the COVID-19
pandemic has adversely impacted the foodservice industry in 2020. Although dine-in was prohibited during the
lockdown, home deliveries were allowed. As such, deliveries and takeaways played a significant role in the industry
and partially cushioned the fall in 2020 for some players.
A strategy that is currently being used by a number of players in this industry is food delivery, with a number of
foodservice companies partnering with online delivery platforms such as Just Eat, Glovo, and Deliveroo. In 2017,
McDonald’s entered into a partnership with Glovo to roll out its McDelivery service in Spain. The company has
seen success with this strategy, with McDonald’s reporting double digit growth in restaurants that have been
offering the service for more than 12 months. Similarly, Burger King delivery is available in Spain through the Just
Eat app. This trend towards delivery is not limited to the largest companies in this industry. The growth of delivery
platforms like those mentioned has enabled many smaller, independent restaurants to offer food delivery. Glovo
and Deliveroo, among others, have partnered with various national chains as well as local, neighborhood
foodservice outlets. Players which already had partnerships with delivery companies were best placed to deal with
the pandemic.
The prevalence of home delivery or takeaway in the Spanish quick service segment is expected to continue to
grow due to changing lifestyles and consumer eating patterns post-COVID. Operators will be forced to modernize
and digitize their operations and have an online presence to meet consumer’s demands.

Industry Profiles
8. Company Profiles
8.1. McDonald's Corp
8.1.1. Company Overview
McDonald's Corp (McDonald's) is a foodservice retail chain operator. The company operates and franchises
McDonald’s restaurants that serve a locally relevant menu of food and beverages. Its menu offering includes
hamburgers and cheeseburgers, chicken sandwiches, chicken nuggets, wraps, French fries, salads, oatmeal,
shakes, desserts, sundaes, soft serve cones, pies, soft drinks, coffee and other beverages. It also offers various
breakfast items such as McGriddles, Sausage McMuffin with Egg, Egg McMuffin, biscuit and bagel sandwiches
and hotcakes. McDonald's markets its products under a wide range of brands including Big Mac, Filet-O-Fish,
McFlurry, Chicken McNuggets, McMuffin, and McGriddles. It operates across North America, Latin America,
Europe, Asia Pacific, and the Middle East and Africa. It is headquartered in Chicago, Illinois, the US.
The company reported revenues of (US Dollars) US$19,207.8 million for the fiscal year ended December 2020
(FY2020), a decrease of 10.1% over FY2019. In FY2020, the company’s operating margin was 38.1%, compared
to an operating margin of 42.5% in FY2019. In FY2020, the company recorded a net margin of 24.6%, compared
to a net margin of 28.2% in FY2019. The company reported revenues of US$5,887.9 million for the second
quarter ended June 2021, an increase of 14.9% over the previous quarter.
8.1.2. Key Facts
Table 7: McDonald's Corp: key facts
Head office: 110 N Carpenter St , CHICAGO, Illinois, United States

Telephone: 16306233000
Fax: 13026365454
Number of Employees: 200000
Website: www.mcdonalds.com/us/en-us.html
Financial year-end: December
Ticker: MCD
Stock exchange: New York Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
McDonald's Corp (McDonald's) is an operator of foodservice retail chain. The company’s restaurants offer
hamburgers and cheeseburgers, chicken sandwiches, chicken nuggets, wraps, French fries, salads, oatmeal,
shakes, desserts, sundaes, soft serve cones, pies, soft drinks, coffee and other beverages. The company also offers
various breakfast items such as McGriddles, Sausage McMuffin with Egg, Egg McMuffin, biscuit and bagel
sandwiches and hotcakes. In FY2020, the company operated 39,198 restaurants in 119 countries, of which 2,677
were company-operated and 36,521 were franchised.
The franchise agreements include conventional franchise arrangements and developmental license or foreign
affiliates. Of the total franchises, 21,712 restaurants were franchised to conventional franchisees, 7,663 were
licensed to developmental licensees and 7,146 were licensed to foreign affiliates.

Industry Profiles
Under the conventional franchise arrangement, the company owns or secures leases for the land and building
while franchisees provide a portion of initial capital in the form of equipment, signs, seating and decor. Under the
developmental license arrangement, licensees provide capital for its complete business operations, comprising the
real estate interest. For this type of franchises, McDonald's receives initial fees upon the opening of a new
restaurant or grant of a new license as well as a royalty based on a percentage of sales. Also, the company owns an
equity investment in some of the foreign affiliated markets, which are referred to as affiliates. The company
receives a royalty based on a percentage of sales in these markets.
McDonald’s classifies its operations into three geographic segments: the US, International Operated Markets, and
International Developmental Licensed Markets & Corporate.

Industry Profiles
Table 8: McDonald's Corp: Annual Financial Ratios

Key Ratios 2014 2015 2016 2017 2018
Growth Ratios
Sales Growth % -3.11 -7.32 -6.85 0.50
Operating Income Growth % 8.38 23.35 -7.64 2.80
EBITDA Growth % 6.43 17.87 -5.60 3.72
Net Income Growth % 3.47 10.79 14.10 1.71
EPS Growth % 14.55 15.41 18.73 5.56
Working Capital Growth % -79.38 76.53 -55.69 -105.84
Equity Ratios
EPS (Earnings per Share) USD 4.79 5.44 7.23 7.64 7.99
Dividend per Share USD 3.44 3.61 3.83 4.19 4.73
Dividend Cover Absolute 1.39 1.51 1.89 1.82 1.69
Book Value per Share USD 7.82 -2.69 -4.12 -8.16 -11.00
Profitability Ratios
Gross Margin % 38.52 41.45 46.54 50.96 52.33
Operating Margin % 28.12 31.45 41.86 41.50 42.45
Net Profit Margin % 17.82 19.03 22.75 27.87 28.20
Profit Markup % 62.66 70.78 87.06 103.91 109.76
PBT Margin (Profit Before Tax) % 25.80 27.89 37.57 36.77 37.53
Return on Equity % 63.90
Return on Capital Employed % 20.42 28.10 30.90 29.57 20.66
Return on Assets % 23.88 13.59 16.02 17.79 15.00
Return on Working Capital % 106.77 561.07 392.05 817.13
Operating Costs (% of Sales) % 71.88 68.55 58.14 58.50 57.55
Administration Costs (% of Sales) % 9.73 9.79 10.18 9.34 9.21
Liquidity Ratios
Current Ratio Absolute 3.27 1.40 1.84 1.36 0.98
Quick Ratio Absolute 3.23 1.38 1.82 1.35 0.97
Cash Ratio Absolute 2.61 0.39 0.85 0.35 0.25
Leverage Ratios
Debt to Equity Ratio Absolute 3.40
Net Debt to Equity Absolute 2.32 -11.15 -8.28 -4.80 -4.05
Debt to Capital Ratio Absolute 0.77 1.09 1.12 1.25 1.32
Efficiency Ratios
Asset Turnover Absolute 1.34 0.71 0.70 0.64 0.53
Fixed Asset Turnover Absolute 2.20 1.11 1.04 0.94 0.71
Inventory Turnover Absolute 312.16 181.35 207.30 189.72 201.09
Current Asset Turnover Absolute 5.27 3.40 4.49 4.53 5.61
Capital Employed Turnover Absolute 0.73 0.89 0.74 0.71 0.49
Working Capital Turnover Absolute 3.80 17.84 9.37 19.69
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 9: McDonald's Corp: Key Employees
Name Job Title Board

Alistair Macrow Global Chief Marketing Officer Senior Management
Alistair Macrow Senior Vice President Senior Management
Bethany Tate Cornell Chief Learning & Development Officer Senior Management
Bethany Tate Cornell Senior Vice President Senior Management
Brian Mullens Senior Vice President Global Finance Senior Management
Catherine Hoovel Chief Accounting Officer Senior Management
Catherine Hoovel Corporate Vice President Senior Management
Catherine M. Engelbert Director Non Executive Board
Christopher Kempczinski Chief Executive Officer Executive Board
Christopher Kempczinski Director Executive Board
Christopher Kempczinski President Executive Board
Daniel Henry Executive Vice President Senior Management
Daniel Henry Global Chief Information Officer Senior Management
Desiree Ralls-Morrison General Counsel and Corporate Secretary Senior Management
Enrique Hernandez Jr. Chairman Non Executive Board
Francesca DeBiase Chief Supply Chain Officer-Global Senior Management
Francesca DeBiase Executive Vice President Senior Management
Heidi B. Capozzi Executive Vice President Senior Management
Heidi B. Capozzi Global Chief People Officer Senior Management
Ian F. Borden President International Senior Management
John J. Mulligan Director Non Executive Board
Senior Director, Head of Global Alliance
John Lewicki Management
Marketing
John W. Rogers, Jr. Director Non Executive Board
Joseph Erlinger President McDonald's USA Senior Management
Katherine Beirne Fallon Chief Global Impact Officer Senior Management
Katherine Beirne Fallon Executive Vice President Senior Management
Kevin M. Ozan Chief Financial Officer Senior Management
Kevin M. Ozan Executive Vice President Senior Management
Lloyd H. Dean Director Non Executive Board
Lucy Brady Chief Digital Customer Engagement Officer Senior Management

Industry Profiles
Table 10: McDonald's Corp: Key Employees Continued

Lucy Brady Senior Vice President Senior Management
Mahrukh Hussain Interim General Counsel- McDonald's USA Senior Management
Mahrukh Hussain Secretary McDonald's USA Senior Management
Manu Steijaert Chief Customer Officer Senior Management
Manu Steijaert Executive Vice President Senior Management
Margaret H. Georgiadis Director Non Executive Board
Mark Ostermann Chief of Staff- Office of the CEO Senior Management
Mark Ostermann Vice President Strategic Alignment Senior Management
Mason Smoot Chief Restaurant Officer- McDonald’s USA Senior Management
Mason Smoot Senior Vice President McDonald’s USA Senior Management
Michael Gonda Chief Communications Officer Senior Management
Miles D. White Director Non Executive Board
Chief Marketing and Digital Customer
Morgan Flatley Senior Management
Experience Officer- McDonald’s USA
Paul S. Walsh Director Non Executive Board
Senior Vice President Global Restaurant
Piotr Jucha Senior Management
Development and Restaurant Solutions Group
Reginald Miller Global Diversity, Equity and Inclusion Officer Senior Management
Reginald Miller Vice President Senior Management
Richard H. Lenny Director Non Executive Board
Robert A. Eckert Director Non Executive Board
Sheila A. Penrose Director Non Executive Board
Tiffanie L. Boyd Senior Vice President Senior Management

Industry Profiles
8.2. Restaurant Brands International Inc
Restaurant Brands International Inc (RBI) is a quick-service restaurant operator. The company owns, operates
and franchises restaurants under Tim Hortons, Popeyes and Burger King brand names. RBI’s Tim Hortons
restaurants offer premium tea, blend coffee, espresso-based hot and cold specialty drinks, classic sandwiches,
grilled paninis, wraps and soups. RBI also offers fresh baked goods such as donuts, cookies, bagels, muffins, and
pastries. Its Popeyes restaurants offer spicy chicken, fried shrimp and other seafood, chicken tenders, red beans
and rice. RBI’s Burger King restaurants offer flame-grilled hamburgers, chicken and other specialty sandwiches,
soft drinks and French fries. The company has operations in more than 100 countries. RBI is headquartered in
Toronto, Ontario, Canada.
The company reported revenues of (US Dollars) US$4,968 million for the fiscal year ended December 2020
(FY2020), a decrease of 11.3% over FY2019. In FY2020, the company’s operating margin was 26.7%, compared
to a net margin of 11.5% in FY2019. The company reported revenues of US$1,438 million for the second
quarter ended June 2021, an increase of 14.1% over the previous quarter.
8.2.2. Key Facts
Table 11: Restaurant Brands International Inc: key facts
Head office: 130 King St W Suite 300 , TORONTO, Ontario, Canada

Fax: 19053395724
Website: www.rbi.com
Financial year-end: December
Restaurant Brands International Inc (RBI) is a quick service restaurant operator. As of December 31, 2020, the
company franchised and owned approximately 27,000 restaurants in more than 100 countries.
RBI classifies its business operations into three segments: Tim Hortons (TH), Burger King (BK) and Popeyes
Louisiana Kitchen (PLK).

Industry Profiles
Table 12: Restaurant Brands International Inc: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % 2.31 10.38 17.06 4.59
Operating Income Growth % 44.65 -3.17 18.78 3.50
EBITDA Growth % 37.82 -2.33 16.77 3.43
Net Income Growth % 64.12 5.39 -5.67 5.07
EPS Growth % 96.15 62.51 3.29 -4.19
Working Capital Growth % 256.66 -89.33 -2.75 435.87
Equity Ratios
Book Value per Share USD 5.92 7.27 9.13 6.40 8.35
Gross Margin % 55.35 58.34 59.57 66.06 67.55
Profit Markup % 123.94 140.02 147.32 194.66 208.20
Return on Equity % 8.10 12.31 29.14 37.99 25.82
Return on Assets % 4.07 3.28 3.22 2.96 3.03
Return on Working Capital % 463.66 188.05 1706.03 2083.70 402.43
Liquidity Ratios
Leverage Ratios
Debt to Equity Ratio Absolute 1.88 1.74 5.45 7.54 4.88
Net Debt to Equity Absolute 1.72 1.45 4.95 6.97 4.26
Efficiency Ratios
Working Capital Turnover Absolute 16.31 4.68 48.37 58.23 11.37

Industry Profiles
Table 13: Restaurant Brands International Inc: Key Employees

Alexandre Behring Co-Chairman Executive Board
Ali G. Hedayat Director Non Executive Board
Axel Schwan President Tim Hortons Americas Senior Management
Carlos Alberto da Veiga Sicupira Director Non Executive Board
Christopher Finazzo President Burger King Americas Senior Management
Daniel S. Schwartz Co-Chairman Executive Board
David Shear President International Senior Management
Duncan Fulton Chief Corporate Officer Senior Management
Giovanni (John) Prato Director Non Executive Board
Golnar Khosrowshahi Director Non Executive Board
Jacqueline Friesner Chief Accounting Officer Senior Management
Jacqueline Friesner Controller Senior Management
Jason Melbourne Director Non Executive Board
Jill M. Granat General Counsel Senior Management
Jill M. Granat Secretary Corporate Senior Management
Joao M. Castro-Neves Director Non Executive Board
Jose E. Cil Chief Executive Officer Senior Management
Joshua Kobza Chief Operating Officer Senior Management
Matthew Dunnigan Chief Financial Officer Senior Management
Maximilien de Limburg Stirum Director Non Executive Board
Neil Golden Director Non Executive Board
Paul J. Fribourg Director Non Executive Board
Roberto Moses Thompson Motta Director Non Executive Board
Sami Siddiqui President Popeyes Americas Senior Management
Tom Curtis Chief Operating Officer Burger King Americas Senior Management

Industry Profiles
8.3. Restalia Grupo de Eurorestauracion SL
Restalia Grupo De Eurorestauracion SL (Restalia) is a multi-brand restaurant company. The company operates
and franchises fast-casual restaurants specialized in Mediterranean gastronomy under 100 Montaditos,
Cerveceria La Surena, and The Good Burger brand names. 100 Montaditos is a fast-casual restaurant chain
specialized in offering high-end and varied Mediterranean gastronomy. Cerveceria La Surena offers Southern
Spanish food and The Good Burger restaurants offer gourmet burgers. The eateries offer both dine-in and
carry-out services. The company also operates restaurants in Spain, Mexico, Colombia, Chile, Italy, France,
Portugal, Guatemala, and the US. Restalia is headquartered in Madrid, Spain.
8.3.2. Key Facts
Table 14: Restalia Grupo de Eurorestauracion SL: key facts
Head office: Edif. II – 3rd Floor Avd. de Europa 19, Pozuelo de Alarcon, Madrid, Madrid , Spain
Website: www.gruporestalia.com
Financial year-end: April
Restalia Grupo De Eurorestauracion SL (Restalia) is an operator of multi-brand restaurants. It develops and

manages Mediterranean food concepts in Spain. Restalia conducts business operations under the franchise
business model. The company has more than 700 restaurants in 14 countries across the world. The company has
operations in Spain, Italy, France, Portugal, Ecuador, Honduras, Guatemala, Mexico, Panama, Paraguay ,Chile,
Colombia, the Dominican Republic, and the US.
It operates 676 restaurants in Spain, 57 in Italy, 20 in Portugal, 22 in Latin America, one in France, and 4 in the US.
The company operates fast-casual restaurants under 100 Montaditos, The Good Burger (TGB), and Cerveceria La
Surena brands.
\
Under the 100 Montaditos concept, the company franchises fast-casual restaurants that specialized in offering
high-end and varied Mediterranean gastronomy. The brand started the first restaurant in Islantilla, Huelva in 2000.
Its eateries offer a menu featuring more than 100 miniature sandwiches, salads, baked bread, beer, and other
culinary items. The restaurants are established in leading shopping and leisure complexes and at many of the main
shopping streets of major Spanish cities. 100 Montaditos operates more than 440 outlets in nine countries,
including Italy, Portugal, Guatemala, Mexico, Colombia, the Dominican Republic, Panama, the United States, and
Chile.
Restalia’s restaurants operated under the Cerveceria La Surena brand are specialized in serving Southern portions
of products that are part of the popular Spanish food. It also serves food in raciones, along with a bucket
containing bottles of beer. The restaurants are operated under franchise business. The company launched
Cerveceria La Surena brand in 2010 in Islantilla (Huelva) and operates more than 100 Cerveceria La Surena
restaurants in Spain.
The company’s The Good Burger (TGB) fast-food restaurants, introduced in 2013, offer gourmet burgers and serve
a wide portfolio of beers in its restaurants. TGB offers a fast-food and self-service concept with the quality and
atmosphere of a white tablecloth restaurant. The company has more than 150 TGB restaurants in Spain. It also
provides freestanding service in its restaurants. Restalia provides various services such as training, quality audits,

Industry Profiles
technical assistance, and marketing and promotional development. It also offers centralized purchasing and
logistics, and other supporting services to the franchisees. The company introduced its franchise model under
three brands namely, Panther Juice and Sandwich Market which offer sandwiches with coffee and juice
supplements. Under De, Pizza Madre offers homemade pizza and the Pepe Taco brand offer Mexican foods.

Industry Profiles
Table 15: Restalia Grupo de Eurorestauracion SL: Key Employees

Ana Martinez Director Marketing Senior Management
Captain Jose Maria Fernandez Chairman Executive Board
Captain Jose Maria Fernandez Founder Executive Board
Emilio Massa Purchasing Manager Senior Management
Enrique M. de la Cova Director Non Executive Board
Javier Perez Chief Financial Officer Senior Management
Jordi Galles Director Non Executive Board
Jose Maria Perez Secretary Senior Management
Pablo Cantillana Business Director Senior Management
Ramon Nunez Director Non Executive Board
Richard Weissend Director Non Executive Board

Industry Profiles
8.4. Restalia Grupo de Eurorestauracion SL
Restalia Grupo De Eurorestauracion SL (Restalia) is a multi-brand restaurant company. The company operates
and franchises fast-casual restaurants specialized in Mediterranean gastronomy under 100 Montaditos,
Cerveceria La Surena, and The Good Burger brand names. 100 Montaditos is a fast-casual restaurant chain
specialized in offering high-end and varied Mediterranean gastronomy. Cerveceria La Surena offers Southern
Spanish food and The Good Burger restaurants offer gourmet burgers. The eateries offer both dine-in and
carry-out services. The company also operates restaurants in Spain, Mexico, Colombia, Chile, Italy, France,
Portugal, Guatemala, and the US. Restalia is headquartered in Madrid, Spain.
8.4.2. Key Facts
Table 16: Restalia Grupo de Eurorestauracion SL: key facts
Head office: Edif. II – 3rd Floor Avd. de Europa 19, Pozuelo de Alarcon, Madrid, Madrid , Spain
Website: www.gruporestalia.com
Restalia Grupo De Eurorestauracion SL (Restalia) is an operator of multi-brand restaurants. It develops and

manages Mediterranean food concepts in Spain. Restalia conducts business operations under the franchise
business model. The company has more than 700 restaurants in 14 countries across the world. The company has
operations in Spain, Italy, France, Portugal, Ecuador, Honduras, Guatemala, Mexico, Panama, Paraguay ,Chile,
Colombia, the Dominican Republic, and the US.
It operates 676 restaurants in Spain, 57 in Italy, 20 in Portugal, 22 in Latin America, one in France, and 4 in the US.
The company operates fast-casual restaurants under 100 Montaditos, The Good Burger (TGB), and Cerveceria La
Surena brands.
\
Under the 100 Montaditos concept, the company franchises fast-casual restaurants that specialized in offering
high-end and varied Mediterranean gastronomy. The brand started the first restaurant in Islantilla, Huelva in 2000.
Its eateries offer a menu featuring more than 100 miniature sandwiches, salads, baked bread, beer, and other
culinary items. The restaurants are established in leading shopping and leisure complexes and at many of the main
shopping streets of major Spanish cities. 100 Montaditos operates more than 440 outlets in nine countries,
including Italy, Portugal, Guatemala, Mexico, Colombia, the Dominican Republic, Panama, the United States, and
Chile.
Restalia’s restaurants operated under the Cerveceria La Surena brand are specialized in serving Southern portions
of products that are part of the popular Spanish food. It also serves food in raciones, along with a bucket
containing bottles of beer. The restaurants are operated under franchise business. The company launched
Cerveceria La Surena brand in 2010 in Islantilla (Huelva) and operates more than 100 Cerveceria La Surena
restaurants in Spain.
The company’s The Good Burger (TGB) fast-food restaurants, introduced in 2013, offer gourmet burgers and serve
a wide portfolio of beers in its restaurants. TGB offers a fast-food and self-service concept with the quality and
atmosphere of a white tablecloth restaurant. The company has more than 150 TGB restaurants in Spain. It also
provides freestanding service in its restaurants. Restalia provides various services such as training, quality audits,

Industry Profiles
technical assistance, and marketing and promotional development. It also offers centralized purchasing and
logistics, and other supporting services to the franchisees. The company introduced its franchise model under
three brands namely, Panther Juice and Sandwich Market which offer sandwiches with coffee and juice
supplements. Under De, Pizza Madre offers homemade pizza and the Pepe Taco brand offer Mexican foods.

Industry Profiles
Table 17: Restalia Grupo de Eurorestauracion SL: Key Employees

Ana Martinez Director Marketing Senior Management
Captain Jose Maria Fernandez Chairman Executive Board
Captain Jose Maria Fernandez Founder Executive Board
Emilio Massa Purchasing Manager Senior Management
Enrique M. de la Cova Director Non Executive Board
Javier Perez Chief Financial Officer Senior Management
Jordi Galles Director Non Executive Board
Jose Maria Perez Secretary Senior Management
Pablo Cantillana Business Director Senior Management
Ramon Nunez Director Non Executive Board
Richard Weissend Director Non Executive Board

Industry Profiles
8.5. Domino's Pizza, Inc.
Domino's Pizza Inc (Domino's or 'the company') is one of the leading pizza restaurant chains in the world. The
company operates through a network of company-owned and franchise stores located in the US. Domino's
offers various products including various pizza products with different toppings and other products such as
chicken wings, soft drinks, pasta-based dishes, oven-baked sandwiches, boneless chicken, bread side items, and
desserts.The company stores are located in Australia, Canada, India, South Korea, Mexico, the UK, Turkey,
Japan, France and others. The company is headquartered in Ann Arbor, Michigan, the US.
The company reported revenues of (US Dollars) US$4,117.4 million for the fiscal year ended January 2020
(FY2020), an increase of 13.8% over FY2019. In FY2020, the company’s operating margin was 17.6%, compared
to a net margin of 11.1% in FY2019.
8.5.2. Key Facts
Table 18: Domino's Pizza, Inc.: key facts
Head office: 30 Frank Lloyd Wright Dr , ANN ARBOR, Michigan, United States
Fax: 13026555049
Website: www.dominos.com
Financial year-end: January
Ticker: DPZ
Stock exchange: New York Stock Exchange
Domino's Pizza, Inc. (Domino's or 'the company') is one of the major pizza delivery companies in the world. It
operates through a network of over 17,000 locations in more than 90 countries around the world.
The company sells 3 million pizzas per day worldwide. The company operates through three business segments:
supply chain, U.S. stores and international franchise.
The supply chain segment operates 19 regional dough manufacturing and food supply chain centers in the US, one
vegetable processing center, one thin crust manufacturing center and a facility to provide equipment and supplies
to certain of its domestic and international stores. The company also operates five dough manufacturing and food
supply chain centers in Canada. The supply chain segment of Domino’s leases a fleet of over 800 tractors and
trailers, and regularly supplies food and supplies to more than 6,600 stores.
The U.S. stores segment consists of franchise operations. The segment oversees a network of 5,784 franchised
stores located around the US. It also operates a network of 342 company-owned stores located in the contiguous
US. As of December 31, 2019, the average U.S. franchisee owned and operated seven stores; and about 20 of the
company's U.S. franchisees operated over 50 stores, including its largest domestic franchisee, which operated 176
stores. Furthermore, 240 of Domino’s U.S. franchisees operated one store each.
The international franchise segment oversees the company's network of 10,894 international franchise stores (as
of December 31, 2019) in more than 90 international markets.

Industry Profiles
Table 19: Domino's Pizza, Inc.: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019
Growth Ratios
Sales Growth % 11.55 12.75 23.13 5.42
Operating Income Growth % 11.99 14.80 9.68 10.10
EBITDA Growth % 12.40 14.92 10.56 10.23
Net Income Growth % 11.35 29.45 30.25 10.70
EPS Growth % 24.05 36.49 40.59 16.16
Working Capital Growth % -59.33 96.90 3.15 78.30
Equity Ratios
Book Value per Share USD -36.12 -39.15 -63.76 -74.19 -87.73
Gross Margin % 30.82 31.05 31.06 37.95 38.76
Profit Markup % 44.55 45.03 45.06 61.15 63.28
Return on Assets % 48.21 28.32 35.79 41.51 35.00
Return on Working Capital % 178.88 492.59 287.19 305.38 188.57
Liquidity Ratios
Leverage Ratios
Debt to Equity Ratio Absolute -1.23 -1.24 -1.16 -1.15 -1.16
Net Debt to Equity Absolute -1.17 -1.14 -1.14 -1.15 -1.15
Efficiency Ratios
Working Capital Turnover Absolute 9.78 26.83 15.36 18.34 10.84

Industry Profiles
Table 20: Domino's Pizza, Inc.: Key Employees

Andrew B. Balson Director Non Executive Board
C. Andrew Ballard Director Non Executive Board
Executive Vice President Supply Chain
Cindy Headen Senior Management
Services
Corie S. Barry Director Non Executive Board
David A. Brandon Chairman Executive Board
Senior Vice President Franchise Relations
Debbie Sweeney Senior Management
and System Engagement
Dennis Maloney Chief Innovation Officer Senior Management
Diana F. Cantor Director Non Executive Board
Frank Garrido Senior Vice President Team USA Senior Management
James A. Goldman Director Non Executive Board
Vice President Corporate Controller and
Jessica L. Parrish Senior Management
Treasurer
Joe Jordan Executive Vice President International Senior Management
John Macksood Executive Vice President Supply Chain Senior Management
Juan Jose Joachin Vice President Finance Operations Senior Management
Kelly Garcia Chief Technology Officer Senior Management
Kelly Garcia Executive Vice President Senior Management
Kevin S. Morris Executive Vice President Senior Management
Kevin S. Morris General Counsel Senior Management
Kevin S. Morris Secretary Senior Management
Lisa V. Price Chief Human Resources Officer Senior Management
Lisa V. Price Executive Vice President Senior Management
Matthew Walls Senior Vice President Global Development Senior Management
Chief Marketing Officer Australian and New
Melody Livingston Senior Management
Zealand
Patricia E. Lopez Director Non Executive Board
Richard E. Allison, Jr. Chief Executive Officer Senior Management
Richard L. Federico Director Non Executive Board
Russell J. Weiner Chief Operating Officer Senior Management
Russell J. Weiner President Domino’s U.S. Senior Management
Vice President Finance, Global Financial
Ryan Goers Senior Management
Planning and Analysis
Sarah Barron Chief Marketing Officer Senior Management

Industry Profiles
Table 21: Domino's Pizza, Inc.: Key Employees Continued

Executive Vice President Franchise
Scott R. Hinshaw Senior Management
Operations and Development
Senior Vice President Chief Analytics and
Stefania Gvillo Senior Management
Insights Officer
Executive Vice President Communications,
Timothy P. McIntyre Senior Management
Legislative Affairs and Investor Relations
Executive Vice President U.S. Operations and
Tom Curtis Senior Management
Support

Industry Profiles
8.6. Jijonenca Industries SA
Jijonenca Industries SA (Jijonenca) is a producer and distributor of frozen desserts. The company offers frozen
desserts such as ice cream, horchata, wafers and nougats, beverages, toppings, cones, and accessories. It
operates two manufacturing plants and one ice cream manufacturing plant nougat. Jijonenca has produced
over 30 million liters through its plant Jijona, which offers creams, sorbets, desserts and cakes; and Vendrell
manufacturing plant produces creams, extruded chocolates, cones, and liquid as horchata, among others.
Jijonenca is headquartered in Jijona, Spain.
8.6.2. Key Facts
Table 22: Jijonenca Industries SA: key facts
Head office: Pol. Espartal 1, Apartado de Correos 108, Jijona , Valencia , Spain
Website: www.jijonenca.es

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 23: Spain size of population (million), 2016–20
Year Population (million) % Growth

2016 47.1 0.3%
2017 47.2 0.3%
2018 47.3 0.3%
2019 47.4 0.2%
2020 47.5 0.2%
Table 24: Spain gdp (constant 2005 prices, $ billion), 2016–20
Year Constant 2005 Prices, $ billion % Growth

2016 1,212.4 2.1%
2017 1,238.3 2.1%
2018 1,265.7 2.2%
2019 1,295.2 2.3%
2020 1,327.0 2.5%
Table 25: Spain gdp (current prices, $ billion), 2016–20
Year Current Prices, $ billion % Growth

2016 1,501.2 3.1%
2017 1,550.1 3.3%
2018 1,605.5 3.6%
2019 1,665.1 3.7%
2020 1,731.1 4.0%
Table 26: Spain inflation, 2016–20

Industry Profiles
Year Inflation Rate (%)

2016 0.7%
2017 1.1%
2018 1.3%
2019 1.5%
2020 1.6%
Table 27: Spain consumer price index (absolute), 2016–20
Year Consumer Price Index (2005 = 100)

2016 121.9
2017 123.3
2018 125.0
2019 126.8
2020 128.8
Table 28: Spain exchange rate, 2016–20
Year Exchange rate ($/€)

2016 0.9040
2017 0.8855
2018 0.8475
2019 0.8929
2020 0.8768

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked 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

Industry Profiles
9.2. Industry associations
9.2.1. International Hotel & Restaurant Association
48 Boulevard de Sébastopol, 75003 Paris, FRA

Tel.: 33 1 4488 9220
Fax: 33 1 4488 9230
www.ih-ra.com
9.2.2. European Modern Restaurant Association
37 Rue des Seringas, 1950 Kraainem, BEL

Tel.: 32 2731 32 81
Fax: 32 2731 58 43
www.emrarestaurants.com
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Foodservice
Foodservice in Asia-Pacific
Foodservice in the United States
Foodservice in France
Foodservice in Germany

Industry Profiles
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MarketLine Industry Profile

Reference Code: 0180-2333

Publication Date: September 2021

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.8. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market rivalry...............................................................................................................................................2

1.8. Competitive Landscape ................................................................................................................................3

2.1. Market definition .........................................................................................................................................9

2.2. Market analysis ..........................................................................................................................................10

3.1. Market value ..............................................................................................................................................12

3.2. Market volume...........................................................................................................................................13

4.1. Category segmentation..............................................................................................................................14

4.2. Geography segmentation...........................................................................................................................15

5.1. Market value forecast ................................................................................................................................16

5.2. Market volume forecast.............................................................................................................................17

6. Five Forces Analysis 18

6.1. Summary ....................................................................................................................................................18

6.2. Buyer power...............................................................................................................................................20

6.3. Supplier power ...........................................................................................................................................21

6.4. New entrants .............................................................................................................................................23

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.5. Threat of substitutes ..................................................................................................................................25

6.6. Degree of rivalry.........................................................................................................................................26

7.1. Who are the leading players? ....................................................................................................................28

7.2. What strategies do the leading players follow?.........................................................................................28

7.3. How is technology being used by the leading companies?........................................................................29

7.4. How are foodservice companies responding to consumer trends?...........................................................29

8.1. McDonald's Corp........................................................................................................................................31

8.2. Restaurant Brands International Inc ..........................................................................................................36

8.3. Restalia Grupo de Eurorestauracion SL......................................................................................................39

8.4. Restalia Grupo de Eurorestauracion SL......................................................................................................42

8.5. Domino's Pizza, Inc.....................................................................................................................................45

8.6. Jijonenca Industries SA...............................................................................................................................49

9.1. Country data ..............................................................................................................................................50

9.2. Industry associations..................................................................................................................................53

9.3. Related MarketLine research .....................................................................................................................53

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: Spain foodservice industry volume: million transactions, 2016–20 13

Table 3: Spain foodservice industry category segmentation: $ million, 2020 14

Table 4: Spain foodservice industry geography segmentation: $ million, 2020 15

Table 5: Spain foodservice industry value forecast: $ million, 2020–25 16

Table 6: Spain foodservice industry volume forecast: million transactions, 2020–25 17

Table 7: McDonald's Corp: key facts 31