The Pragmatist

13th Apr 2024

Matcha made in heaven

Words by Alexander Foy

From the streets of Seoul to the markets of Bangkok, the flavours of Asia have permeated the culinary landscape of North America and Europe.

Providing the appropriate quantum, format and type of offer presents landlords with the opportunity to both appeal to a new customer base whilst adding interest, variety and appeal for existing customers.

The Korean fried chicken craze is just one example of the surging popularity of Asian cuisine in the West. With the global Asian cuisine market projected to experience a robust CAGR of 7% from 2023 to 2030, reaching an impressive market size of US$233.3 billion by 2030, it's evident that Asian flavours are here to stay. In comparison, the Europe Fast Food & Quick Service Restaurant market is expected to grow at a CAGR of 3.7% over the same period, reaching US$192.4 billion in 2030.

North America and Europe play pivotal roles in driving this growth, fuelled by factors such as globalisation, social media influence, and increased East to West migration. The post-pandemic phenomenon of revenge travel and open borders has also further heightened curiosity and interest in Asia's diverse culinary offerings.

Asian food trends in the USA and UK

As consumers prioritise health and wellness, Asian cuisines benefit from their emphasis on fresh ingredients and balanced flavours. The Asian diet, known for its low saturated and trans fats, has earned recognition for its health benefits. Regions such as Okinawa in Japan, are considered Blue Zones (regions in the world where people are claimed to live longer than average) due to their healthy diets.

The rise of street-food eateries has added a new dimension to the culinary landscape, offering authentic Asian street food experiences to adventurous diners. What was once confined to the streets of Thailand or Indonesia, can now be savoured in restaurants across the West. In London, Bang Bang Oriental is the largest Asian food hall, boasting a 32,000ft2 footprint with 30 different concepts, bringing both sweet and savoury favourites, from across Asia. In the US, Philadelphia hosts a huge Southeast Asian food market, FDR Park, on weekends with 70-80 vendors where the open-air market caters heavily to the authenticity of how street food is served.

In response to the increasing demand for plant-based and vegan dining options, Asian restaurants have adapted by offering innovative plant-based dishes and plant-based meat substitutes. This reflects the growing popularity of healthier lifestyles and sustainable diets.

UK

In the UK, the Asian restaurant industry was valued at £7.4bn in 2023, marking a 1.6% growth from the previous year. From upscale dining experiences to casual takeaways, Asian cuisine has elevated the dining scene across all price points. Korean fried chicken, sushi, and Southeast Asian flavours have become ubiquitous.

The influence of Asian cuisine extends beyond restaurant dining, with Asian supermarkets gaining traction in the UK. Oseyo, the largest Asian supermarket chain (seen above), has experienced remarkable growth since its inception in 2015, with plans to expand its footprint. Itsu and Wasabi have also become popular fast food restaurants.

USA

In the United States, Asian cuisine has firmly established itself as a culinary mainstay, with an estimated 46,000 Chinese restaurants.

While Chinese, Japanese, and Thai cuisines remain the most popular, other Asian cuisines such as Vietnamese, Korean, and Filipino are also gaining prominence. Additionally, Asian Americans only make up 7% of the population, whilst 12% of all restaurants in the US serve Asian cuisine. This demonstrates not only an affinity for Asian food amongst the general American public but also the desire to experiment and experience new cuisines.

Asian restaurants experienced growth across all regions of the US in the first half of 2023, with the Northeast experiencing the largest growth at 4.15%. The influx of Asian immigrants and the resurgence in tourists have contributed to the flourishing Asian restaurant scene.

The self-grilling barbeque restaurant concept saw brands like Gyu-Kaku explode in the west. Opening their first franchise in the US in 2001, the restaurant now has 73 outlets across the country and earned the Hot Concept Award in 2023, given to restaurants that are “fast growing, financially proven overachievers that are on their way to becoming tomorrow’s giants.”

Asian cuisine continues to captivate the palates of diners in the Western world, influencing culinary trends and consumer preferences. From innovative fusion dishes to authentic street-food delights, Asian flavours have become an integral part of the culinary tapestry in Europe and North America, enriching dining experiences and celebrating cultural diversity. As globalisation and cross-migration increases, so to will the reach, awareness and popularity of Asian cuisine in the Western world.