Summary of our market study

Since 2020, the global restaurant market has been on a growth trajectory, with a notable 14 percent increase in 2022, reaching a value of 2,525 billion euros, and the market continued to expand into 2023, reaching 2.6 trillion euros. Despite the pandemic-related challenges resulting in a negative balance of -10,696 businesses in Italy in 2022, Milan's restaurant market continues to exhibit vitality with new openings and a competitive culinary scene, mirroring the global market trends. The Italian restaurant turnover also saw a positive shift, increasing by 39.3% over 2021. Moreover, the growth of food delivery services has been exponential, with B2C eCommerce in the Food&Grocery sector in Italy reaching €4649 million in 2022, after nearly doubling during the pandemic in 2020. This overall growth in the market showcases the resilience and adaptability of the food service industry in the face of recent global challenges.

Rising Appetite: Trends in Milan's Gastronomic Landscape

Milan's culinary scene is the perfect mirror reflecting the city's vibrant and dynamic character. The confluence of trendy fashion and innovative design extends to the domain of dining, with Milan reigning supreme as a beacon of culinary excellence. The city's gastronomic preeminence is not just luminous hype, but a reality supported by data and consumer behavior. Milan holds a substantial slice of the italian delectable pie with over 8,000 restaurants and mobile food service businesses, representing between 5 and 6 percent of Italy's total. This cosmopolitan city, with its population ranging between 1.3 and 1.4 million in 2023, serves as home to a medley of discerning diners with purchasing power to match their appetite for quality dining experiences.

The Italian marketplace saw the restaurant industry's turnover jump by over 20 percent in a single quarter as of late 2022, indicating a market that not only recovers swiftly but also rewards innovation and excellence. Despite the oscillating nature of the market where businesses come and go, Milanese establishments like Innocenti Evasioni and Sadler's restaurant continue to solidify the city's culinary credentials with new openings. Italian tourism spending has rapidly approached pre-pandemic figures, with expenditures by foreign visitors nearly double from the preceding year, signaling a return to globetrotter indulgence in Italy's rich dining landscape. In Milan, the number of restaurant attendances surged dramatically, with a staggering increase of nearly 300 percent in less than two years, underscoring the city's magnetism as a destination for food connoisseurs. Online interest in Milanese restaurants delineates a mosaic of gastronomic curiosity. Locals exhibit seasonal peaks in restaurant searches, with wintertime and spring showing the highest interest, highlighting the city's pulsating restaurant life that thrives year-round. A look at the restaurant market structure reveals an uptick in both the number of businesses and employees over five years, albeit with a nuanced trend indicative of a slightly fragmented market.

Culinary Maestros of Milan: Showcasing the City's Premier Gastronomic Talent

As we navigate through the city's thriving gastronomic landscape, we spotlight the fascinating mosaic of chefs and establishments that form the heart and soul of Milan's restaurant market. 

  • Innovators and Modernists: Leading the charge of innovation is the Cracco Restaurant, helmed by celebrated chef Carlo Cracco, offering a modern twist on Italian and Mediterranean cuisine. This one Michelin-starred establishment blends contemporary techniques with traditional flavors, ensuring a memorable dining experience. Meanwhile, Anima Ristorante lures seafood aficionados with its impeccable creations and has also proudly earned a Michelin star for its exceptional offerings. 
  • Culinary Visionaries: Chef Andrea Aprea's namesake restaurant, Andrea Aprea Restaurant, is another gem in Milan's culinary crown. It celebrates the fusion of Italian heritage with Mediterranean influence, earning it a Michelin star. Not far behind in the culinary stakes is Felix Lo Basso Home & Restaurant, where stunning sea views are matched by seafood dishes crafted with artistic precision.
  • Fusion and Creativity: at AALTO Restaurant, the palate is treated to a distinctive blend of international, contemporary, and Japanese-inspired fusion dishes. Joia takes the path less traveled, bringing vegetarian cuisine to new heights with a Michelin-starred menu that is both delicious and wholesome. For those seeking an innovative take on tradition, Tano Passami L'Olio offers a menu steeped in Italian heritage with modern, fresh interpretations. Similarly, L'ALCHIMIA Restaurant & Lounge Bar provides a thoughtful and creative approach to Lombard gastronomy.
  • Japanese Elegance The Milanese fascination with Japanese cuisine is embodied by Iyo, a restaurant where sushi and seafood are revered, earning it a Michelin star for its refined and delicate culinary art.
  • Exemplars of Excellence: The city boasts eateries like Il Luogo di Aimo e Nadia, which showcases the pinnacle of contemporary Italian cooking with two Michelin stars. Silk, another two-starred venue, takes the patrons on a journey through the intricacies of Italian and European flavors, with seafood as its specialty. 
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Summary and extracts

1 Synthèse du marché

1.1 Introduction

Milan, known internationally as the capital of fashion and design, also emerges as a pulsating hub of Italian dining. This metropolis, through its vibrant culinary scene, reflects an innovation and passion that few other cities can boast. But beyond the hype and bright lights, what are the hard facts that underscore its pre-eminence in the culinary scene?

In the global context, 2022 saw the foodservice market reach an impressive 2,525 billion euros, marking a 14 percent growth over the previous year. In this rapidly changing scenario, Milan stands out with its 8,119 restaurants and mobile foodservice businesses, representing a remarkable 5.2 percent of the Italian landscape. These numbers, however, are only the tip of the iceberg of a much deeper and multifaceted story.

The year 2023 witnessed a Milan in gastronomic ferment. New openings, such as Tommaso Arrigoni's Innocenti Evasioni and Sadler's restaurant in Brera, have reinforced the city's reputation as a center of culinary excellence. At the same time, some closures have underscored the competitive and challenging nature of the industry, where innovation and excellence are essential to emerge.

In addition to market trends, it is essential to consider the audience. With a population of 1,354,196 in 2023, Milan is inhabited by a diverse demographic of discerning consumers. The income distribution in the city indicates a population with a fair amount of purchasing power, ready to invest in quality dining experiences.

This study provides a clear and in-depth view of the Milan restaurant market, outlining opportunities, challenges and emerging trends. The insights offered are invaluable for industry players, investors and anyone wishing to understand the dynamics of one of Europe's most influential gastronomic markets.

1.2 The global restaurant market

The global foodservice market has shown signs of growth and recovery recently. In ****, the global foodservice market reached a total value of *,*** billion euros, a growth of ** percent over ****. The Asia Pacific region accounted for ** percent of the market, while Europe was the fastest-growing region in the ****-**** period, with a ...

1.3 The Italian market

Number of enterprises:

As of December ****, there were ***,*** active businesses in the restaurant industry in Italy. During the year, *,*** businesses started operations, while **,*** stopped operations, leading to a negative balance of -**,***. During the fourth quarter of ****, confidence in the industry rose to ***.*, registering a **-point increase over the same period ...

1.4 The market in Milan

Of the more than *** thousand restaurants and mobile food service businesses in Italy, *,*** (***).[***] Assuming a similar share in ****, we can go on to estimate the value of the restaurant market in Milan for this year.

New openings and closures in Milan in **** indicate a vibrant but also challenging restaurant scene, the ...

2 Analyse de la demande

2.1 Demographic characteristics of Milan

Demographic indicators (***):

The bar graph shows the population distribution by age group in the Milan metropolitan area in ****. The population peak is observed in the **-** age group with ***,*** individuals, with a gradual decline in the upper age groups.

Population by age group Milan metropolitan area, ****, in numbers Businesscoot elaboration on ...

2.2 tourism

Italy:

According to the Bank of Italy's survey of international tourism, spending by foreign travelers in Italy more than doubled in **** compared to the previous year, returning to close to pre-pandemic levels; in real terms, however, it is still nearly ** percent lower. Spending by Italian travelers abroad grew by a similar ...

2.3 Web analysis: Milan residents' interest in restaurants

General interest:

Analysis of Google Trends data shows some seasonality in the interest for the search "Milan restaurants." Interest seems to peak in the winter and spring months, with a slight decline during the summer, and then rises again in the fall. However, since June **** there has been a decreasing trend, ...

3 Structure du marché

3.1 The market structure

To analyze the structure of the restaurant market in Milan, structural data of the industry in the metropolitan area of Milan are considered. In particular, the following are analyzed:

The trend in the number of businesses over the past * years The trend in the number of employees over the past * years The ...

3.2 The delivery

food delivery in Italy is steadily increasing, as evidenced by data on B*C eCommerce purchases in the Food&Grocery sector from **** to ****. Starting from a base of €*** million in ****, we have seen steady and exponential growth year after year, reaching an impressive figure of €**** million in ****. The most significant jump ...

3.3 The geographical distribution of restaurants

The geographical distribution of restaurants in Milan reflects the cultural and demographic diversity of the city, as well as the variety of tastes and culinary preferences of its inhabitants and visitors. At the top positions we find:[***]

Zone *, which includes central districts such as Cordusio, Brera, and Sant'Ambrogio, appears to have ...

4 Analyse de l'offre

4.1 The main Milanese restaurants

Tripadvisor ranking:

Starred restaurants:

Other popular restaurants:

4.2 The prices

The Consumer Price Index (***) for restaurant services in Milan showed an increasing trend from **** to ****. The most significant increase occurred between **** and ****, with the index rising from ***.* to ***.*. This trend indicates an increase in prices in the restaurant sector, reflecting the economic impact of the COVID-** pandemic, the Russia-Ukraine conflict, and ...

5 Règlementation

5.1 Legislation

The main laws regulating catering in Milan are:

Legislative Decree No. ** of March **, ****: which implements Directive ****/***/EC on services in the internal market, regulating the access to and exercise of service activities, including catering activities.

Regional Law of February **, **** No. *: of Lombardy, concerns the moral and professional requirements for the exercise ...

6 Positionnement des acteurs

6.1 Segmentation

The following are the main fast food and restaurants chains based in Milan:

Fast food:

Restaurants:

  • Euroristoro S.r.l.
  • Kellideli S.r.l.
  • US Food Network S.r.l.
  • Original Bucket S.r.l.
  • Poke House S.r.l.
  • Pizzium
  • Goodeat Italia S.p.a.
  • Panino Giusto S.p.a.
  • Temakinho S.p.a.

List of charts presented in this market study

  • Population by age group
  • Population by age group
  • Persons seeking employment 15 years and over
  • Resident population trends
  • Resident population trends

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Latest news

Pizzium and Crocca, revenues of €43.5 mln (+45%). 12 openings in 2024 - 11/03/2024
  1. Pizzium and Crocca showed significant growth in 2023, with total revenues of 43.5 million, marking a 45 percent increase over the previous year.
  2. Pizzium recorded revenues of 39.5 million euros in 2023, representing a 38 percent increase over 2022.
  3. Crocca generated revenues of 4 million euros.
  4. The group's EBITDA margin was 20%.
  5. In 2023, 15 new restaurants were opened, bringing the total number of consumption points in Italy for the two brands to 52.
  6. By 2024, 12 more restaurants are scheduled to open: about 2/3 will be Pizzium-branded and 1/3 Crocca-branded.
  7. Pizzium's new openings will include locations in Trieste, Alessandria, Rimini, and Ferrara. Crocca will open two new locations in Milan.
  8. Stefano Saturnino and Giovanni Arbellini own 60 percent of the company's capital, with the remaining 40 percent acquired in 2021 by the Equinox fund.
  9. No IPO (Initial Public Offering) is planned for the group in the short term, due to the absence of liquidity problems.
  10. For the time being, Pizzium and Crocca's international expansion has been put on hold, with possible reconsideration after 2025 when the Equinox fund exits the group's capital.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Euroristoro S.r.l.
Kellideli S.r.l.
US Food Network S.r.l.
Original Bucket S.r.l.
Poke House S.r.l.
Pizzium
Goodeat Italia S.p.a.
Panino Giusto S.p.a.
Temakinho S.p.a.

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