SOUTH AFRICAN /QSR INDUSTRY LANDSCAPE REPORT

PUBLISHED: JULY 2020 COMPANYCOMPANY OVERVIEW OVERVIEW

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2020 | 2 INDUSTRY & COMPETITOR INTELLIGENCE

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2020 | 3 FOOD AND BEVERAGES INDUSTRY REPORT CLIENTS

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2020 | 4 REPORT OVERVIEW

The South African Fast Food/QSR Industry Landscape Report (159 pages) provides a dynamic synthesis of industry research, examining the local and global Fast Food/QSR Industry (including the impact of COVID-19) from a uniquely holistic perspective, with detailed insights into the entire value chain – from retailing to competitor positioning, market size trends, latest industry trends and innovation, industry drivers and challenges, Fast Food/QSR competitor analysis, latest marketing and advertising news, pricing and promotion analysis.

SOME KEY QUESTIONS THE REPORT WILL HELP YOU TO ANSWER:

For the Global Fast Food Industry Section: o What are the current market dynamics of the Global Fast Food industry? o How is the Global Fast Food industry size in different geographic regions? o What are the Global Fast Food industry trends, innovations and technologies, drivers, and challenges?

For the South African Fast Food Industry Section: o What are the current market dynamics (market size, market value, market volumes): 2014-2019 Actual, 2020-2024 Forecasts (including the impact of COVID-19)? o What are the latest South African Fast Food industry trends, innovations and technologies, drivers, and challenges? o What are the latest SA Food trends in terms of food festivals, food markets, food trucks, and online ingredient delivery services?

For the South African Fast Food Competitor Analysis Section: o Who are the key players in the South African Fast Food industry by category: Burgers, Chicken, , Pies, and Other? o How are each of the Fast Food competitors positioned in the market? o What is the latest marketing and advertising news (including social media) for each of the Fast Food competitors?

For the South African Fast Food Pricing Analysis Section: o What are the prices and recent promotions of popular Fast Food brands by category: Burgers, Chicken, Pizza, Pies, and Other?

2020 | 5 SCREENSHOTS FROM REPORT

159-page report filled with detailed charts, graphs, and insights

2020 | 6 SAMPLE FROM REPORT GLOBAL INDUSTRY OVERVIEW

The global Fast Food market was valued at approximately o In terms of segmentation, the global Fast Food market is segmented by US$847 billion in 2019, as illustrated in the adjacent graph. type and service type. Based on type, the market is categorised into The market is expected to grow at a compound annual Chicken, Burger/, Asian/Latin American Food, Pizza/, Seafood, and Others. growth rate (CAGR) of 4.5% (previously 5.6%) for the forecast period 2020* to 2026*, to reach approximately US$1.15 trillion o The Burger/Sandwich segment is expected to continue to hold the by 2026*. This forecast includes a decline of -5.0% in 2020, majority of share in the global market, as a result of increasing due to the impact of the COVID-19 global pandemic. consumption of burgers amongst North American consumers. o Based on service type, the market is segmented into Drive-through, Take o One of the key factors that has been driving the growth of the global Fast Away, Eat-in, Home Delivery, and Others, with the Home Delivery Food market is the increase in the rate of new product launches, as well segment increasing at a significant rate, due to the large number of as the introduction of innovative varieties of Fast Food products. In existing delivery facilities, as well as and convenience provided by the addition, the growing popularity of drive-thru facilities at Fast Food outlets, service. This segment is expected to continue to grow in upcoming together with the increased adoption of western Fast Food within months, as a result of national lockdowns being imposed in numerous developing countries, are predicted to further drive growth in the market. countries across the globe.

o Furthermore, in terms of global Fast Food growth, increasing consumer spending, as well as increasing preference for convenience and cost- VALUE OF THE GLOBAL FAST FOOD MARKET: effective food, have impacted positively on the global Fast Food market. 2019 & 2026* (IN US$ BILLION) 1,500 o However, despite the forecast market growth, health concerns with 1,153 regards to the excessive consumption of Fast Food remain a challenge to 1,000 847 the market. Some of these concerns include the rising prevalence of obesity in developed countries, which as a result, has led to a shift in 500 dietary patterns and food habits. Furthermore, the impact of COVID-19 is expected to pose as a major growth challenge for the global Fast Food 0 market in the short- to medium term, with the full impact not being clear at 2019 2026* this early stage. * Estimate 2020 | 7 Source: StratisResearch; MarketWatch; Globeenewswire; Globenewswire2; FlatIcon SAMPLE FROM REPORT SA INDUSTRY TRENDS

Rise of Ghost Kitchens in SA o Both Smart Kitchen Co. and Darth Kitchens have received significant investments from various sources. Smart Kitchen Co. has received o Given the continued pressure being placed on Fast Food players, several million in investments from venture capitalist, Tim Draper, and are resulting from rising operating costs, the concept of ‘ghost kitchens’ has in the process of signing another lucrative funding agreement. Additionally, begun to gain in popularity and trend in the South African Fast Food in December 2019, it was announced that Silvertree Holdings would be investing R5 million in Darth Kitchens. market. o o This newly introduced concept involves the use of kitchen factories, where As costs continue to rise for South African Fast Food players, ‘ghost multiple chefs from different brands are allowed to operate. This helps kitchens’ are likely to continue to gain in popularity, as players attempt to reduce operating costs for Fast Food players in terms of facilities, with reduce expenditure, whilst also providing a platform for new and upcoming these shared cooking spaces acting as a hub for online deliveries, whilst brands to enter the market. not offering any dine-in facilities.

o As an example of a local ‘ghost kitchen’ concept, Smart Kitchen Co., are offering innovative shared cooking spaces, which can be utilised by several different companies, to provide delivery-only food services.

o Smart Kitchen Co. is South ’s largest ghost kitchen food business, and currently hosts 15 online running from five locations. These include online-only restaurants such as King Chicken, Jazzy’s Pizza, Quick Convenience, and Jiro Poké.

o Additionally, ‘ghost kitchens’, such as Cape Town-based Darth Kitchens, are also producing their own food brands, rather than just facilitating existing restaurants.

o Darth Kitchen’s brands include a variety of cuisine and will be available via food delivery apps such as OrderIn, Mr D and UberEats. Brands previously launched include Fluent Health Bowls, Bagels Shmagels, Buddy’s Burgers, Anvil Burger Co, and Ringo’s NY Style Pizzeria. 2020 | 8 Source: Euromonitor; Business Insider; SmartK1; SmartK2; Silvertree; Image1 SAMPLE FROM REPORT SA INDUSTRY INNOVATION AND TECHNOLOGY

McDonald’s ’s Innovative Staffing Solution Technology-Focused Customer Experience Improvements

o McDonald’s South Africa is investing in their staff development in several o Numerous innovations within the South African Fast Food industry have innovative ways, including a culture-boosting employee app. This initiative gained momentum in recent years, with industry players incorporating comes, as the group plans to introduce 120 new restaurants within the technological developments to improve the overall customer experience. next five years, which will create thousands of jobs and require extensive training and development of new staff. o For example, there is a wider availability of affordable QR payment options, which are enabling smaller independent limited-service o As part of this initiative, The Kulcha App has been introduced to drive and restaurants to expand their consumer base. encourage McDonald’s corporate values and culture amongst employees. The app is designed to be fun and interactive, whilst also reinforcing o Furthermore, with online reviews increasingly becoming an important positive behaviours. Furthermore, this app is particularly well suited for feature of the foodservices industry, the customer experience is expected McDonald's employees, which have an average age of 25 years. to become a key competitive tool for industry players going forward.

o Through the app, staff can recognise and reward each other for good o As such, synchronised offerings between physical outlets and online work, with points received being redeemable for cash rewards, as well as services are set to gain momentum, with KFC’s new concept being an additional rewards such as concert tickets. example of this innovation. KFC’s new concept includes features such as self-service kiosks, as well as dedicated click and collect parking features. o Additionally, McDonald’s have also launched their University in , one of only nine McDonald’s Universities globally. This o Another example is Cape Thai’s newly introduced mobile application, facility is designed to help staff receive the tools needed to rise through which enables customers to pay for their bill, while in the , the McDonald’s hierarchy and further develop their careers. providing customers with a more convenient dining experience.

2020 | 9 Source: McDInnovation; Euromonitor; FlatIcon; Image1; Image2; Image3; Image4; Image5; Image6 SAMPLE FROM REPORT RETAIL ANALYSIS: FAMOUS BRANDS LIMITED: FINANCIAL OVERVIEW

According to Famous Brand’s Group Annual Financial Famous Brands’ Group Annual Financial Year Ended Results for the year ended 29 February 2020, the group’s Results (in ZAR Thousand) revenue increased slightly by 1%, from approximately R7.7 29 February 2020 29 February 2019 billion in 2019 to approximately R7.8 billion in 2020, as Revenue R7,780,315 R7,724,630 illustrated in the adjacent table. Cost of Sales (R3,672,030) (R3,592,399) Gross Profit R4,108,285 R4,132,231 Operating Profit Before Non- o R912,434 R846,974 The group’s revenue growth was largely attributed to organic growth in the Operational Items South African and Africa and Middle East (AME) operations, as well as Profit for the Year R426,817 (R426,350) improved performance in the (UK) operations.

o The South African operations contributed the most to the total revenue in FAMOUS BRANDS’ REVENUE BY GEOGRAPHIC REGION 2020, totaling approximately R6.1 billion, as illustrated in the adjacent FOR THE YEAR ENDED 29 FEBRUARY 2020 graph. This was followed by the UK operations at approximately R1.4 (IN ZAR MILLION) billion, and AME operation at approximately R314 million. 8,000

o Furthermore, the group’s revenue can also be segmented into Leading 7,000 6,059 (mainstream) Brands, including Mugg & Bean, amongst others, and 6,000 Signature (niche) Brands, such as Lupa Osteria. 5,000 o In terms of Leading Brands, revenue increased from approximately R749 million in 2019 to R783 million in 2020, delivering solid results. The 4,000 group’s quick service restaurant brands, including Steers, Debonairs 3,000 Pizza, Fishaways, and Milky Lane, outperformed the casual dining brands, which includes , Fego Caffé, as well as Mugg & Bean. 2,000 1,407 1,000 o The group indicated that following the initial national lockdown, with 314 restrictions now being eased, revenue increased slightly. However, the 0 group’s revenue remained far off historical levels, as the group generated South Africa United Kingdom Africa and Middle East no material revenue for five weeks during the lockdown period. 2020 | 10 Source: FamousBrands; FamousBrands2; FlatIcon SAMPLE FROM REPORT COMPETITOR ANALYSIS: NANDO’S MARKETING AND ADVERTISING NEWS

Nando’s has become famous for its satirical marketing o Regular Creative Block winners can then progress to the Nando’s Artist’s focusing on current events in the country, which has Society, after which they can graduate to the Chicken Run program, which positioned them as a reflection of local public sentiment. is also the source for most of the works of art on Nando’s walls. o Due to its success in the advertising world, Nando’s recently featured in o Nando’ has become a successful brand with a clear purpose, strong Scopen’s Agency Scope Report, winning in three categories, including identity, and cultural relevance. The company’s advertising is famous for ‘most valued campaigns’, ‘companies most respected for their marketing’, bringing social and political issues into the limelight, in a uniquely South and the ‘most admired marketing professionals’ in South Africa. African way.

o Nando’s current advertising agency is M&C Saatchi Abel, which has helped to maintain their popular comical tone, while establishing a clear purpose and character. The aim of Nando’s advertising is not to only highlight their products, but also to provoke thought on the perceptions of South Africa, as well as to speak to current events in a humorous and tongue-in-cheek manner.

o Nando’s recently released a tongue-in-cheek advertisement mocking its rival, KFC, during the COVID-19 outbreak in South Africa. The advertisement played on KFC’s slogan by reading “Turns out finger licking isn’t good”, with the aim to promote hand-washing and good hygiene during the COVID-19 outbreak in South Africa.

o The company is also heavily involved in promoting South African artists through corporate art initiatives, such as the Creative Block Programme. Through the programme, artists can submit ten artworks to be critiqued, with successful applicants being given a set of blank blocks to create works of art. After a monthly selection, the winner’s artwork is bought for a set sum, regardless of how well-known the artist is.

2020 | 11 Source: Nando’s; Nando’s2; Nando’s3; Nando’s4; TheArtNewspaper; BizCommunity; Image; Image2 TABLE OF CONTENTS

EXECUTIVE SUMMARY (3 Pages)

Global Industry Snapshot SA Industry Snapshot SA Industry Drivers and Challenges

1. GLOBAL FAST FOOD INDUSTRY (20 Pages)

1.1 Global Industry Overview: VALUE OF THE GLOBAL FAST FOOD MARKET: 2019 & 2026* (IN US$ BILLION) (Graph) 1.2 Global Market Environment: BRAND VALUE OF 10 MOST VALUABLE FAST FOOD BRANDS WORLDWIDE: 2019 VS 2020 (IN US$ BILLION) (Graph) 1.3 Global Key Markets: Regional Overview: GLOBAL FAST FOOD RETAIL SALES, BY REGION: 2019 (IN US$ BILLION) 1.4 Global Industry Trends 1.5 Global Industry Innovation and Technology 1.6 Global Industry Drivers 1.7 Global Industry Challenges

2. SOUTH AFRICAN FAST FOOD INDUSTRY OVERVIEW (34 Pages)

2.1 South African Industry Overview 2.2 South African Market Environment 2.3 South African Industry Market: South African Limited-Service Restaurants Market Definitions

2020 | 12 TABLE OF CONTENTS

2. SOUTH AFRICAN FAST FOOD INDUSTRY OVERVIEW (CONTINUED) (34 Pages)

2.4 South African Industry Market: South African Limited-Service Restaurants Type Definitions 2.5 South African Industry Market Size: Limited-Service Restaurants Industry (2014-2019): VALUE OF SA LIMITED-SERVICE RESTAURANTS MARKET: 2014-2019 (IN ZAR MILLION) (Graph); SA LIMITED-SERVICE RESTAURANTS MARKET CAGR AND TOTAL GROWTH (%) (Table); SA LIMITED-SERVICE RESTAURANTS CAGR AND TOTAL GROWTH BY RESTAURANT TYPE (Table) 2.6 South African Industry Market Size: Limited-Service Restaurants Market (2014-2019: By Restaurant Type): MARKET VALUE OF SA LIMITED-SERVICE RESTAURANTS MARKET BY RESTAURANT TYPE (Table) 2.7 South African Industry Market Size: Limited-Service Restaurants Industry (Forecast: 2020*-2024*): VALUE OF SA LIMITED-SERVICE RESTAURANTS MARKET: 2019 & 2024* (IN ZAR MILLION) (Graph); SA LIMITED-SERVICE RESTAURANTS MARKET VALUE FORECAST (IN ZAR MILLION) (Table); SA LIMITED-SERVICE RESTAURANTS MARKET VALUE FORECAST BY RESTAURANT TYPE (IN ZAR MILLION) (Table) 2.8 South African Industry Market Size: 2014-2019: By Foodservice Type (Eat-In Vs Delivery & To Go): VALUE OF SA LIMITED-SERVICE RESTAURANTS MARKET: EAT-IN VS DELIVERY & TO-GO FOR 2014-2019 (IN ZAR MILLION) (Graph); SA LIMITED-SERVICE RESTAURANT REVENUE SHARE – EAT-IN VS DELIVERY & TO-GO: 2014 VS 2019 (Table) 2.9 South African Industry Market Size: 2014-2019: By Foodservice Type (Online Vs Offline Ordering): VALUE OF SA LIMITED-SERVICE RESTAURANTS MARKET: ONLINE VS OFFLINE FOR 2014-2019 (IN ZAR MILLION) (Graph); SA LIMITED-SERVICE RESTAURANT REVENUE SHARE – ONLINE VS OFFLINE: 2014 VS 2019 (Table) 2.10 South African Industry Trends 2.11 South African Industry Innovation and Technology 2.12 South African Industry Drivers 2.13 South African Industry Challenges 2.14 South African Food Festivals

2020 | 13 TABLE OF CONTENTS

2. SOUTH AFRICAN FAST FOOD INDUSTRY OVERVIEW (CONTINUED) (34 Pages) 2.15 South African Food Markets 2.16 South African Food Trucks 2.17 South African Online Ingredient Delivery Services

3. SOUTH AFRICAN FAST FOOD RETAIL ANALYSIS (10 Pages) 3.1 Eclectic Brands: Overview 3.2 Emerging Capital Partners (ECP): Overview 3.3 Famous Brands Limited: Overview 3.4 Famous Brands Limited: Financial Performance: FAMOUS BRANDS’ REVENUE BY GEOGRAPHIC REGION FOR THE YEAR ENDED 29 FEBRUARY 2020 (IN ZAR MILLION) (Graph) 3.5 MSA Holding Limited: Overview 3.6 Spur Corporation: Overview 3.7 Spur Corporation: Financial Performance: SPUR’S SEGMENTED REVENUE* FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 (IN ZAR THOUSAND) (Graph) 3.8 Taste Holdings: Overview 3.9 The Franchise Co.: Overview 3.10 YUM! Brands: Overview

2020 | 14 TABLE OF CONTENTS

4. SOUTH AFRICAN FAST FOOD INDUSTRY COMPETITOR ANALYSIS (59 Pages) 4.1 Store Footprint of South African Fast Food Franchises (3 Pages)

4.1.1 Footprint of South African Fast Food Franchises: 2019 vs 2020: FOOTPRINT OF TOP SOUTH AFRICAN FAST FOOD FRANCHISES: 2019 VS 2020 (Graph)

4.2 South African Fast Food Competitor Analysis: Burgers (13 Pages)

4.2.1 Fast Food Retail Outlets: Service Definitions 4.2.2 Social Media Followers: Fast Food Competitor Analysis: Burgers 4.2.3 : Overview 4.2.4 Burger King: Marketing and Advertising News 4.2.5 Burger Perfect: Overview 4.2.6 McDonald's: Overview 4.2.7 McDonald's: Marketing and Advertising News 4.2.8 RocoMamas: Overview 4.2.9 RocoMamas: Marketing and Advertising News 4.2.10 Steers: Overview 4.2.11 Steers: Marketing and Advertising News 4.2.12 Wimpy: Overview 4.2.13 Wimpy: Marketing and Advertising News

2020 | 15 TABLE OF CONTENTS

4. SOUTH AFRICAN FAST FOOD INDUSTRY COMPETITOR ANALYSIS (CONTINUED) (59 Pages) 4.3 South African Fast Food Competitor Analysis: Chicken (17 Pages)

4.3.1 Social Media Followers: Fast Food Competitor Analysis: Chicken 4.3.2 Afro’s Chicken Shop: Overview 4.3.3 Barcelos: Overview 4.3.4 Chicken Licken: Overview 4.3.5 Chicken Licken: Marketing and Advertising News 4.3.6 Chicken Xpress: Overview 4.3.7 Galito’s: Overview 4.3.8 Hungry Lion: Overview 4.3.9 Hungry Lion: Marketing and Advertising News 4.3.10 KFC: Overview 4.3.11 KFC: Marketing and Advertising News 4.3.12 Mochachos Mexican Chicken Fiesta: Overview 4.3.13 Nando’s: Overview 4.3.14 Nando’s: Marketing and Advertising News 4.3.15 : Overview 4.3.16 Zebro’s: Overview

2020 | 16 TABLE OF CONTENTS

4. SOUTH AFRICAN FAST FOOD INDUSTRY COMPETITOR ANALYSIS (CONTINUED) (59 Pages) 4.4 South African Fast Food Competitor Analysis: Pies (4 Pages)

4.4.1 Social Media Followers: Fast Food Competitor Analysis: Pies 4.4.2 King Pie: Overview 4.4.3 King Pie: Marketing and Advertising News 4.4.4 Pie City: Overview 4.5 South African Fast Food Competitor Analysis: Pizza (12 Pages)

4.5.1 Social Media Followers: Fast Food Competitor Analysis: Pizza 4.5.2 Andiccio24:Overview 4.5.3 Debonairs Pizza: Overview 4.5.4 Debonairs Pizza: Marketing and Advertising News 4.5.5 Panarottis: Overview 4.5.6 Panarottis: Marketing and Advertising News 4.5.7 : Overview 4.5.8 Pizza Hut: Marketing and Advertising News 4.5.9 Pizza Perfect: Overview 4.5.10 Pizza Perfect: Marketing and Advertising News 4.5.11 Roman’s Pizza: Overview 4.5.12 Roman’s Pizza: Marketing and Advertising News

2020 | 17 TABLE OF CONTENTS

4. SOUTH AFRICAN FAST FOOD INDUSTRY COMPETITOR ANALYSIS (CONTINUED) (59 Pages) 4.6 South African Fast Food Competitor Analysis: Other (10 Pages)

4.6.1 Social Media Followers: Fast Food Competitor Analysis: Other 4.6.2 Anat: Overview 4.6.3 Anat: Marketing and Advertising News 4.6.4 Chesanyama: Overview 4.6.5 Fishaways: Overview 4.6.6 Fishaways: Marketing and Advertising News 4.6.7 Sausage Saloon: Overview 4.6.8 Spur: Overview 4.6.9 Spur: Marketing and Advertising News 4.6.10 The Fish & Chip Co.: Overview

5. SOUTH AFRICAN FAST FOOD PRICING ANALYSIS (9 Pages) 5.1 South African Fast Food Pricing Analysis: Burgers (2 Pages)

5.1.1 Fast Food Pricing Analysis: Burgers: Burger King, McDonald’s, Burger Perfect, Steers, RocoMamas, Wimpy – Comparative pricing of Classic Beef Burger, Cheese Burger, Speciality Burger, Chicken Burger, Beef Combo, Cheese Combo, and Speciality Combo 5.1.2 Fast Food Pricing Analysis: Recent Burger Promotions

2020 | 18 TABLE OF CONTENTS

5. SOUTH AFRICAN FAST FOOD PRICING ANALYSIS (CONTINUED) (9 Pages) 5.2 South African Fast Food Pricing Analysis: Chicken (3 Pages)

5.2.1 Fast Food Pricing Analysis: Chicken: Afro’s Chicken Shop, Barcelos, Chicken Licken, Chicken Xpress, Galito’s, Hungry Lion, KFC, Mochachos Mexican Chicken Fiesta, Nando’s, Popeyes, Zebro’s – Comparative pricing of Burger, Burger Meal, Wrap, Chicken Nuggets/Strips, Chicken Pieces (2pc/¼), and Chicken Wings (x4) 5.2.2 Fast Food Pricing Analysis: Recent Chicken Promotions 5.3 South African Fast Food Pricing Analysis: Pizza (2 Pages)

5.3.1 Fast Food Pricing Analysis: Pizza: Andiccio24, Debonairs Pizza, Panarottis, Pizza Hut, Pizza Perfect, Roman’s Pizza – Comparative pricing of Margherita, Regina, Hawaiian, Four Seasons, Chicken, Meaty, Vegetarian, and Speciality 5.3.2 Fast Food Pricing Analysis: Recent Pizza Promotions 5.4 South African Fast Food Pricing Analysis: Pies and Other (3 Pages)

5.4.1.a Fast Food Pricing Analysis: Pies: King Pie and Pie City – Comparative pricing of Chicken, Steak and Kidney, Sausage Roll, Spinach and Feta, and Cornish 5.4.1.b Fast Food Pricing Analysis: Other: Anat, Chesanyama, Fishaways, Sausage Saloon, The Fish & Chip Co. – Comparative pricing of various menu items 5.4.2 Fast Food Pricing Analysis: Recent Pies and Other Promotions

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