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On Thursday,
Just Kitchen Holdings Corp. (TSXV: JK), an operator of ghost kitchens in Taiwan, will make its public debut on the TSX Venture Exchange in Canada. The company believes it is the first ghost kitchen operator to debut on a North American stock exchange, but it also provides a first glimpse into the faith the markets have on a concept that has exploded since the onset of the COVID pandemic.
U.S. food delivery sales surpassed $19 billion in 2019, but that is just the start. Tracking firm Euromonitor predicts that ghost kitchens may generate $1 trillion in revenue by 2030.
Ghost kitchens are an outgrowth of the food delivery app boom, and they saw significant growth in 2020 because of the pandemic and the resulting restrictions on in-person dining. Over the past five years, food delivery has grown more than 300% faster than in-person dining, according to Upserve, which also found that 20% of consumers spend more on off-premise orders than dining in at restaurants, and 60% of U.S. consumers order delivery or takeout at least once a week.