Global Foodservice Market – Overview
Global foodservice market is a landscape witnessing active participation of players to drive the market on an upward growth curve. Over the period 2016 to 2024, it is anticipated that many tie-ups for bar and restaurant service in pool, at air hockey clubs, and at snooker play areas will be noted as companies are getting innovative in their endeavor to carve off a larger share of the overall market growth.
As per Transparency Market Research, the global foodservice market will grow at a steady rate, compounded annually, leading to higher market valuation and a lumber of attractive growth opportunities. It is also worth noting here that as a generation, the new age population attributes a higher ranking to connecting and socializing with loved ones over cooking meals. Thus, demand for cafes, restaurants and boutique food places are seeing a rise in popularity. Besides, e-commerce growth is also helping push the market on to a higher growth trajectory.
Factors that would contribute immensely to the growth of this market are outline below.
- Hectic work schedules are driving demand for convenient options in terms of cooking and serving. A major reason behind this is that after a stressful and loaded day at work, will and time to cook fresh meals is particularly low. And, as the millennial consumer sees rise in nuclear families, combined with a dual income set-up, need for such services is high. This contributes massively to the growth of global foodservice market that provides a low-cost replacement to home-made options of food.
- Need for functional food is currently raging in the industry as people are demanding wholesome foods couple with great taste. This, again, is a major growth propeller in the global foodservice industry. This is also driving demand for takeaways and customized food menus, pushing players towards innovation and product improvement.
Companies in the global foodservice market are looking at ways to expand their consumer base. Hence, many foodservice companies are now making their way into supermarkets to reach more consumers. For their main grocery shopping, a growing number of households prefer supermarkets and supercenters. This offers a good opportunity for companies to reach new consumers. Foodservice companies operating in supermarkets offer low-cost options to consumers to replace their home-cooked meals.
Besides this strategy, companies in the global foodservice market are employing other strategies such as introducing bar and restaurant concepts in pool, snooker, and air hockey clubs to attract more consumers by providing entertainment. The global foodservice market is broadly segmented on the basis of the type of foodservice system, the type of food offered, and geography. The research study on the global foodservice market delivers an extensive analysis of the key market segment.
Each key segment of the global foodservice market is analyzed with its market data. Furthermore, valuable forecasts for these segments are mentioned in the report. In addition to this, the report examines the fastest growing segments of the global foodservice market and elaborates on the trends shaping these segments.
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Overview of the Global Foodservice Market
According to the USDA, the food system, which includes foodservice and food retailing, supplied approximately US$1.24 tn worth of food in the U.S. in 2010, out of which approximately US$594 bn was supplied by foodservice facilities. The global foodservice market caters to schools, restaurants, colleges, cafeterias, and others. The growing consumption of snacks and meals at food service establishments shows a growing demand among consumers for different types of foods, having an entertainment value to eating out, and the convenience offered by these services. Furthermore, keeping with the health trend, the global foodservice market is now also offering more healthy choices for conscious consumers.
Currently, there are four types of foodservice systems – conventional, centralized, assembly service, and ready prepared. Conventional foodservice systems are the most common type of foodservice system. The foodservice market is increasingly finding application in colleges, schools, restaurants, and universities. Individuals studying in colleges, schools, or offices tend to have their daily meals in places such as a cafeteria, which follow the conventional foodservice system.
Public health service departments in the food sector ensure the quality of the food is in compliance with the recommended standards. A high cost is incurred to maintain the consistency and hygiene of food quality, along with the requirements such as the large labor force and food safety. These factors will challenge the global foodservice market to an extent.
Region-wise, the global foodservice market is divided into Europe, North America, Asia Pacific, and Rest of the World. Presently, North America boasts of the largest number of restaurants and food chains due to the rising demand for fast food. In addition to this, the North America market benefits from the high number of high-value transactions and mergers in recent years. The North America market is followed by Western Europe, where France, the U.K. Germany, Italy, and Spain hold substantial market shares.
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Companies mentioned in the research report
The leading companies in the global foodservice market are Sodexo, Aramark Corporation, Compass Group North America, Guest Services, and Centerplate.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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