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.
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.
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.