Change in consumer lifestyle coupled with rise in online food delivery services to drive the global foodservice market during the forecast period.
According to TechSci Research report, “Global Foodservice Market By Type (Dining Services, QSR Quick Service Restaurants (QSR), Pubs, Bars, Cafe and Lounges (PBCL), and Others), By Ownership (Independent Outlets vs. Chained Outlets), By Region, Competition, Forecast & Opportunities, 2026”, the global foodservice market is projected to grow from USD3093.96 billion in 2020 to USD3978.83 billion in 2026, growing at a CAGR of 4.72%. The growth is expected as the companies are rearranging their operations to recover the loss that occurred because of COVID-19, which led to the tentative shutdown of commercial activities to maintain the social distancing which resulted in operational challenges and a huge loss to the foodservice industry. However, it is expected that the foodservice market will recover from the loss across the forecast period as it is an unpredicted event, and it could not be defined through the ongoing weakness in the foodservice market or the global economy.
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To remain competitive in the market, food service companies across the globe are entering into strategic alliances and improving their product line and hence, developing an edge over their competitors. In the year 2018, Starbucks Corporation formed a global coffee alliance with Nestlé S.A. to accelerate and grow the global reach of Starbucks brand in consumer packaged goods and foodservices. With a shared commitment to ethical and sustainable sourcing of coffee, this strategic alliance between Starbucks and Nestlé S.A. will transform, expand and elevate both, at the home and away-from-home coffee and related categories around the world.
Moreover, another trend observed across the world is the decline in the volume of cash transactions. Online transactions and card payments are rising due to convenience for both consumers and foodservice companies. Due to digitization, the person who takes orders in the restaurant can directly tap or swipe to add items and then subsequently send orders to the kitchen in less time without leaving the floor. All the food service companies across the globe are accepting online transactions to provide a better customer experience by offering discounts to retain customers. Thus, leading to the increasing demand for food services across the globe.
Furthermore, the launch of low-fat drinks, gluten-free products, on-the-go foodservice and online platforms, as well as attractive packaging, are all contributing to the market’s development. Even the factors such as the increasing number of working women, decline in the practice of preparing homemade food, increasing disposable income, improving distribution channels, etc. are also catalyzing the growth of the foodservice market.
Many restaurants have recently begun introducing modern technology like tablets on their tabletops to automate the process of ordering food. For example, Chili’s, an American casual dining restaurant chain overhauled its in-store ordering system by adding more than 45000 tablets across its 823 stores. Technology-driven solutions and facilities are becoming more popular in bars and nightclubs. Self-ordering touchscreen kiosks, smartphone applications for personalized orders and fast payment, and digital entertainment such as gaming are all being introduced by companies in the sector.
Asia-Pacific was the highest revenue generating region in the global foodservice market in 2020. Furthermore, the region is estimated to remain the most dominating region in the forecast period as well, owing to the factors such as increased internet connectivity, modern and changing lifestyles and preferences, increasing disposable income of middle income group, etc. The growth of the region is attributed to the high population density, growing industrialization and increasing food joints and restaurants in the region. Furthermore, the countries in the region like India, Japan, South Korea, Australia, etc. exhibit huge growth potential owing to the presence of large urban agglomerations, which results in the increasing demand for foodservices. Moreover, improving lifestyles and rising purchasing power and growing per capita income in the region, due to growing working population are further leading to the higher demand for foodservices in the region.
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The global foodservice market is competitive with the presence and minimal market share of domestic companies in countries such as China and India. Above all other aspects, the launching of a new product has become the most critical strategy, due to the rapidly changing nature, taste, and preferences of the consumers. Also, businesses have embraced growth through mergers and acquisitions by multinational companies, which has proven to be successful in making their presence stronger. Some of the leading players in the market are Compass Group PLC, McDonald’s Corporation, Performance Food Group Company, Sodexo Group, Aramark Corporation, Restaurant Brands International Inc., Yum! Brands, Inc., Inspire Brands, Inc., Domino’s Pizza, Inc., and Starbucks Corporation. Major foodservice companies are expanding their businesses to meet the rising demand across North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
“The global foodservice market is anticipated to grow over 4.72% CAGR during the next five years due to growing consumer base and increasing disposable income. Moreover, technological up-gradation and growing demand for ready-to-eat foods are further anticipated to positively influence the growth of the market through 2026,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Foodservice Market By Type (Dining Services, QSR Quick Service Restaurants (QSR), Pubs, Bars, Cafe and Lounges (PBCL), and Others), By Ownership (Independent Outlets vs. Chained Outlets), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global foodservice market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global foodservice market.
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