The global foodservice market is growing at a CAGR of 18% in an average of five years and is expected to reach US$995 billion till the end of this decade. Both, in terms of revenue and volume, the foodservice market is growing at a CAGR of more than 5% percent from 2013 – 2019.
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Foodservice Market Overview
Meals prepared outside homes and provided to working masses or students is known as food service. The foodservice market encompasses companies and businesses that offer meal outside a particular home. The appeal of foodservice firms and businesses is great to international markets, particularly in the U.S., and some of them display the largest global market growth. Canada and four of the top 25 U.S. based foodservice market chains garner more than half of the global market sales outside their home markets. However, the foodservice market is one of the largest employers in the United States. Worldwide, different countries and cultures have various types of food services that range from table, fast food, and counter service. Food is an aspect that is always rising and in tandem with the growing global population.
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The foodservice market is rising due to a general exodus from poor, rural areas to urban areas, increasing urbanization, and change in lifestyle trends, particularly in eating habits. Also, with increasing number of people growing family households with parents in the workforce, people working in office environments, or less time to prepare food at home – are some of the facets that have increased the demand for foodservices around many parts of the world.
The market for foodservices is rising because consumers are opting to eat at restaurants and cafés due to certain time constraints. Other price-conscious consumers are also turning to easy fast-food options like street stalls and mobile trucks. Restaurants and cafés are the leading market segments representing over 50% of the overall market value.
Foodservices Market Segmentation – By Types and Regulators
The foodservice market offers various food services to colleges, schools, universities, restaurants, and cafeterias among others. The market also includes fast food outlets, caterers, full-service restaurants, and other places that serve, prepare, and sell food to the working class of people.
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The global foodservice market is divided into four major types of foodservice systems which include, ready prepared, conventional, centralized, and assembly food services. Amongst all these service types, the most common is the conventional foodservice system which has different ingredients collected from assorted outlets needed for preparing food onsite. People as a part of schools or colleges, or working in offices prefer having their meals in the cafeteria every day. These places follow the conventional system routine.
Market Growth Drivers
The foodservice market is rapidly growing due to availability of various options in the food menu. Also, an increasing degree of health conscious people are posing as main key drivers for the foodservice market. At many places, public health service companies ensure better-quality food with region specific prescribed standards. Such companies engaged in foodservices are now making their way into supermarket chains seeking to increase their customer base.
Foodservice industries are also introducing restaurant and bar concepts in community centered places such as air hockey, snooker and pool clubs. Entertainment hubs attract more customers in turn rising the demand for foodservice market.
Nevertheless, high cost incurred with maintenance of hygiene and consistency in offering quality food demands large labor force and food safety. Hence, these become some of the factors limiting the market growth.
Regionally, Asia-Pacific holds approximately 43% of the global foodservice market share. North America, on the other hand, has the largest number of food restaurants and chains in the country due to the increasing demand for fast food.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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