Food Service Market in APAC 2017-2021
About Food Service
Foodservice refers to the sale of food and beverages that is prepared out-of-home for immediate consumption either on the premises from where they are purchased or for takeaway and home delivery. The foodservice industry offers its services to cafeterias, hospitals, cafés, pubs, nightclubs, bars, and hotels. Foodservice outlets are one-stop shop for household consumers that deliver foods of consumers' choice right at their doorstep. The working population, being time-pressed to prepare food, demands foods that are ready-to-eat or take very little effort to dish out. This has led to the adoption of a variety of food products from foodservice providers. Furthermore, trends like self-service, family oriented dining, and cafeteria are on the rise.
Technavio’s analysts forecast the food service market in APAC to grow at a CAGR of 4.98% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the food service market in APAC for 2017-2021. To calculate the market size, the report considers the sales, volume, and value.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Food Service Market in APAC 2017-2021
Technavio recognizes the following companies as the key players in the food service market in APAC: McDonald’s, Restaurant Brands International, Seven & i Holdings, Starbucks, and Yum China Holdings
Other Prominent Vendors in the market are: Barista Coffee, Coffee Beanery, Coffee Day Enterprises, Dicos, Domino’s Pizza, Doutor Coffee Shop, Ediya Coffee, Gloria Jean’s Coffees, Jollibee Foods, J.CO DONUTS & COFFEE, Krispy Kreme Doughnuts, Mad Over Donuts, Mister Donut, MOS Food Services, Mr. Lee, Speciality Restaurants, Subway, Tully’s Coffee, and Yum! Brands.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rising popularity of cafés. Millennials tend to socialize with their friends, especially in cafés. This trend has led to an increase in the number of specialty coffee shops and cafés. Thereby, strengthening the foodservice market. The increasing disposable incomes in emerging Asian, Eastern European, and Latin American economies and the growing café culture are the main factors boosting the popularity of alcoholic and non-alcoholic beverages like coffee and craft beers among the millennials.”
According to the report, one of the major drivers for this market is Changing lifestyles and rise in demand for convenient food. Consumers these days are overwhelmed by their lifestyle obligations and have limited time to prepare food. They are, therefore, on the lookout for convenient food. Quick service restaurants provide household consumers and working population with convenience and food of their choice at their doorstep.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuating raw material prices. The major challenge faced by vendors is the fluctuating prices of food commodities, such as meat, grains, sugar, and dairy products, which are vital for the preparation of food served in the quick service restaurants. During the last quarter of 2015, the global sugar prices shot up considerably. The increase in product price affects the consumer purchase decision, which, in turn, affects the market performance of the manufacturer. Raw materials, such as fruits, dairy products, and sugar, used in the making of smoothies, and plastic, aluminum, and paper used in the packaging of the smoothies have volatile prices based on availability.
McDonald’s, Restaurant Brands International, Seven & i Holdings, Starbucks, Yum China Holdings, Barista Coffee, Coffee Beanery, Coffee Day Enterprises, Dicos, Domino’s Pizza, Doutor Coffee Shop, Ediya Coffee, Gloria Jean’s Coffees, Jollibee Foods, J.CO DONUTS & COFFEE, Krispy Kreme Doughnuts, Mad Over Donuts, Mister Donut, MOS Food Services, Mr. Lee, Speciality Restaurants, Subway, Tully’s Coffee, and Yum! Brands.