Foodservice Market in the US 2017-2021
Foodservice refers to the sales of food and beverages that have been prepared out-of-home for immediate consumption and distributed either through the foodservice outlet or through take away/home delivery. The foodservice sector offers its services to cafeterias, hospitals, cafés, pubs, nightclubs, bars, and hotels. Foodservice market is also booming in educational institutions and office complexes, as students and employees are increasingly buying lunches and snacks instead of bringing home-cooked food.
Technavio’s analysts forecast the foodservice market in the US to grow at a CAGR of 5.56% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the foodservice market in the US for 2017-2021. To calculate the market size, the report considers the sales, volume, and value.
Technavio's report, Foodservice Market in the US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Foodservice Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the foodservice market in the US: Dunkin’ Brands Group, McDonald’s, Restaurant Brands International, Starbucks, and Yum Brands.
Other Prominent Vendors in the market are: Chick-fil-A, Coffee Beanery, Domino’s Pizza, Gloria Jean’s Coffees, Jersey Mike's Sub, Krispy Kreme Doughnuts, Marco's Pizza, Raising Cane's, Subway, Tully’s Coffee Corp, and Wingstop.
Commenting on the report, an analyst from Technavio’s team said: “Increasing popularity of food trucks. One of the trends that are expected to drive the growth of the market during the forecast period is the increasing popularity of food trucks among consumers. Food trucks mainly offering ethnic foods have gained popularity in the Texas state of the US. Whereas, the number of food trucks in the North Carolina has almost tripled during the last five years. Thus, indicating the popularity of the food trucks among consumers.”
According to the report, one of the major drivers for this market is effective marketing campaigns. Fast food restaurants; cafés; QSRs; and other commercial foodservice outlets heavily depend on effective marketing; advertising; and product campaigns by the players, to maximize the sales of their brands and to make consumers aware of their new product offerings. Many major players in the market regularly advertise their products/food items via electronic and print media. However, in this ongoing era of digitalization, many companies like McDonald's; Taco Bell; Pizza Hut; Dominos; and KFC are inching toward digital and online marketing methods.
Further, the report states that one of the major factors hindering the growth of this market is fluctuations in raw material prices. A major challenge for almost all the types of foodservice outlets is the fluctuation in the prices of food commodities and raw materials such as sugar and dairy products, which are vital for the preparation of coffee; tea; and others. In 2015, El Niño brought about floods in Southeast Asia and downpours in South America. Crops of sugar and palm oil, in particular, were destroyed. During the last quarter of 2015, the global sugar prices shot up considerably. Also, in 2015, the prices of meat and vegetables surged to 3%-5% compared to 2014.
Dunkin’ Brands Group, McDonald’s, Restaurant Brands International, Starbucks, Yum Brands, Chick-fil-A, Coffee Beanery, Domino’s Pizza, Gloria Jean’s Coffees, Jersey Mike's Sub, Krispy Kreme Doughnuts, Marco's Pizza, Raising Cane's, Subway, Tully’s Coffee Corp, and Wingstop.
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