Global Foodservice Market 2017-2021
Foodservice is also known as catering service. It includes all companies that engage in serving meals prepared outside homes. It includes restaurants, school and hospital cafeterias, and catering outlets. Foodservice restaurants are classified into two sectors: commercial and non-commercial foodservice. Commercial foodservice refers to market-oriented foodservice as the primary motive of commercial foodservice operators is to make profits. The growing demand for gluten-free food is expected to further propel the market's growth. Gluten-free food is prepared with great caution to avoid cross-contamination. The demand for gluten-free restaurants is increasing as consumers have become more aware of gluten intolerance and celiac disease.
Technavio’s analysts forecast the global foodservice market 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 global foodservice market for 2017-2021. To calculate the market size, the report considers the revenue generated from sales of food and beverages sold through commercial and non-commercial foodservice sectors globally.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Foodservice Market 2017-2021
Technavio recognizes the following companies as the key players in the global foodservice market: Aramark, Compass Group North America, Domino’s, McDonald’s, Restaurant Brands International, Sodexo, Starbucks, and Yum!Brands
Other Prominent Vendors in the market are: Abela, American Dairy Queen, SONIC AMERICA'S DRIVE-IN BRAND PROPERTIES, Arby's, Autogrill, AVI Foodsystems, Ben E Keith, BON APPÉTIT MANAGEMENT COMPANY, Brock & Company, CulinArt, CARL'S JR. RESTAURANTS, Cajun Operating Company, Del Taco, Dicos, In-N-Out Burger, JACK IN THE BOX, Jollibee Foods, MOS FOOD SERVICES, Mr. Lee's, Papa John's International, Services Group of America, Telepizza España, The Little Caesars, Truitt Bros, Whataburger, and White Castle Management.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Innovative packaging. Innovative packaging is very important in the foodservice market. Consumers often opt for takeaway because of their busy schedules and changing lifestyles. However, the selection of takeaway options completely depends on convenient food packaging options available at different outlets to maintain the freshness of food. Innovative packaging has a strong impact on consumer purchasing behavior”
According to the report, one of the major drivers for this market is Innovation and customization of food menus. Consumers worldwide are looking for new flavors, foods with bold flavors, and premium alternatives. As consumers' taste preferences are evolving, they are demanding more exotic cuisines. Millennials, aged 20-34 years, are demonstrating an inclination toward innovative and exotic flavored fast food. They seek options that allow them to customize their food based on their taste and calorie intake per day.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in food commodity prices. The global foodservice market is highly dependent on fluctuating food commodity prices. Raw materials that include sugar, grains, meat, salt, and dairy products are very important in the global foodservice market. Any shortage in the supply of raw materials affects the market growth. A shortage mainly occurs because of adverse weather conditions and natural calamities. Bad weather conditions can affect crop production. For instance, wheat requires warm conditions to grow. However, the temperature requirements change at various stages of its growth. Climate disparities can negatively affect the volume and quality of production.
Aramark, Compass Group North America, Domino’s, McDonald’s, Restaurant Brands International, Sodexo, Starbucks, Yum!Brands, Abela, American Dairy Queen, SONIC AMERICA'S DRIVE-IN BRAND PROPERTIES, Arby's, Autogrill, AVI Foodsystems, Ben E Keith, BON APPÉTIT MANAGEMENT COMPANY, Brock & Company, CulinArt, CARL'S JR. RESTAURANTS, Cajun Operating Company, Del Taco, Dicos, In-N-Out Burger, JACK IN THE BOX, Jollibee Foods, MOS FOOD SERVICES, Mr. Lee's, Papa John's International, Services Group of America, Telepizza España, The Little Caesars, Truitt Bros, Whataburger, White Castle Management
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