Foodservice, How about Giving a Treat to Your Taste Buds!

Posted in Food by Adolf on Sep 13,2021 1121

I love food, be it cooking or eating. As much as I enjoy home-cooked food, I equally relish dining out as it gives me an opportunity to experience different cuisines and food services offered at various eateries. So whenever there is a reason to celebrate any occasion or festival with family and friends, I like to be at the forefront to help select the food and the place to dine or take-away. Besides who does not like to try unique and delicious food?

To be honest, with a diverse range of food and beverage services available, at times it becomes a little difficult to decide if we should go for a regular plate service, cart, platter, buffet or a family serve style service. Before the pandemic hit the world, we had the chance to visit different restaurants, get to know the cultural settings and be a part of exciting offers or events happening at the venue. But now we have to make-do with either the take-away or order online for home delivery.

Foodservice, also known as the catering industry refers to the business or sale of food that is prepared outside the home for instant consumption, take-away and home deliveries. The outlets under this business include fast-food restaurants, nightclubs and cafeterias at work places, hospitals, schools, military bases, etc.

Foodservice on Demand 

The global foodservice market was valued at US$3093.96 billion in 2020, and it is estimated to advance with a CAGR of 4.72% in the forecast period, to reach US$3978.83 billion by the end of 2026. Some of the major factors propelling the growth of the market include continuous change in consumer taste, increasing innovation in existing products, rapid urbanization, attractive packaging of the food offered, hectic lifestyle, changing routine, and availability of different flavours.

Technological advancement is another key factor driving the market growth, globally. Majority of foodservice companies are using restaurant management software for the smooth functioning of their operations. This software alerts the restaurant manager about the delivery status of food, food wastage, etc. This software also serves as a handbook that needs to be followed by all chefs to refer to recipes. This software removes all the obstacles faced in the smooth running of food services and hence results in increased customer satisfaction, thereby contributing to the growth of the global food service market.

The foodservice industry is now, not only about tastes, but it is the research and development of functional and sustainable food products. Moreover, people have become more aware of the functional and anti-aging food products, so the prime focus of the foodservice industry is to cater to the demands related to products, which are good for anti-aging of skin, mind, muscle tissue, etc. Even the products like pasta, bread, or coffee are no longer considered only as a convenience products but have evolved into true luxury items as a result of variants.

The global foodservice market is categorized on the basis of type into dining services, QSR, PBCL, and others. Among them the QSR segment is projected to grow at the fastest rate in the forecast period. QSR is an industry given term for fast food restaurant chains such as Subway, McDonald's, Burger King, KFC, Taco Bell, Wendy’s, etc. The factors such as greater convenience, time saving, increased price consciousness and value-seeking consumer behaviour, etc. have led to the rise in demand for QSRs. Furthermore, most QSRs, in addition to serving sit-down meals, also provide a variety of other services, such as take-out, drive-thru, and home delivery that are ideally adapted to today's lifestyle. All such factors are expected to propel the growth of the QSR segment in the forecast period.

In terms of region, Asia-Pacific is the one, which is expected to maintain the first position in terms of market share. It is also expected to contribute to almost 40% of the total market of 2026, followed by North America and Europe.

Today, the foodservice market has become an attractive destination for investments and several large multinational companies are entering this market. Some of the major companies are Compass Group PLC, McDonald's Corporation, Performance Food Group Company, Sodexo Group, Aramark Corporation, Restaurant Brands International Inc., Yum! Brands, Inc., Domino's Pizza, Inc., Inspire Brands, Inc., and Starbucks Corporation.




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