Nov 14,2022 | Food
Foodservice is defined as the value of all food and drink, including on-trade drinks not drunk with food, for immediate consumption on the premises or in designated eating areas shared with other foodservice operators, or in the case of takeaway transactions, freshly prepared food for immediate consumption. Foodservice is restricted to the sale of food and drink in specific foodservice channels and excludes vending machines.
The food service industry is valued according to total sales of all food and drink (soft and alcoholic) in or through accommodation outlets; pubs, clubs, and bars; full-service restaurants; quick service restaurants and fast food, and other such as the below -
1.The accommodation segment includes food and drinks sales in bed and breakfasts, guest houses, holiday parks, hostels, and hotels and motels.
2.The pub, club and bar segment include food and drink sales at nightclubs, private member and social clubs, and pubs and bars.
3.The full-service restaurants segment includes casual dining and fine dining.
4.The quick service restaurant & fast-food segment includes coffee & tea shops, ice cream parlours, quick service restaurants and fast food.
5.The other segment includes food and drink sales in leisure venues, such as visitor attractions; mobile operators, such as vans and other mobile operators; retailers, such as bakeries, convenience stores, delicatessens, department stores, garden centres, service station forecourts, supermarkets and hypermarkets, and other retail sales.
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 product but have evolved into true luxury items as a result of variants.
The global foodservice industry had total revenues of US$2.9 trillion in 2021, representing a CAGR of -1.2% between 2016 and 2021. The industry consumption volumes declined with a CAGR of -1.1% between 2016 and 2021, to reach a total of US$534.2 billion transactions in 2021. Among all, the US foodservice industry is the largest single country globally, accounting for 23.8% of the global industry’s total value in 2021. It also dominates the North American region, accounting for 84.7% of the region’s value in 2021.
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To get more details on the market, please visit Foodservice Market Summary.