LONDON – Technavio’s latest market research report on the foodservice market in the US provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The foodservice market in the US is experiencing a stable growth and is expected to remain the same during the forecast period. The declining unemployment rates and increasing disposable incomes will contribute to the growth of the foodservice market in the US.
According to Manjunath Reddy, a lead analyst at Technavio for food service research, “The market is being driven by new advances in technology. Foodservice operators are increasingly relying on smartphone technology to promote their establishments and to help the rate of online orders. The increasing number of promotional activities is leveraging the sales of products in the foodservice industry. Many foodservice operators utilize email and digital marketing methods to alert consumers about new product launches, offers, and coupons.”
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The top three emerging market trends driving the foodservice market in the US according to Technavio research analysts are:
- Increasing popularity of food trucks
- Increasing number of new store openings
- Innovative packaging for takeaway foods
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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 offering ethnic foods have gained popularity in Texas, whereas, the number of food trucks in the North Carolina has almost tripled during the last five years.
“The popularity of food trucks is expected to increase further during the forecast period mainly due to the variety of cuisines on offer such as Italian, Greek, classic American, and others. The relatively low initial investment of food trucks is attracting more people to come up with their own food trucks. Therefore, the number of food trucks in the US is expected to increase during the forecast period,” says Manjunath.
Increasing number of new store openings
Another trend that is projected to help the market during the forecast period is the increasing number of new food stores opening in the US. Major players in the foodservice market in the US are planning to open new outlets to increase their market presence and market share.
TIM HORTONS is planning to open around 800 new stores in Canada and in the US by the end of 2018. Whereas, BURGER KING had opened 32 new stores in Canada and the US in 2016. In the same year, Raising Cane's, a chicken finger chain opened 59 new restaurants in the US, and Marco's Pizza opened about 88 new restaurants in the US. With the increasing popularity of foodservice outlets among consumers, the number of new store launches by major players is expected to increase during the forecast period.
Innovative packaging for takeaway foods
Good packaging is often considered to be an extension of a brand's image value. Therefore, the aspect of good packaging holds tremendous importance to generate consumer interest and curiosity. Innovations are being made in terms of compostable packaging, biodegradable packaging, and packaging that is customized to the shape and size of the food product.
In fact, the customized form of packaging is more often successful in arousing curiosity among customers, compared to that of other packaging forms. In 2013, KFC introduced Go Cups, an innovative cup packaging for snacks that would fit in any holders of cars. As of 2014, the company recorded to have sold more than 20 million of these Go Cups. Thus, constant innovation in terms of biodegradable and portable packaging is a positive one and will lead to a higher demand for different types of fast food.
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