LONDON — According to the latest market study released by Technavio, the global foodservice market is expected to grow at a CAGR of almost 5% during the predicted period.
This research report titled ‘Global Foodservice Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global foodservice market is growing rapidly because of various factors, including innovations and customization in menus, rising demand for healthy and nutritious meals in menus, growing demand for gluten-free food, increasing marketing campaigns, and rising number of foodservice outlets. Consumers are looking for more customized food options.
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Technavio’s analysts categorize the global foodservice market into four major segments by foodservice system. They are:
- Conventional foodservice system
- Centralized food service system
- Ready-prepared foodservice system
- Assembly serve foodservice system
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The top three segments of the global foodservice market are discussed below:
Global foodservice market by conventional foodservice system
In the conventional foodservice system, the basic ingredients are assembled, and the food is prepared on the premises. Depending on the nature of the food, the food is maintained in a heated or chilled state and served to consumers. This is generally observed in restaurants, schools, and cafeterias because consumers prefer freshly prepared food.
According to Akash Pandey, a lead food service research analyst from Technavio, “The conventional foodservice system is expected to have steady growth during the forecast period. The growth can be attributed to the prevalence of this type of foodservice system worldwide. The conventional foodservice system is driven by the high quality of food because it is prepared on the premises.”
Global foodservice market by centralized foodservice system
In the centralized foodservice system, the food production is centralized, and food is transported to kitchens that serve the food to consumers. This system is primarily used by airline caterers, large city schools, and franchised organizations that provide food to various outlets. The prepared food is stored frozen, chilled, or held heated.
“It is the best option for mass food production because of its benefits, such as low labor and food costs and economies of scale. Therefore, non-commercial foodservice outlets are implementing the centralized foodservice system. Packaging and temperature are two key criteria considered in the centralized foodservice system,” says Akash.
Global foodservice market by ready-prepared foodservice system
In the ready-prepared foodservice system, food is prepared on site and is kept chilled or frozen. The food is reheated when required and served to customers on site. In this type of foodservice system, food preparation can be scheduled at any time and can be completed at once. This foodservice system is mainly used in hospitals.
The ready-prepared foodservice system is expected to grow at a moderate rate during the forecast period. As the food is prepared at once, the labor requirement is less. Therefore, many non-commercial foodservice operators prefer the ready-prepared foodservice system.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Aramark
- Compass Group North America
- Domino’s
- McDonald’s
- Restaurant Brands International
- Sodexo
- Starbucks
- Yum!Brands
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Source: Technavio
