Food Service Market to Witness robust expansion in Food Sector Over the Forecast Years 2021-2026 | Growth Strategies, Future Opportunities by Top Players Amcor Ltd, Bemis Company, Inc., The Dow Chemical Company, Westrock Company, Ball Corporation

The Global "Food Service Market" report explores comprehensive and insightful information on various key factors such as regional growth, segmentation, CAGR, and business revenue status of key players and drivers. The purpose of this report is to provide a telescopic view of the current market size by value and size, opportunity and development status. The Food Service Market report mainly focuses on market trends, historical growth rates, technologies, and changing investment structures. Additionally, the report reveals the latest market insights, increasing growth opportunities, business strategies and growth plans adopted by the key players. It also includes analysis of current market dynamics, future developments, and Porter's five forces analysis.

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International key players need to tap into potential addressable market in emerging economies:

Amcor Limited
Bemis Company, Inc.
The Dow Chemical Company
Westrock Company
Ball Corporation
Huhtamaki Oyj
Sealed Air Corporation
Berry Plastic Corporation
Reynolds Group Holding
International Paper Company
Ds Smith Plc

Product Type Segmentation Includes:

Paper & Paperboard
Flexible
Rigid

Application Segmentation Includes:

Beverages
Fruits & Vegetables
Bakery & Confectionery
Dairy Products

Food service or catering business refers to those companies, establishments, and individuals responsible for any given meal being prepared outside of the home itself. This field includes hotels, restaurants, hospital and school cafeterias, and other such formats. As this is a growing industry, there are many different job titles within it which include, but are not limited to, waiter/waitress, chef/food controller, chef/grant manager, dishwasher, and barista. As there are many jobs within it, there are also many different types of food service equipment available to help one to accomplish their job responsibilities. The food service equipment that one can purchase include but are not limited to fryers, griddles, cooking ranges, food carts, food servers, scones, ice machines, rotisseries, steamers, and more.

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Market Dynamics:

Increasing disposable income is expected to propel growth of the global food service market over the forecast period. For instance, according to the Bureau of Economic Analysis, the personal income in the U.S. increased U$ 106.8 billion (0.6 percent) in February 2020 and disposable personal income increased US$ 88.7 billion (0.5 percent) and personal consumption expenditures increased $27.7 billion (0.2 percent). Moreover, increasing sales in the restaurant sector is also expected to aid in growth of the market. For instance, according to The National Restaurant Association, restaurant sales are expected to value US$ 863 billion in 2019 in the U.S., witnessing an increase of 3.6% from 2018.

Moreover, significant growth in the tourism sector is also expected to boost growth of the market. For instance, according to India Brand Equity Foundation, by 2029, the tourism industry in India is expected to reach US$ 488 billion.

Increasing expenditure on dining out is expected to offer lucrative growth opportunities for players in the global food service market. For instance, according to the U.S. Census Bureau, sales at eating and drinking establishments increased over 4% in 2019, surpassing grocery sales at just 3%.

Major players in the global food service market are focused on expanding their geographical presence. For instance, in May 2018, P. F. Chang's China Bistro started its first location in Shanghai, China.

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Key Takeaways:

Major players operating in the global food service market are focused on adopting various strategies to enhance their market share during the Covid-19 pandemic. For instance, in April 2021, Yum! Brands launched its first digital-only Taco Bell in the U.S.

The Food Service market is segmented into Americas, Europe, Asia Pacific, Middle East and Africa. The Food Service market in the Americas is further segmented into North America and Latin America, and the North American market is further divided into the United States and Canada.

The European Food Service market has been segmented into Western Europe and Eastern Europe, and the Western Europe region is further divided into Germany, France, United Kingdom, Italy, Spain and the rest of Western Europe.

The Asia Pacific market has been segmented into Japan, China, India, South Korea, Australia and the rest of the Asia Pacific region. The Middle East & Africa market has been segmented into Regions such as Middle East & Africa.

Key Reasons to Food Service Market Report:

• The report analysis by geography highlighting the consumption of the product/service within the region also as indicating the factors that are affecting the market within each region

• The report provides opportunities and threats faced by the vendors in the global Food Service Industry

• The report indicates the region and segment that's expected to witness the fastest growth

• Competitive landscape which includes the market ranking of the main players, along with new product launches, partnerships, business expansions, and acquisitions.

• The report provides extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the main market players

• The report gives the present as well as the future market outlook of the industry regarding recent developments, growth opportunities, drivers, challenges, and restraints of both emerging also as developed regions.

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This release was published on openPR.