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Concession F&B Market Set to Sizzle with Emerging Trends and Consumer Demands
Concession F&B Market
As per the report, the concession f&b market size has grown strongly in recent years. It will grow from $29.9 billion in 2023 to $31.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The concession f&b market size is expected to see strong growth in the next few years. It will grow to $38.37 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
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The Symbiotic Growth Of Concession F&B With The Booming Leisure And Tourist Industries
The rise of the leisure and tourist industries is expected to propel the growth of the concession F&B market going forward. The leisure and tourist industry encompasses businesses and services that cater to the needs and desires of leisure travelers and tourists. Concession F&B plays a vital role in the leisure and tourist industries by providing food and beverage services to travelers and tourists at various destinations and attractions. Concession F&B within the leisure and tourist industries is essential for enhancing visitors' satisfaction and overall enjoyment. For instance, in May 2023, according to the World Travel & Tourism Council (WTTC), a UK-based travel institution, the travel and tourism sector contributed 7.6% to the global GDP in 2022, an increase of 22% from 2021. Therefore, the rise of the leisure and tourist industries will drive the future concession F&B market.
Innovative Technological Advancements Reshaping Concession F&B Market
Innovative technology is a key trend gaining popularity in the concession F&B market. Major companies operating in the concession F&B market are focused on developing innovative technologies to sustain their position in the market. For instance, in October 2022, Aramark, a US-based food company, introduced AI Self-Checkout and digital age verification at arena concessions. These technologies will be available in a new Drink Mkt at Capital One Arena and the Canadian Tire Centre's Drink Mkt and Walk Thru Bru locations. Additionally, fans at AT&T Center can order cocktails via automated bars using facial recognition technology once registered with a valid government-issued ID.
The concession f&b market covered in this report is segmented -
1) By Type: Food, Beverage
2) By Cuisine: American, European, Asian, African, Latin America
3) By Application: Airports, Motorways, Railways, City Sites And Leisure, Sports Arenas, Retail Outlets
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Major companies operating in the concession f&b market report are Nestlé S.A., PepsiCo, Bunge, Mars, The Coca-Cola Company, Olam International, Mondelez International Inc, Smithfield Foods/WH Group, Kraft Heinz Company, General Mills, Royal FrieslandCampina, Arla Foods, China Mengniu Dairy Company, Keurig Dr Pepper, ConAgra Brands, The Hershey Co, Paradies Lagardère, Elior Group, Autogrill, Lagardère Travel Retail Group, Delaware North Companies Inc., SSP Group plc, HMSHost, Emirates Leisure Retail, OTG Management LLC, DreamFolks Services Limited, Creative Food Group LLC, Plaza Premium Group, Areas Worldwide, MarketPlace Development.
Contents of the report:
1. Executive Summary
2. Concession F&B Market Report Structure
3. Concession F&B Market Trends And Strategies
4. Concession F&B Market - Macro Economic Scenario
5. Concession F&B Market Size And Growth
…..
27. Concession F&B Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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