Global Foodservice Market: Service Providers Focus on Innovative Packaging to Stay Competitive, finds TMR

The global foodservice market is projected to expand at a steady pace in the coming years, states Transparency Market Research in a report. As consumer spending capacity rises at a considerable rate, commercial and non-commercial foodservice outlets have sprung across the globe. In the report titled “Foodservice Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013–2019”, TMR highlights the key factors influencing the trajectory of this market during the forecast period. The growth drivers, challenges, and opportunities have been discussed in detail and recommendations on how to overcome the hurdles have been mentioned.

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Consumers around the world have become increasingly health-conscious and this has had a tremendous impact on their dietary habits and their purchases when it comes to food. Capitalizing on this trend are cafes, restaurants, and hotels, who have begun offering nutritious and healthy meals on the menu, such as salads and juices. This foodservice industry has received a significant boost on account of this growing trend. By offering customized menus, players in this market are attempting to garner a larger share of the revenue and expand their customer base.

Innovative packaging is another trend observed in the foodservice market, with biodegradable and environment-friendly packaging materials witnessing a rise in demand and consumption. Stringent environmental norms have governed the foodservice industry as well and companies are looking to comply with these rules by using recyclable and reusable packing materials.

Food service can be either commercial or non-commercial. Busy consumer lifestyles and the demand for customized menus has resulted in the commercial foodservice sector enjoying a prominent spot in the overall market. Delivery and takeaway food has gained popularity in the recent past. Foodservice systems are of four main types: centralized, conventional, ready or prepared, and assembly service. Conventional foodservice systems are most common and find application in cafeterias in schools, colleges, and offices.

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Geographically, the foodservice market can be segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific has accounted for a considerable share in the global market in terms of revenue generation. This can be attributed to a massive consumer base, the rapid establishment of restaurants and hotels, the rising consumer income, and aggressive promotional activities by players operational in the region.

The number of players operating in the highly lucrative foodservice market has been on the rise. Presently, the market is led by companies such as Aramark, Guest Services, Compass Group North America, Starbucks, Sodexo, Restaurant Brands International, McDonald’s, Yum! Brands, and Domino’s. The vendor landscape of the foodservice industry is known to be fragmented and the growing competition among existing players has resulted in improved quality of food and service, innovation in packaging, competitive pricing, and menu variation.

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