Research Report and Overview on Foodservice Market, 2016 - 2024
Besides this strategy, companies in the global foodservice market are employing other strategies such as introducing bar and restaurant concepts in pool, snooker, and air hockey clubs to attract more consumers by providing entertainment. The global foodservice market is broadly segmented on the basis of the type of foodservice system, the type of food offered, and geography. The research study on the global foodservice market delivers an extensive analysis of the key market segment.
Each key segment of the global foodservice market is analyzed with its market data. Furthermore, valuable forecasts for these segments are mentioned in the report. In addition to this, the report examines the fastest growing segments of the global foodservice market and elaborates on the trends shaping these segments.
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Overview of the Global Foodservice Market
According to the USDA, the food system, which includes foodservice and food retailing, supplied approximately US$1.24 tn worth of food in the U.S. in 2010, out of which approximately US$594 bn was supplied by foodservice facilities. The global foodservice market caters to schools, restaurants, colleges, cafeterias, and others. The growing consumption of snacks and meals at food service establishments shows a growing demand among consumers for different types of foods, having an entertainment value to eating out, and the convenience offered by these services. Furthermore, keeping with the health trend, the global foodservice market is now also offering more healthy choices for conscious consumers.
Currently, there are four types of foodservice systems – conventional, centralized, assembly service, and ready prepared. Conventional foodservice systems are the most common type of foodservice system. The foodservice market is increasingly finding application in colleges, schools, restaurants, and universities. Individuals studying in colleges, schools, or offices tend to have their daily meals in places such as a cafeteria, which follow the conventional foodservice system.
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Public health service departments in the food sector ensure the quality of the food is in compliance with the recommended standards. A high cost is incurred to maintain the consistency and hygiene of food quality, along with the requirements such as the large labor force and food safety. These factors will challenge the global foodservice market to an extent.
Region-wise, the global foodservice market is divided into Europe, North America, Asia Pacific, and Rest of the World. Presently, North America boasts of the largest number of restaurants and food chains due to the rising demand for fast food. In addition to this, the North America market benefits from the high number of high-value transactions and mergers in recent years. The North America market is followed by Western Europe, where France, the U.K. Germany, Italy, and Spain hold substantial market shares.
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