Food Service Industry Market Perspective
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Food service refers to the sale of food and beverages that are prepared for immediate consumption or for takeaways and home deliveries. Food service outlets are classified into two sectors: commercial establishments which include fast-food restaurants, catering, nightclubs and recreational outlets. Non-commercial outlets which include food operations that run inside the premises of an organizations such as hospitals, schools, military bases, etc.
The food service market can also be classified on the basis of operation systems, into conventional system where the ingredients are assembled, prepared and served on the same premises.
Companies in the global food service market are looking at ways to expand their consumer base. Hence, many food service companies are now making their way into supermarkets to reach more consumers. For their main grocery shopping, a growing number of households prefer supermarkets and super centers. This offers a good opportunity for companies to reach new consumers. Food service companies operating in supermarkets offer low-cost options to consumers to replace their home-cooked meals.
According to the USDA, the food system, which includes food service and food retailing, supplied approximately US$1.24 trillion worth of food in the U.S. in 2010, out of which approximately US$594 billion was supplied by food service facilities. The global food service 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 food service market is now also offering more healthy choices for conscious consumers.
Currently, there are four types of food service systems – conventional, centralized, assembly service, and ready prepared. Conventional food service systems are the most common type of food service system. The food service 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 food service system.
Region-wise, the global food service 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.
Sources:
https://www.transparencymarketresearch.com/foodservice-market.html
BSTM 1F 