June 30, 2020
As per the report titled ‘Global Food Service Market Size study with COVID-19 Impact, by Sector (Commercial and Non-Commercial), by System (Conventional Foodservice System, Centralized Foodservice System, Ready Prepared Foodservice System and Assembly-Serve Foodservice System) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global food service market is expected to record a healthy growth rate through 2026.
Growing popularity of cafes, restaurants, and specialty food sites, along with fast-paced lifestyle of working population and inclination towards mobile foodservice outlets like food trucks are sustaining the growth of global food service market.
For the record, food service involves distribution of food & beverages catered for immediate consumptions, takeaways, or home deliveries. Commercial food service outlets comprise of catering, fast-food restaurants, nightclubs, and recreational outlets, whereas non-commercial outlets include establishments like hospitals, schools, and military bases wherein food services are operated within the organization’s premises.
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As per the report, emergence of innovative products and strategic alliances among industry players are expected to expand the business landscape. Citing an instance, in June 2019, Compass Group Plc declared the acquisition of Fazer Food Services from the Fazer Group for about USD 518 million. This move allowed Compass Group to extend innovative solutions for its clientele, while enabling both companies to focus on high quality food and exceptional customer services.
Besides, proliferation of mobile foodservice outlets presents strong growth prospects for the industry. However, with the onset of the COVID-19 pandemic, food service companies are facing reduced business. As majority of revenue comes from out-of-home consumption, increased at-home consumption due to lockdown measures has drastically decreased the profitability of these services. The disruption of supply chains and prolonging impact of COVID-19 on customer behavior will negatively impact the food service market outlook.
Considering the geographical terrain, global food service market is divided into North America, Europe, Asia Pacific, Latin America and Rest of the World. Among these, North America holds significant market share currently. Meanwhile, Asia Pacific is expected to exhibit a strong CAGR over the analysis timeline.
Key players operating in global food service market are YUM! Brands Inc., Starbucks Corp., Sodexo Group, Restaurant Brands International Inc., Performance Food Group Co., McDonald's Corp., Inspire Brands, Inc., Domino’s Pizza, Inc., and Compass Group Plc.