Foodservice Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024
Albany, NY -- (SBWIRE) -- 06/19/2017 -- A recently added report by Transparency Market Research (TMR) offers important information about the global market for foodservice such as its size, competitive dynamics, and growth prospects going forward. The report is titled, "Foodservice Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016–2024."
The report finds that companies in the global market for foodservice are keen to increase their consumer base. In order to do so, many are purveying their products via supermarkets at ultra-competitive prices. Another popular technique with savvy companies, wanting to drive up sales, is setting up of restaurants and bars in snooker, pool, and air hockey clubs.
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As per the United States Department of Agriculture (USDA), the food system, including foodservice and food retailing, provided food in the U.S. worth about US$1.24 tn in 2010. From that, almost US$594 bn was provided by foodservice facilities. The different end use segments in the global market for foodservice are restaurants, schools, colleges, cafeterias, etc. The demand for various kinds of foods among consumers, the growing trend of eating out, and the convenience accorded by these services explains the rising consumption of meals and snacks at food service establishments. In order to further their sales, companies are also coming up with healthy options to win over discerning customers who are concerned about their health.
The four kinds of foodservice systems listed in the report are centralized, conventional, assembly service, and ready meals. Among them, the conventional foodservice systems are the most prevalent. The rising number of schools, colleges, restaurants, and universities are providing a fillip to the foodservice systems market worldwide.
One factor posing a drawback to the global market for foodservice systems is the compliance standards imposed by the public health service departments in the food sector to make sure there is no compromise on the quality front. This often drives up costs for companies operating in the market as it requires additional investment in trained professionals and machines to maintain a certain standard in hygiene.
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From a geographical standpoint, North America holds a leading position in the global market for foodservice systems due to being home to maximum number of restaurants and food chains and also because a large number of high-value transactions and mergers that has taken place in the past couple of years. Western Europe, powered by Germany, France, Italy, the U.K., and Spain, trails North America in terms of market share.
Some of the key players operating in the global market for foodservices that have been profiled in the report are Sodexo, Guest Services, Aramark Corporation, Compass Group North America, and Centerplate.