Global Foodservice Market to Grow Rapidly by 2019 due to Increasing Number of Restaurants and Food Chains

2024-11-07 03:48:16 Lifestyle

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Transparency Market Research has published a new report, titled Foodservice Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019. As per the report, the global foodservice market is expected to develop rapidly during the period from 2013 to 2019 owing to growing foodservice applications in restaurants, schools, colleges, and universities.

Foodservice comprises meals prepared outside homes and provided to the working class or students. The foodservice industry offers food services to educational institutes, fast-food chains, restaurants, and business organizations. The four main types of food services are centralized, conventional, assembly, and ready prepared. Demand for conventional foodservice systems has increased since the past few years. Students, the working masses, and people travelling for on-job training often depend on cafeteria services, which follow conventional foodservice systems. The increasing number of foodservice outlets following the conventional system has made this segment the dominant contributor in the global foodservice market.

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Some of the factors driving the global foodservice market are the availability of a variety of options on the menu, fast delivery, and high quality of food. Public health service departments make sure that the quality of food supplied is as per the prescribed standards. The high cost required to maintain the consistency and hygiene in the food quality is the major factor expected to restrict the growth of the global foodservice market in the years to come. However, the foodservice industry making inroads into supermarket operations is predicted to propel the global foodservice market during the forecast period. The introduction of the restaurant and bar concept by the foodservice industry in sports clubs such as pool and snooker clubs and air hockey clubs is expected to increase the customer base for the global foodservice market in the years to come.

By geography, the global foodservice market is divided into Europe, Asia Pacific, North America, and Rest of the World. In 2013, in terms of the number of food chains, the global foodservice market was dominated by North America, followed by Europe. Asia Pacific is expected to register the fastest growth in the years to come with the highest number of food chains. Increasing demand for fast food is expected to generate demand for food services across all regions. The high number of mergers and high-value transactions have boosted the North America foodservice market in the recent past.

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Some of the prominent foodservice management companies operating in the global foodservice market are Aramark Corporation, Centerplate, Guest Services, Inc, Compass Group North America, and Sodexo Inc. Increasing competition from the emerging players is expected to increase the challenges for the leading companies during the forecast period.

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