A new market research study by Technavio on the global
commercial foodservice market projects the market to grow
at a CAGR of close to 5% during the period 2019-2023. The commercial
foodservice market forecast report provides an in-depth analysis of the
market in terms of revenue, top drivers, and emerging market trends. It
also includes detailed insights and forecasts for all the market
segments across different geographies.
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Technavio has published a new market research report on the global commercial foodservice market from 2019-2023. (Graphic: Business Wire)
Increasing number of restaurants worldwide
With significant growth in the number of people preferring to eat out
and the increase in spending by consumers in restaurants, major players
in the commercial foodservice market are focusing on strengthening their
presence across markets to capitalize on this trend. For instance,
restaurants and fast food chains, such as McDonald’s, Dominos, and Taco
Bell are opening new restaurants across the world. This is increasing
the number of restaurants worldwide, thereby, resulting in the growth of
the commercial foodservice market during the forecast report.
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Implementation of new technologies
Restaurants across the world are adopting various new technologies to
make their operations more efficient and linear. One such technology
which is being adopted is Bluetooth-enabled temperature monitoring
systems to keep track of the food products and equipment. These systems
allow restaurants to measure temperature quickly. Further, there is
increasing use of autonomous technologies such as autonomous robotic
kitchen assistant that assists chefs in preparing food. Some companies
have also developed guest positioning systems that provide the seating
position of customers to the servers. The implementation of such
advanced technologies will further enhance the growth of the commercial
foodservice market size during the forecast period.
According to a senior analyst at Technavio, “Apart from the
implementation of new technologies, other factors such as the emergence
of new packaging for takeaway foods, new marketing campaigns, and
increasing mergers and acquisitions will have a significant impact on
the growth of the commercial foodservice market during the forecast
period.”
Increasing preference for home-cooked foods
Consumers across the world are becoming health-conscious and are
increasingly preferring home-cooked food over food from restaurants.
Fast food is perceived to be unhealthy as it contains added sugar,
carbohydrates, and unhealthy fats. Furthermore, people are becoming more
aware of various lifestyle-related diseases, such as diabetes and
obesity. All these factors are expected to encourage consumers to shift
toward home-cooked foods as it scores higher on hygiene and nutritional
front. However, vendors in the commercial foodservice market are trying
to cater to consumer concerns by offering healthier menus and better
quality and hygiene.
Top players in the global commercial foodservice market:
- Brinker International Inc.
- Compass Group PLC
- McDonald’s
- Starbucks Coffee Company
- Yum! Brands Inc.
Some of the key topics covered in the global
commercial foodservice market include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio
is a leading global technology research and advisory company. It
provides detailed market research reports that provide clients with
actionable insights to help them identify market opportunities and
design effective strategies to optimize their market position.
With over 500 specialized analysts, Technavio boasts of an extensive
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opportunities in existing and potential markets. Technavio helps
companies to assess their competitive position within changing market
scenarios.
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at media@technavio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190524005064/en/