The food and beverage services market comprises of sales of food and beverage services by organizations that indulge in providing meals, snacks, and beverages as per the customer’s order for immediate on-premises and off-premises consumptions. The food and beverage industry further set trends that impact several other ancillary industries. The food and beverage industry is one of the highest revenue generators sectors from the past many decades. This industry has served to encourage the participation of new players in the food and beverage industry, the appetite for the product innovation, packaging, and advanced techniques have aided new players to gain strong support.
Moreover, the change in consumer food habits, lifestyles, global travel has offered plentiful opportunities to the food and beverage industry. Today, consumers are much keen to know the constituents of food they consume and how it is been produced. Technological innovations have further helped the food and beverage industry to reach over new heights.
According to the study “Food and Beverage Services Global Market Report 2019” Some of the key companies operating in the market are Compass Group PLC, McDonald's, Starbucks, Marriott International, and Subway.
Economic growth in the emerging economies has emerged as a blessing to the food and beverage industry. The processed foods, packaged foods, and ready-to-go meals have now become for serving the varying lifestyle in the emerging economies. Organic and locally produced food is becoming increasingly popular. Consumers are enthusiastic to pay more at restaurants and cafes that serve hygienic, organic, and locally produced food items. The Asia-Pacific region was the largest region in the global food and beverage services market, accounting for nearly half of the market in 2018. The North American region was the second largest region accounting for one-fourth of the global food and beverage services market. This industry is primarily driven by the constant shift of trends over the consumers. The foodservice market can also be classified based on operation systems, the conventional system includes the ingredients that are assembled, prepared, and served over the same premises. In a centralized system, the food production system is centralized and then transported to kitchens at different locations. The ready-prepared system in which food is prepared at onsite is stored chilled or frozen until required and assembly-serve systems in which pre-prepared foods are purchased, stored, assembled, and served to the consumer when demanded.
The growing demand for customization & innovation in the food menu one of the key factors driving the global foodservice market globally. The consumers have provided a wide variety of alternatives to customize meals as their taste, dietary, and budget preferences. The working professionals are considered one of the key target consumers owing to their increase in fondness for the hassle-free, nutritious, and hygienic food to be readily available and used. Additionally, commercial restaurants arose as a convenient place for teenagers, families, and young professionals to hang out and relax, thus catalyzing the growth of the food and beverage services market. Moreover, the development of e-commerce/online platforms and on-the-go food services coupled with innovations are also backing to the growth of the market.
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