Growing Innovation and Customization in Food Menus to Create Opportunities for the Global Foodservice Market Through 2020, Reports Technavio

LONDON--()--Technavio analysts forecast the global foodservice market to record USD 3.7 trillion by 2020, according to their latest report.

The research study covers the present scenario and growth prospects of the global foodservice market for 2016-2020. This market research report presents a detailed segmentation of the global foodservice market by sectors (commercial and non-commercial) and by geography (APAC, Europe, North America, and ROW). The report also outlines the market shares of the leading vendors, which include Aramark, Compass Group North America, Domino's, Guest Services, McDonald's, Restaurant Brands, Sodexo, Starbucks, and Yum! Brands.

Technavio food and beverage analysts highlight the following three factors that are contributing to the growth of the global foodservice market:

  • Growing innovation and customization in food menus
  • Introduction of nutritious meals in food menus
  • Increase in marketing initiatives

Growing innovation and customization in food menus

According to Arushi Thakur, an industry expert at Technavio for food research, “Customers nowadays are looking for a combination of food infused with new and bold flavors. The demand for innovative and exotic flavored food is more prominent among millennials. In addition, they are looking for options to customize their food based on their calorie intake per day.”

The main impetus for customization is growing importance of diet — whether it is a medical condition, a food allergy, or a weight reduction plan. Consumers prefer to have the option to customize their menu choices to their tastes. Getting the exact flavor aids foodservice vendors in increasing the probability of repeat customer visits. Consumers now prefer to customize their meals to suit their needs irrespective of the time of day or what is on the menu.

During the forecast period, new and distinctive Asian food will gain prominence in food menus. Customers will bypass Chinese, Japanese, and Thai cuisine to find new Asian foods like Vietnamese, Filipino, and Korean.

Introduction of nutritious meals in food menus

In the present era, people have become more health-conscious due to increasing health concerns like obesity and heart problems. As a result, they often refrain from consuming any unhealthy or fatty food products. Appealing to this insight, many restaurants, cafés, and non-commercial foodservice outlets have introduced nutritious and healthy meals in their menu, which helps consumers in reducing their total calorie intake. They often serve half or full-size salads containing fresh fruits and vegetables. This not only removes the perception of outside food being unhealthy but also increases its customer base.

In May 2015, Taco Bell announced that it will remove all artificial flavors and colors, added trans-fat, high fructose corn syrup, and unsustainable palm oil from its food by the end of 2017. Paleo Café, an Australia-based restaurant, is popular for serving fresh and quality ingredients and reducing the consumer's intake of processed foods, for example, gluten, sugar, and additives. Its seasonal menu has fresh produce, like in-season fruits and vegetables, high-quality meat and seafood, free-range eggs, and fresh herbs and is free from refined sugar and preservatives.

Increase in marketing initiatives

Fast food restaurants, cafés, and casual dining restaurants, which come under the commercial foodservice segment, depend heavily on marketing, advertising, and product promotions to maximize the sale for their own brands and launch new offerings. The vendors in this market mainly advertise their products through electronic and print media. “However, with the development of digitization, many companies like McDonald's and Yum! Brands are heavily inclined towards digital marketing. They use various social media sites like Facebook, Twitter, and Instagram specifically to attract the target demography age group of 18-30 years,” says Arushi.

In 2015, Taco Bell launched the website ta.co. This website allows consumers to customize, place, and pay for their order in advance on all devices like personal computers (PCs), smartphones, and tablets. The website also has a nutritional calculator so customers can access ingredients and nutrition information based on their customized order.

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global foodservice market to record USD 3.7 trillion by 2020, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com