LONDON--(BUSINESS WIRE)--The global foodservice market size is expected to post a CAGR of almost 5% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Rising demand for mobile foodservice is one of the critical factors anticipated to trigger the foodservice market growth during the forecast period. The rising popularity of trailers, food trucks, carts, and food stands is driving the mobile foodservice market. These mobile foodservice outlets tend to succeed more compared to conventional restaurants, primarily due to low yearly overhead costs, low initial capital investments, and rising popularity of street food among the urban young population. Furthermore, mobile foodservice establishments offer better opportunities for expansion of the customer base as well as customization of the menus to cater to a wider target audience. The growing demand for mobile foodservice is encouraging the mobile fast-food providers to strengthen their domestic and international presence.
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As per Technavio, the emergence of ghost kitchens will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Foodservice Market: Emergence of Ghost Kitchens
There has been a rapid rise in the popularity of delivery-optimized ghost kitchens in recent years. These kitchens produce food for online delivery and contain all the required kitchen equipment as well as facilities for the preparation of meals but have no dining area. With the rising number of online food orders, given the emergence of online food delivery platforms, ghost kitchens have emerged as a key business model in the foodservice industry. As a result, various major foodservice establishments across the globe are focusing on launching ghost kitchens to offer superior customer service while reducing the rent and labor costs involved in the conventional setups. Thus, emergence of ghost kitchens is one of the key trends anticipated to boost the global foodservice market growth during the forecast period.
“Other factors such as increasing demand for food away from home, growth of the fast-food market, new product launches, and growing number of strategic alliances in the market are expected to boost the foodservice market growth during the forecast period,” says a senior analyst at Technavio.
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Foodservice Market: Segmentation Analysis
This market research report segments the foodservice market by foodservice system (conventional, centralized, ready-prepared, and assembly-serve), and sector (commercial and non-commercial) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2019, followed by North America, Europe, South America, and MEA respectively due to the increasing number of restaurants, availability of a variety of cuisine, and rising preference for dining out by the millennial population in emerging economies including India and China. Furthermore, the use of advanced technologies in modern restaurants to offer satisfactory customer experience will drive the growth of foodservice market in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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