Global Commercial Foodservice Market 2019-2023 | Implementation of New Technologies to Boost the Market | Technavio
LONDON--(BUSINESS WIRE)--May 24, 2019--
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
- Starbucks Coffee Company
- Yum! Brands Inc.
Some of the key topics covered in the global commercial foodservice market 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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INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY RESTAURANT/BAR RETAIL FOOD/BEVERAGE
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 05/24/2019 03:10 AM/DISC: 05/24/2019 03:10 AM