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Global Commercial Foodservice Market 2019-2023 | Implementation of New Technologies to Boost the Market | Technavio

May 24, 2019
Technavio has published a new market research report on the global commercial foodservice market from 2019-2023. (Graphic: Business Wire)

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.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report, including the market size and forecast, drivers, challenges, trends, and more.

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 report library comprising of over 10,000 reports, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than a hundred Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets. Technavio helps companies to assess their competitive position within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190524005064/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

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

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