Global Foodservice Market 2017-2021 - Major Drivers are Innovation and Customization of Food Menus

The global foodservice market to grow at a CAGR of 4.98% during the period 2017-2021.

The report covers the present scenario and the growth prospects of global foodservice market for 2017-2021. To calculate the market size, the report considers the revenue generated from sales of food and beverages sold through commercial and non-commercial foodservice sectors globally. The report also includes a discussion of the key vendors operating in this market.

The latest trend gaining momentum in the market is Innovative packaging. Innovative packaging is very important in the foodservice market. Consumers often opt for takeaway because of their busy schedules and changing lifestyles. However, the selection of takeaway options completely depends on convenient food packaging options available at different outlets to maintain the freshness of food. Innovative packaging has a strong impact on consumer purchasing behavior

According to the report, one of the major drivers for this market is Innovation and customization of food menus. Consumers worldwide are looking for new flavors, foods with bold flavors, and premium alternatives. As consumers' taste preferences are evolving, they are demanding more exotic cuisines. Millennials, aged 20-34 years, are demonstrating an inclination toward innovative and exotic flavored fast food. They seek options that allow them to customize their food based on their taste and calorie intake per day.

Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in food commodity prices. The global foodservice market is highly dependent on fluctuating food commodity prices. Raw materials that include sugar, grains, meat, salt, and dairy products are very important in the global foodservice market. Any shortage in the supply of raw materials affects the market growth. A shortage mainly occurs because of adverse weather conditions and natural calamities. Bad weather conditions can affect crop production. For instance, wheat requires warm conditions to grow. However, the temperature requirements change at various stages of its growth. Climate disparities can negatively affect the volume and quality of production.

Key vendors

Other prominent vendors

Key Topics Covered:

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