Foodservice includes businesses, companies and institutions engaged in preparing meal or snack prepared for a business. The food as a service industry is wide which includes school, restaurants, catering operations in hospital cafeterias, and in many other areas. This includes products such as bacon, burgers & patties, turkey & veal, breaded beef, breakfast sticks & sausage, pizza and pork etc. Some of the other advantages of foodservice products includes convenient in handling, fresh to consume, and to maintain the freshness of the food products at a consistent cost.
According to study, “Global Foodservice Product Market Size study, by Product (Durable Foodservice Product, Disposable Foodservice Product), by End-user (Home, Commercial) and Regional Forecasts 2018-2025” some of the major companies currently operating in the global food as a service market include Reinhart Foodservice, Superior Glove, Dart Foodservice, Aurelia Glove, Carlisle, Ansell, Barber Healthcare, Ammex, Brightway Group, Sempermed, Rubberex, Southern Glove.
Based on the type of product, the food as a service market includes a disposable food as a service product, and durable food products. The disposable foodservices products are packaged into plastics, aluminum, paper, or other materials. Based on type of packaging market is segmented into containers, wraps, lids & domes and bags. Moreover, the containers are further segmented into clamshells, corrugates & paperboard boxes or cartoons. Based on the end-user the market is segmented into commercial (eating & drinking places, institutional, retail establishments, sports & recreation, lodging & hospitality) and home.
The global foodservice products include innovation & customization of the food menus. Moreover, the foodservice market is primarily driven by increasing need of the processed food in the developing countries, rising trend of nuclear families, increasing demand for healthy & nutritious food and surging demand of packaged food. Additionally, there are several developments registered in the market that has been an augmented for the wide range of hotels, hospitals, nursing homes, fast food joints, and restaurants owing to the varied needs of the consumers. In addition, the high cost of raw material, lack of availability and fluctuation in food commodity prices acting as the restraints of the market.
Globally, the North American region is developing the major market for food as a service due to an increasing need on adopting the latest technology and the high product penetration. In forecast period it is expected that the market to increase significantly due to high upcoming demand and use of the packaged food. Some of the key trends gaining traction in the food services space like Ready to Cook players and Virtual Kitchens. Ordering-in has become an integral part of eating experience and several logistics players providing last mile delivery for restaurants. Therefore, food services are emerging as a key supplier for the economic development, followed by employment generation, skill development, and the entrepreneurship.
The use of readymade food delivery services expected to grow significantly as it allows fresh food prepared and delivered at fixed times basis, while this only suits for the densely populated areas. Food as a service market is huge market with great opportunities to disrupt and innovate by offering a low-cost, high quality, frictionless service.
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Ankur Gupta, Head Marketing & Communications