Foodservice Market in the US 2016-2020
Overview of the foodservice market in the US
Technavio’s market research analyst predicts the foodservice market in the US to grow at a CAGR of more than 3% by 2020.. Due to factors like changing consumer preferences, new lifestyle choices, and demographic shifts, the foodservice sector will constantly evolve during the forecast period. Moreover, due to the strengthening of the economy in the US, more people will be employed. This increase in the employment rate will augment the populace’s disposable income, which in turn will impel their spending on food products. According to the US Department of Agriculture (USDA), the food-away-from-home (FAFH) category amounted to 42% of the total household expenditure in 2012.
The hectic and busy work schedules of the populace in this region are responsible for the growing demand for drive-thru or on-the-go food products. Moreover, factors such as the availability of hygienic food products for students and working population, and their rising need to eat in cafeterias, canteens, and restaurants will stimulate the prospects for growth in the foodservice market in the US during the forecast period.
Segmentation by type and analysis of the foodservice market in the US
The commercial segment dominated the foodservice market in the US and accounted for approximately three-fourth of the total market share in 2015. This segment includes restaurants, cafés, hotels, pubs, nightclubs and bars, takeaways, and others sub-segments, which includes travel and leisure hotels and retail hosts. Nowadays, consumers are overwhelmed by their lifestyle obligations and have limited time to prepare food. Therefore, they look for convenient and easy methods of preparing and even consuming food.
Competitive landscape and key vendors
The foodservice market in the US is highly fragmented because of the presence of numerous small and large suppliers. These vendors compete on factors such as price, quality, innovation, service, reputation, distribution, and promotion to gain maximum market shares during the forecast period. The increasing level of competition in this market may lead to vendors reducing their product prices, which in turn could negatively impact their profit margins and market growth potential.
The leading vendors in the market are -
- Burger King Worldwide
- Compass Group
- YUM! Brands
Other prominent vendors in the market are BiRite Foodservice Distributors, AmeriQual Group, Atlas Food Systems and Services, AVI Foodsystems, B&G Foods, Baldwin Richardson Foods, Basic American Foods, Ben E. Keith, Bon Appétit Management, Brock, Centerplate, CulinArt, Delaware North Companies, Gordon Food Service, Kraft Foods, Sodexo, Subway, Thompson Hospitality, and Wendy’s.
Key questions answered in the report
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the foodservice market in the US?
- What are the key market trends impacting the growth of the foodservice market in the US?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the foodservice market in the US?
- What are the key outcomes of the five forces analysis of the foodservice market in the US?
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