The introduction of new marketing campaigns will have a positive influence on the commercial foodservice market during the forecast period. Players employ various marketing techniques such as launching new advertisement campaigns and signing sponsorship deals with various sports. These advertising campaigns help in consolidating their market presence. Our analysts have predicted that the commercial foodservice market will register a CAGR of nearly 5% by 2023.
The global increase in spending by consumers in restaurants
The increased spending at restaurants will have a positive impact on the global commercial foodservice market during the forecast period. The number of people preferring to eat out is expanding globally. According to the U.S. Bureau of Labor Statistics, in 2017, consumers in the age group of 35-44 years spent the highest in restaurants, followed by consumers in the age group of 45-54 years. The expenditure on hotels and restaurants are increasing globally, which will drive the growth of the commercial foodservice market during the forecast period.
Shortage of raw materials due to adverse weather conditions
Fluctuating food commodity prices harm the global commercial foodservice market. Raw materials for the market include sugar, grains, meat, salt, and dairy products. A shortage of raw material supply can negatively affect the market during the forecast period. Shortages primarily occur due to poor weather conditions and natural calamities. Poor climatic conditions can reduce the volume and quality of production of crops as well, thus hampering the growth of the market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the commercial foodservice market during 2019-2023, view our report.
The market appears to be moderately fragmented. The presence of several companies, including Brinker International Inc. and Compass Group PLC, makes the competitive environment quite intense. Factors such as the global increase in spending by consumers in restaurants, coupled with the introduction of new marketing campaigns will provide significant growth opportunities to commercial foodservice manufacturers. McDonald’s, Starbucks Coffee Company, and Yum! Brands Inc. are some of the major companies covered in this report.