Cleveland / OH. (sc) Covid-19 is reshaping the nearly USD 4 trillion global foodservice industry, with a number of permanent effects expected. Not only is the pandemic accelerating growth of existing trends like online food delivery and curbside pickup, it is giving rise to new ones, such as expanded sanitation protocols and social-distancing dining. While creative fads are unlikely to go mainstream, foodservice establishments must find ways to adapt to market challenges such as limited-capacity seating and quell consumer concerns about contagion in order stay competitive.
A new Freedonia Group analysis examines the short- and long-term impacts of Covid-19 on global foodservice revenues, which are forecast to rise 3.7 percent per year to USD 4.4 trillion in 2024.
Asia/Pacific to account for 64 percent of global revenue gains through 2024
The Asia/Pacific region is to drive global market growth through 2024, supported by rapidly expanding foodservice markets in large developing countries such as China, India, and Indonesia, where rising incomes and Westernizing dining customs are driving new demand for foodservice. Regional revenue growth will also be supported by healthy (if more moderate) advances in mature markets such as Australia and Japan.
Cloud kitchens expand the possibilities of online food delivery in Covid era
Cloud kitchens are nonpublic brick-and-mortar foodservice facilities exclusively dedicated to producing and dispatching meals ordered online, which gained a boost of importance during shutdowns surrounding the Covid-19 pandemic. Even before the pandemic, the ability of cloud kitchens to enhance online food delivery business was leading to broad expansion efforts globally. For example, Grab (Singapore), Uber (US), and Rebel Foods (India) have announced plans to expand cloud kitchen facilities in various markets and traditional foodservice brands – including Chick-fil-A and Inspire Brands – are investing in cloud kitchen capacity.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Tender Food: successfully closes Series A funding
- Aramark: now lets autonomous floor cleaning robots do the work
- Santander Bank: opens another »Work Café« in Florida
- Ülker: accelerates digitalization and tech investments
- Enifer Oyi: secures 36 million euro funding package
- Coop: Tomatoes from Sweden no longer a rarity
- Fossil-free transport: ICA takes a step forward with hydrogen gas
- Lantmännen Group: in talks on Food Strategy 2.0
- Växthuset: Business-driven and circular ideas in focus
- BBU: Commences Multi-Site Microgrid Energy System
- Chipotle: Doubles Commitment To Cultivate Next Venture Fund
- Bühler: brings the entire protein value chain under one roof
- Oterra A/S: forms pioneering partnership with Vaxa Technologies
- Conagra Brands: Uncovers Hottest Frozen Food Trends
- Kroger: CIO Discusses Digital Innovation Trends 2024
- What’s on the menu? RaboResearch Outlook 2024
- Fazer: promotes green transition with renewable gas
- Bakery bites U.S.: Looking back and looking ahead
- Walmart: Offers a Glimpse into the Future of Retail
- Enifer: secures 12 million Euro grant to build first factory