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NEW YORK, April 7, 2022 /PRNewswire/ — The “Foodservice Market In US by Type (fast foodservice, restaurant, cafés and bars, delivery and take away, and others) and Foodservice system (conventional, centralized, ready-prepared, and assembly-serve) – Forecast and Analysis 2021-2025“ report has been added to Technavio’s offering. The market value is set to grow by USD 157.03 billionprogressing at a CAGR of 4.11% from 2020 to 2025, as per the latest report by Technavio
Moreover, the increased snacking and indulgence consumption is notably driving the market, although factors such as rising competition from the unorganized fast-food sector may impede market growth. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
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Key Market Dynamics:
- Market Driver
Food consumption patterns and preferences have undergone a notable change, as many consumers are replacing their routine meals with on-the-go snacks and light meals. Over the past ten years, the number of consumers who prefer snacks has seen a rise in the US . Fast-paced lifestyles often compel consumers to skip their meals and consume on-the-go food. Similarly, the consumption of bakery products, such as doughnuts, bread, rolls, pies, and other similar products for breakfast, has surged in the US. Thus, vendors in the US are extensively offering healthy food options, such as doughnut sandwiches that include healthy ingredients. Though consumers have become more health-conscious and prefer healthy snacks, there is a steady growth in demand for premium food varieties, such as premium doughnuts, cakes, cookies, and pastries. A large percentage of consumers prefer premium and prepared snacks and are open to trying new and different flavors. Consequently, the demand for snacking at cafes an d bars has increased significantly in the US.
- Market Challenge
The foodservice market in the US is experiencing a challenge from the growth of the unorganized fast-food sector. The number of unorganized fast food vendors, such as those that sell through street stalls and trucks, is exponentially increasing across the country. Such vendors offer a variety of fast food items at affordable prices, which are preferred by price-conscious customers. There are various consumer categories (based on income levels) in the urban areas of the US, and many vendors are …
Full story available on Benzinga.com
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