(Entertainment-NewsWire.com, August 29, 2018 ) The food and beverage services industry comprises businesses that provide meals, snacks, and beverages to customers. This industry includes restaurants and mobile food services, catering, beverage serving providers and other food and beverage services. Companies in this industry are mainly restaurants, cafes, coffee shops, fast food outlets, catering services, pubs and bars, food service contractors and mobile food services.
The food and beverage services market in this report is segmented into restaurants and mobile food services, catering and food contractors and bars and cafes.
The global food and beverage services market has been growing in the past years with a CAGR of almost 7%. The year 2017 recorded high growth in this market with a net market value more than 24% higher than that of 2013, as per TBRC’s in-house consultants.
TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global food and beverage services market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
Organic and locally produced food is becoming increasingly popular. Consumers are willing to pay more at restaurants and cafes that serve organic and locally grown food items. Almost 45% of Americans actively try to involve organic food in their diets. In 2013, the global sales of organic food and drink reached $72 billion, with Europe and the United States driving 90 percent of the world’s sales. Companies in the food and beverage services industry are seeking to differentiate themselves by upgrading their ingredients and experimenting with healthier dishes. For example, Panera Bread and Starbucks, each known for their seasonal pumpkin spice lattes, changed their recipes in order to eliminate undesirable ingredients and meet consumer demand for healthy dishes.
Companies included in the report are McDonald's, Compass Group plc, Starbucks, Marriott International and Subway.
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