New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food And Beverage Services Global Market Report 2022" - https://www.reportlinker.com/p06193681/?utm_source=GNW
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The global food and beverage services market is expected to grow from $3,232.94 billion in 2021 to $3,678.61 billion in 2022 at a compound annual growth rate (CAGR) of 13.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5,235.52 billion in 2026 at a CAGR of 9.2%.
The food and beverage services market consists of sales of food and beverage services and related goods by entities (organizations, sole traders and partnerships) that provide meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption.
The main types of food and beverage services are restaurants and mobile food services, bars and cafes, catering services and food contractors.Catering services is the business of providing food service at a remote location or at a specific location, such as a hotel, hospital, pub, airline, cruise ship, park, filming location or studio, entertainment location, or event venue.
The services are owned by chain market and standalone market and the price ranges from high-end to economy.
Asia Pacific was the largest region in the food and beverage services market in 2021.North America was the second largest region in the food and beverage services market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The food and beverage services market is expected to benefit from rising digitalization of food services.Consumers are increasingly preferring to order food online for home deliveries.
For instance, according to KPMG, average spend per person per year on food takeaways in the UK rose by 42% over two years: from £452 ($506) in 2019 to £641 ($721) in 2021 .Major companies providing food delivery services include Deliveroo, Just Eat and Uber Eats.
This trend is likely to continue in the forecast period and drive the food and beverage services market going forward.
Modernizing technologies in restaurants improves customer satisfaction, thereby boosting restaurant sales.Establishments in the industry are introducing self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment and digital entertainment such as gaming.
For instance, in 2020, McDonald’s, a US based fast food company created a team focused on digital customer engagement as the restaurant industry continues to look to technology as a key way to boost sales.The new team is part of the fast-food company’s ambition to leverage technology to reach out to customers and increase sales.
As part of that endeavour, McDonald’s has installed digital self-order kiosks in its restaurants, expanded meal delivery, and made tech-focused investments.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the food and beverage services market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the food and beverage services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The countries covered in the food and beverage services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06193681/?utm_source=GNW
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