The Asia Pacific Food Service Market is anticipated to develop a stunning growth rate of 31.2% throughout the forecast period (2021-2026).
The restaurant or food service industry includes all companies that offer meals prepared outside the home, such as restaurants, cafes, and other food outlets. Mobile food services, such as the food truck industry, are also expanding in developing countries due to the increasing penetration of fast food restaurants. While restaurant owners are optimistic about The Future growth and sustainability of their businesses, challenges related to government regulations and rising labor costs are creating enormous pressure on industry players. In the United States, hiring and retaining employees is becoming a major problem for gamers in the restaurant industry. However, the implementation of the technology helps the actors of the food service industry to develop considerably, but the process is not without obstacles. High cost investment in advanced infrastructure remains a major challenge for food chain operators. With the increasing number of fast food chains, organized food unions and food outlets, the pressure on the hotel industry has increased due to quality and service.
In December 2019, Performance Food Group Co. (P.F.G.) has declared the purchase of Reinhart Foodservice, L.L.C, with approximately $ 30 billion in annual net revenue.
In January 2020, Imperial Dade, a leading distributor of disposable catering supplies, confirmed the purchase of Wagner Supply Company. The acquisition strengthens Imperial Dade's presence in Texas while enhancing the company's differentiated value proposition for customers in the region.
In March 2020, US foods, the broadband distributor in Illinois announced a deal to purchase Smart Foodservice Warehouse Stores, which operates 70 small cash and transportation stores in many states.
In March 2020, NEOGEN Corporation announced that it has acquired the assets of Chilean company Magiar Chilena, a distributor of diagnostic products for food, animals and plants, including NEOGEN products.
Market Drivers and Restraints:
The growing number of cafes serving alcohol and groceries is gaining ground among young people for parties and gatherings. Players in the restaurant industry are inclined to renovate traditional cafes and lounges, which will eventually make it a themed facility that attracts more customers compared to older ones. Besides, several restaurant and food chain operators are improving their presence on digital platforms to extend their reach and improve revenue. Online portals like UBER Eats, Zomato, Swiggy and others are helping players in the restaurant industry increase the number of delivery orders and takeaways. According to the survey analysis, in urban areas, 52.2% of consumers prefer to receive home food delivery through online ordering. Improving connectivity services and smartphone penetration in major economies is one of the key things driving consumers to order food and drink online. Today, consumers are overwhelmed by the limitations of their lifestyle and have little time to prepare food, so they look for practical food. Fast-service restaurants offer the convenience and food of your choice right at your doorstep. The fluctuation in the prices of raw materials such as meat, cereals, sugar and dairy products is one of the main challenges for those involved in catering. On the other hand, new entrants to the market are competing fiercely with existing players thanks to improved business models and innovative food menus. New players are focusing on digital channels to reach consumers and are primarily focused on branding. Federal authorities are also adjusting their regulatory landscape to ensure the quality of food and services provided by restaurateurs.
The Asia-pacific Food Service Market segmentation has been categorized by Place Type into Full Service Restaurants, Quick Service Restaurants, Food Junctions Cafeterias/buffets, Bars and Managed Food Service. By end-user the market is separated into Industrial Premises, Commercial and Office Premises, Hospital & Nursing Homes, Educational Premises (Colleges, Universities, Schools), In-transit Food Service (Airlines, Trains), and Sports Centers/Malls.
Based on the place type, full-service restaurants accounted for the most substantial share of 36.0% in 2017, and are likely to record a CAGR of 4.3% during the forecast period. In contrast, the market share of fast food restaurants is continually growing increasing at a rate of 31.90% due to urbanization and the hectic lifestyle of the population living in metropolitan areas. The upward trend in mobile restaurants, such as food trucks, is also contributing to the positive growth of fast-service restaurants. Several players in the food service industry are focusing on digital media marketing and other innovative tactics to put exceptional quality in the spotlight.
The market for Asia-pacific Food Service has been categorized on the basis of geography into China, Taiwan, South Korea, India, Japan, Australia, and New Zealand, and the rest of the Asia-Pacific. China dominated the food service market in Asia-Pacific with a share of 31.2% in 2016 due to the increase in the number of restaurants and the western culture of cafes and salons. Also, China is the most substantial consumer in 2017 and is determined to continue its maintenance over the calculated period due to the large population and the purchasing power of consumers. Leisure travel activities in China are growing considerably, leading to the expansion of the hotel industry. Singapore is constantly growing with a 23.1% market share due to rising personal disposable income and lifestyle changes. On the other hand, India is the most opportunistic market with a compound annual rate of 9.0% with the rise in catering applications like Swiggy, Zomato, etc. Recently, Swiggy has added nearly 5,000 restaurants with an estimated time of 30 minutes for delivery.
Other important suppliers in the market are: Café Barista, Coffee Beanery, Coffee Day Enterprises, Tacos, Domino's Pizza, Doutor Coffee Shop, Ediya Coffee, Gloria Jean's Cafees, Jollibee Foods, J.CO DONUTS & CAFFEE, Krispy Kreme Donuts, Mad over Donuts, Monsieur Donut, MOS Food Services, M. Lee, specialty restaurants, Subway and Tully's Coffee
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Food Service Market, By Place Type
6.1.1 Full Service Restaurants
6.1.2 Quick Service Restaurants
6.1.3 Food Junctions Cafeterias/Buffets
6.1.5 Managed Food Service
6.1.6 Market Size Estimations & Forecasts (2019-2024)
6.1.7 Y-o-Y Growth Rate Analysis
6.1.8 Market Attractiveness Index
6.2 Food Service Market, By End-User
6.2.1 Industrial Premises
6.2.2 Commercial and Office Premises
6.2.3 Hospital & Nursing Homes
6.2.4 Educational Premises
6.2.5 In-transit Food Service
6.2.6 Sports Centers/Malls
6.2.7 Market Size Estimations & Forecasts (2019-2024)
6.2.8 Y-o-Y Growth Rate Analysis
6.2.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 Asia Pacific
7.2.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.2.2 By Place Type
7.2.3 By End-User
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Pizza Hut
8.4 Burger King
8.6 Hoshizaki Electric Co
8.7 Starbucks Corp
8.8 Yum! Brands Inc
8.9 Dunkin 'Donuts
8.10 Papa John's
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures