North America Food Service Market was worth USD XX million in 2020, so it is estimated to USD XX million by 2026, growing at a CAGR of XX%. There are a variety of catering firms that provide food services. Meal services, commonly known as the catering industry or business, provide packaged and real-time food service. Fast food/ quick-service restaurants, full-service restaurants, limited-service restaurants, and exceptional food service restaurants are all part of the food service business. The growth of the foodservice market has been spurred by the rise of reach the millennial working population, which has changed tastes for ready-to-eat foods and changed taste preferences, and the growing need for personalized and novel food options.
The foodservice market is being characterized by a growing need for customization and novelty in meal menu choices. Customers have a wide range of options for customizing their meals based on their flavor, nutritional, and financial decisions. Furthermore, eateries and restaurants have evolved as accessible venues for teens, families, and working professionals to interact and chill, accelerating industry expansion. Moreover, the growth of e-commerce/online channels and on-the-go food services, packaging innovations, the advent of low-fat drinks, gluten-free items, and other factors aid the industry's expansion. Additionally, elements such as an increase in the number of women in the workplace, a decrease in the practice of making home-cooked meals, high purchasing power, improved distribution networks are stimulating market expansion.
The main problem impeding the expansion of the market are strict policies and rules. Foodservice rules may impose a constraint on the industry, only to a certain limited degree. Because even the tiniest flaw can taint an item, adherence to laws is essential. It seems to have a detrimental effect on the cash flow of the firm.
The North America Food Service Market is segmented by Type and End-Use.
The market is segmented into kitchen equipment, storage and handling equipment, dishwashing equipment, and serving equipment. In 2019, the largest share of the Food Service Market was held by the cooking equipment category. Consumers now have a variety of dining options because of the increased popularity of creative cooking and baking. As a result, restaurants are investing in various types of cooking equipment to deliver the best services to clients, which is driving the growth of the catering equipment market.
The market is primarily augmented into full-service restaurants and hotels, fast food restaurants and pubs, and catering. In 2019, the full-service hotel and restaurant segment held the most significant proportion of the global foodservice market. The introduction of new technology in foodservice equipment for food preparation, storage, and service in full-service restaurants has matched consumers' need for new, moderately priced kitchens.
Canada's foodservice business contributes for 4% of the country's Gross Domestic Product. During the forecast timeframe of 2021-2026, the U.S. foodservice industry is expected to grow at a 3.7 percent CAGR. Customers like to order ahead of time and make online payments, so the growing digitalization of foodservice is one of the key reasons driving demand. In the future, fast food restaurants focused on organic food, and nutritious meals are projected to be the industry's priority. Healthy food is becoming increasingly popular in the United States.
However, because most fast-food products are unhealthy, concerns such as increased obesity and consumer health awareness impact market growth. The profitable foodservice industry in the United States covers all enterprises that deal with meals served outside the home. The foodservice industry comprises catering firms, hospitals, school cafeterias, coffee shops and cafes, private chefs, full-service and quick-service restaurants (FSRs), and quick-service restaurants (QSRs).
Impact of COVID-19 on North America Food Service Market
For the past few months, the spread of the Covid-19 has prompted governments and companies to implement both short-term and long-term responses, including shutdowns, social distancing, closure of research universities, and discontinuation of gatherings of people above a specific number. These limitations have been inconvenient and significantly impacted tourism-dependent businesses, notably those from the foodservice industry, which are constantly fighting to stay afloat. The COVID-19 epidemic has posed significant issues for food service operators in Canada. Many food service enterprises were forced to close or file for bankruptcy due to the epidemic, which is unprecedented.
Major Players in the North America Food Service Market are
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 Product Type
6.1.1 Serving Equipment
6.1.2 Ware Washing Equipment
6.1.3 Storage & Handling Equipment
6.1.4 Cooking Equipment
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Food Service Market, By End-Use
6.2.2 Quick Service Restaurants & Pubs
6.2.3 Full-Service Restaurants & Hotels
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Food Service Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By End-Use
8. Key Player Analysis
8.1 Cambro Manufacturing Co. Inc.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Duke Manufacturing Co. Inc.
8.3 Comstock-Castle Stove Co., Inc.
8.4 Alto-Shaam, Inc.
8.5 Middleby Corporation
8.6 Welbilt, Inc.
8.7 Ali Group S.r.l. a Socio Unico
8.8 Illinois Tool Works (ITW), Inc.
8.9 Dover Corporation
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures