Eating Out Market: Industry Outlook, Growth Prospects and Key Opportunities
Shifting consumer habits is to drive the growth of eating out market
The changes in food and beverage industry are that people don’t eat out on occasions but also on for social engagement and experience. The increasing in family income, social gathering, affordability and urbanization has led to this change. Food and beverage is no longer a means to only complete the retail experience, but holds the ability to promote, and sometimes be the unique retail experience for a consumer. A raising young population along with fast paced trend of eating out and experimenting various cousins on a frequent basis has provided surplus growth opportunities for the food services business operators in the market. Fast enlargement of food service outlets are acquiring popularity across major and emerging-market cities while franchising stays the most popular growth model. International hotel brands are expanding their presence in the market. As per the National Restaurants Association of India (NRAI) India Food Services Report (IFSR) 2016 states that Mumbai, with the highest GDP in India, is a hugely profitable market for food businesses and emphasizes trends.
The role of food and beverage in shopping malls has changed owing to the changing nature of consumers and food as culture. Food culture generally refers to the attitudes, beliefs, and behavior as well as the networks and institutions surrounding the consumption of food, production and distribution. Shopping malls are dominated by global mainstream food brands that are appreciated by the mass market.
Asia Pacific to dominate the growth of eating out market
Asia Pacific to dominate the growth of this market followed by North America. Omkar Harne a research analyst at Infinium Global Research quoted that the growth in the Asia-Pacific region for eating out market is due to increasing number of shopping centers and shopping destinations made foodservice at desired location, the rising trend for availability of food courts and full-service restaurants in shopping centers, dine-in locations increasing inside supermarkets and hypermarkets that attract consumers, further, increasing in working women, and young population attracted towards experimenting various cousins are anticipated to boost the demand for this market. Omkar Harne further quoted that the increase in economic status of individual, increase in disposable income, affordability, availability of many good deals and discounts, increasing desire for spending quality time with family and tired of cooking every day are so of the factors driving the growth of eating out market in North America region.
New Launches to remain key expansion strategies of the leading players in the eating out market from 2018-2024
Popular sandwich chain Subway has announced that they’re launching a brand new, giant sandwich that measures a massive six foot.
Starbucks will change its Ready-to-Drink (RTD) portfolio to include consumer favorites with the launch of Single-Serve Cold Brew in new flavors, Bottled Frappuccino® chilled coffee drink with Almondmilk, and Starbucks Doubleshot® Coffee Smoothies with Real Fruit and Almondmilk – available nationwide where groceries are sold.