FOOD SERVICE INDUSTRY $3.3T GLOBALLY
Food Service Industry the #1 Market in the World!
The food and services industry globally at $3.3T and growing at 6.8% in Asia from a current $1Trillion.
Food service or catering service industry includes all firms that engage in serving meals which are prepared outside homes such as restaurants, school and hospital cafeterias, and catering outlets. Mobile food service such as food trucks industry is also growing in developing countries on the back of rising penetration of quick service restaurants. Globally, restaurant industry sales reached USD 781.2 billion in 2017, a 4.5% growth as compared to the sales of USD 766.4 billion in 2016. While restaurant operators are optimistic about the future growth and sustainability of their business, challenges related to government regulatory and rising labors costs are creating a huge pressure on the industry players. In United States, recruitment and retention of employees is becoming a major challenge for the restaurant players. However, technology implementation helps the food service industry players to grow significantly, but the process is not without barriers. High cost investment for advanced infrastructure still remains a significant challenge for the food chain operators