Service and hospitality industry, which involves food service and hospitality management services, is a dynamic industry. Hospitality commonly includes leisure-based activities and services related to food, travel & tourism and accommodations. On the other hand, foodservice involves services offered at restaurants, hotels and other food outlets. Growing demand for outside food, rising disposable income and changing demographics are the key factors which are driving global foodservice and hospitality industry. Currently, the market is witnessing preference shift towards more nutritious and customized menu among health-conscious urban populace.
Global foodservice market can be classified into commercial and non-commercial foodservices. Among these, commercial foodservices dominate with almost 80% contribution to the market. Commercial foodservice includes quick service restaurants (QSR), cafes, drive-in restaurants, home-delivery services and others. Also, due to increased preference for take-away food, manufacturers are investing in convenient packaging designs in order to cater to the changing demand of consumers.
Foodservice market is highly fragmented and competitive due to presence of numerous players, providing many substitutes to the customers. Also due to highly competitive nature of the market, vendors are focusing on innovative packaging, service quality, pricing strategy and variation in menus. Currently, the industry is witnessing rising activity in mergers and acquisitions along with increasing adoption of technology for efficient operations.
Global hospitality industry is expected to grow at a faster pace in order to cater to growing travel-oriented population. Hospitality essentially includes hotels, wellness centres and resorts, airlines, cruise lines and other types of travel & tourism products. In the hotel industry, chain hotels dominate the market as compared to independent operators because of their higher recognition and loyalty among consumers.
Hospitality industry is undergoing a technology-driven transformation. Online booking system, electronic point of sale (EPOS), customer relationship management (CRM) software, social media, smart appliances are driving the change in the hospitality industry.
ASDReport.com has an extensive collection of reports on services & hospitality sector. The reports provide insights on various subsectors of service & hospital market like, fast food; Hotels & lodging; takeaway, delivery & catering, among others.