COVID 19 Impact and Recovery to 2030

Will Kreznick

New York, Feb. 01, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Food And Beverage Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06018937/?utm_source=GNW 06 billion in 2020 to $3274.89 billion in 2021 at a compound annual growth rate (CAGR) of 18.5%. […]

New York, Feb. 01, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Food And Beverage Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06018937/?utm_source=GNW
06 billion in 2020 to $3274.89 billion in 2021 at a compound annual growth rate (CAGR) of 18.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4172.72 billion in 2025 at a CAGR of 6%.

The food and beverage services market consists of sales of food and beverage services and related goods by entities (organizations, sole traders and partnerships) that provide meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption. The food and beverage services market is segmented into restaurants and mobile food services; bars and cafes and catering services and food contractors.

Asia Pacific was the largest region in the global food and beverage services market, accounting for 47% of the market in 2020. North America was the second largest region accounting for 24% of the global food and beverage services market. Africa was the smallest region in the global food and beverage services market.

Modernizing technologies in restaurants improves customer satisfaction, thereby boosting restaurant sales. Many restaurants have recently begun introducing tablets on their tabletops to automate the process of ordering food as well as tipping. Apart from improving the overall dining experience, it also provides valuable data for restaurants. For example, Chili’s, an American casual dining restaurant chain, made a big change to its in-store ordering system by installing more than 45,000 tablets across 823 Chili’s restaurants. Bars and nightclubs are also increasingly offering technology-driven solutions and services. Establishments in the industry are introducing self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment and digital entertainment such as gaming .

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the food and beverage services market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the food and beverage services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The food and beverage services market is expected to benefit from rising digitalization of food services. Consumers are increasingly preferring to order food online for home deliveries. For instance, according to NPD Group, spend on restaurant food delivery in the UK was expected to grow to £5billion in 2019, an increase of 10% from 2018. Major companies providing food delivery services include Deliveroo, Just Eat and Uber Eats. This trend is likely to continue in the forecast period and drive the food and beverage services market going forward.
Read the full report: https://www.reportlinker.com/p06018937/?utm_source=GNW

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