Published on : Dec 13, 2017
ALBANY, New York, December 13, 2017: Researchmoz.us has added a new market study, titled “Food Service Market in APAC 2017-2021,” to its expanding repository of research reports. From market dynamics to economic growth to competitive strategies, the report covers every aspect that are expected to influence the Asia Pacific food service market over the 2017-2021 forecast period. The report looks into current and historical performance of the market to make projections regarding the growth trajectory during the forecast period.
The report on Asia Pacific food service market has been prepared after an extensive research phase and insights received from industry experts. Analysts tapped into proprietary databases for data collection.
According to the report, the APAC food service market is likely to expand at a CAGR of 4.98% during the 2017-2021 forecast period.
The report elucidates various factors driving the Asia Pacific foodservice industry. First and foremost, changing lifestyle has been a key influencer in the growth of this market. Rapid urbanization and recently earned economic growth have considerably impacted eating habits in the region. Consumers are spending liberally on eating out for entertainment as well as for convenience reasons.
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The changing family structure in countries such as India is also having a positive influence on Asia Pacific food service industry. With increasing number of nuclear family setups wherein both the partners are working, the trend of eating out and ordering food is on the rise. The rising number of single persons living away from home for work reasons are also significantly contributing to the Asia Pacific food service industry.
Economic liberalization leading to the entry of western restaurant chains in countries such as India and China have set the trend for take away foods in these economies. Consumers are experiencing the joy of consuming continental foods irrespective of their high costs. The rising young population that are influenced by Western culture and have a fancy to try new foods are also key consumers of food service industry in Asia Pacific.
On the flip side, the growth of this market is challenged due to several factors. Fluctuating raw material prices is providing headwinds to the growth of Asia Pacific food service market. This is because fluctuating raw material process translates into price hike of food items which impacts sales. Consumers tend to cut down on eating out or ordering food from outside, which directly impacts profit of food service industry.
Nevertheless, the market is likely to benefit from the rising popularity of cafes. The young population who spend considerable amount of time with friends and are economically sound spend considerable amount of time in cafes. This population are key consumers of gourmet teas and coffees that are offered in café chains and coffee houses.
The report provided answers to some pertinent questions with respect to growth of Asia Pacific food service industry between 2017 and 2021. Not only does it cover growth trends, but also market size projections and competitive hierarchy that readers would be interested in.
Prominent names in the Asia Pacific food service market include McDonalds, Restaurant Brands International, Starbucks, Seven & i Holdings, and Yum China Holdings. Some other prominent vendors in this market include Coffee Beanery, Barista Coffee, Coffee Day Enterprises, Dominos Pizza, Dicos, Doutor Coffee Shop, Ediya Coffee, Gloria Jeans Coffees, J.CO DONUTS & COFFEE, Jollibee Foods, Mad Over Donuts, Krispay Kreme Doughnuts, Mister Donut, MOS Food Services, Mr. Lee, Specialty Restaurants, Subway, Tullys Coffee, and Yum! Brands.
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