Food industry is expanding greatly with time leading to various trends which is changing the course of the food market. From the people’s expectation to restaurateurs, things totally change all of a sudden when it’s about a growing trend.
Euromonitor International recently held a survey which stated that global demands have become a necessity in the current time. It shares an image which portrays the upcoming demand of these elements which will hit the industry by 2022. Restaurateurs understand the importance of these trends and they should look forward towards making good use of it.
Transactions outspacing value sales: 2017 was a positive year in almost every aspect for the food industry. From consumption to sales, everything was in favor of this segment and the same is expected in 2018. With growing consumer expenditure, though the transactions are expected to witness a rise in the upcoming time, the average spending per transaction is expected to fall through 2022 says Euromonitor report. Also, consumers are splurging on inexpensive food over gourmet products.
Delivery market grew by 17 per cent in 2017: Delivery sales usually grow faster than any other dining concept. Today’s tech-friendly generation wants everything to be done at an instance with very less effort. Hence, delivery market experienced an immense rise in the year 2017, and is expected to grow even more in the coming years. Delivery market provides immense opportunities to customers and restaurateurs to make profit from a specific deal.
Concepts of kiosks and street stalls experienced an immense rise: It was recorded that almost every chain with kiosks and street concepts make just 11 per cent of the total value created. But the number gradually increased in the year 2017. According to Euromonitor, the percentage grew from 11 to 17 per cent in just a single year which contributed heavily to the total value the brand created. It certainly explains that people are welcoming this concept and more kiosks and stalls can be seen in the year 2018. “The demand of Kiosks and stalls is stating the changing dining habit occurring among people. They are ready to spend more for a quality food product coming in a quick interval of time. Thus we restaurateurs also have to gear up our pace meeting the expectations of customers,” shares Amit Wadhwa, Operational Director, Yeti-Himalayan Kitchen.
Restaurateurs need to understand the working behind these major growth trends to sustain in the market. With the increasing customer demand and market, competition is going to be very tough. They must be prepared with the proper knowledge and plan in order to act at the required time.