CLEVELAND, Aug. 28, 2020 /PRNewswire/ — The COVID-19 pandemic is causing severe disruption in the nearly $4 trillion global foodservice market:
- As outlets across all industry segments face steep declines in sales volumes due to restrictions on aspects of foodservice, such as dine-in capacity, that have been implemented to contain the virus, many establishments, particularly in the full-service sector, face permanent closure.
- These shuttered businesses are expected to be replaced with new ones as the pandemic recedes and economic activities, including consumer dining habits, return to normal levels in 2021 and beyond.
- Meanwhile, foodservice operators are working to adapt to a market environment where offering options such as digital ordering, curbside pickup, and delivery (such as via DoorDash or UberEats) is increasingly key to long-term growth.
Foodservice single-use product demand to grow in 2020 as off-premise dining takes off
One area of foodservice that’s weathering the storm well is single-use products, global demand for which is expected to rise 3.8% per year to nearly $70 billion in 2024. Despite projected declines in foodservice revenues and a high number of restaurant closures in 2020, demand for these products will register some growth during the pandemic due to a sharp increase in off-premise dining (e.g., delivery, drive-through, takeout).
However, faster growth in 2020 will be restrained by the substantial reduction in foot traffic across foodservice sectors due to voluntary and state-mandated measures to contain the pandemic. This includes establishments such as fast food restaurants that have traditionally focused on takeaway and have continued to operate throughout the pandemic.
Want to Learn More?
Global Foodservice and Global Foodservice Single-Use Products are now available from The Freedonia Group.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
Press Contact:
Corinne Gangloff
+1 440.842.2400
[email protected]
SOURCE The Freedonia Group
