The industry rebounded post-pandemic, exceeding 2019 values in 2023 due to inflation-driven price increases. Yet, transaction volumes remain below pre-pandemic levels as consumers face economic uncertainties. Operators are adapting with innovative engagement strategies like gamified loyalty programs and AI-driven insights, focusing on digitalisation and customer-centricity. Many businesses are also adopting sustainability initiatives, enhancing brand reputation and meeting consumer expectations.
This report comes in PPT.
The aggregate value of consumer foodservice has rebounded from the pandemic, surpassing 2019 levels in 2023. However, this increase can be attributed partly to inflation-induced price hikes. Despite this growth, global transaction numbers in 2023 remain below those recorded in 2019. Operators adapt to consumers’ cautious spending and economic pressures.
To thrive in the competitive foodservice industry, operators enhance customer engagement with innovative loyalty programmes. By leveraging gamification, personalised experiences and AI-driven insights, they differentiate their brands and build emotional connections, improving retention and driving repeat patronage in a fragmented marketplace.
The market is shifting towards digitalisation and customer-centric strategies. Strategic partnerships with technology innovators are essential for continuous innovation and improvement. By collaborating to create seamless online and offline experiences and foster community engagement, businesses better meet evolving consumer expectations.
Operators in foodservice industry are increasingly adopting artificial intelligence to enhance operations and customer experiences. AI applications are being explored for streamlining order processing, predicting inventory and personalising marketing efforts.
The foodservice industry's sustainability landscape is evolving, with many businesses engaging in sustainability initiatives focused on environmental protection, social wellbeing and governance. Companies are investing in sustainable practices to meet consumer demand, enhance brand image and improve employee satisfaction.
Consumer foodservice is composed of cafés/bars, full-service restaurants, limited-service restaurants, self-service cafeterias and street stalls/kiosks.
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