The global food service market is broadly segmented into various types based on the type of food offered, the food service system, and different geographies. Restaurants account for the most significant market share and are estimated to be the biggest market segment in the food service segment. According to a recent research report, restaurants account for approximately 10% of the total workforce in the United States alone. Customizations and innovations in the food products and the rising demand for healthy food options among the customers are effectively contributing to the growth of this space. Although the food service market is proliferating, several factors are expected to influence the growth of the market. These factors include:
- Innovations: The global food service space is witnessing relentless competition to deliver tailored offerings to the customers. Additionally, with the growing threat of new entrants, organizations are facing the need to invest heavily in R&D and offer innovative items in terms of packaging for home delivery or take away foods.
- Compliance issues: It is mandatory for firms in the food service space to ensure better quality in the products offered owing to the growing concern for health and wellness. Additionally, public health service departments across the globe are compelling organizations to ensure that the quality of their offerings is on par with the recommended standards.
Many such factors are compelling firms to leverage the use of market assessment solutions. Market assessment solutions help companies gain a comprehensive analysis of the market trends and consequently allocate resources to cater to the business requirements. These solutions also help clients gain a deeper understanding of the market space and identifying the needs of the customers.
The Business Challenge
- The Client: A leading food service player
A leading food service provider with business operations spread across the globe wanted to seek ways to categorize the potential competitors and identify the pain points and unmet needs in the market. Additionally, the client also wanted to ascertain real-time information on the food service market and identify the opportunities, challenges, and evaluate the regulations and policies.
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Infiniti’s market assessment experts carried out extensive research comprising interviews and discussions with leading stakeholders in the food service space to understand the market scenario and build accurate go-to-market strategies. The experts also gathered information from various secondary sources such as paid industry databases, company presentations, and industry forums across the food service space.
The Solution Benefit and the Business Impact
With the help of Infiniti’s market assessment solution, the food service client sought ways to evaluate information in terms of the brand image and recognition and made necessary adjustments to their offerings. The engagement also helped the client gain insights into the potential bottlenecks while entering niche market segments and anticipate risks with new product developments. Furthermore, the client gained holistic insights into the customer’s purchasing habits, usage, and awareness of the offerings.