Talent Crunch Soon to Hit Food and Beverage Services Market as per TBRC’s Latest Report

The global food and beverage services market, one of the segments of hospitality industry. During the historic period it grew at a compound annual growth rate (CAGR) of around 7%. This was mainly due to the increased earning capacity of individuals and emerged market growth.

For the forecasted period, the food and beverage services market size is expected to be over $6000 billion by 2021, growing at a CAGR of nearly 7.5%. The growth rate for forecasted period is slightly higher when compared to the historic period. This is mainly attributed to shift in busy lifestyle of corporates where they have less time to prepare food at home.

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Competition among restaurants for workers and a lack of suitably trained employees contributed to a shortage of labor in the food and beverage services industry in this period, restraining its development. The industry also lost employees to banks, insurance companies and airlines, which focused more on service and presentation to potential employees. For example, according to a 2015 report from Development Economics, businesses in the food and beverage industry are at risk of a major staffing crisis by 2020 if the necessary skill training is not provided

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The food and beverage services industry comprises businesses that provide meals, snacks, and beverages to customers. This industry includes restaurants and mobile food services, catering, beverage serving providers and other food and beverage services. Companies in this industry are mainly restaurants, cafes, coffee shops, fast food outlets, catering services, pubs and bars, food service contractors and mobile food services.

The top five companies covered are Compass Group PLC, McDonald's, Starbucks, Marriott International and Subway. Compass Group PLC was the largest company in the food and beverage services market in 2017.

The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.

The food and beverage services market is segmented into Restaurants And Mobile Food Services, Catering And Food Contractors, and Bars And Cafés.

Restaurants And Mobile Food Services segment includes businesses that provide food services through full service restaurants, limited service restaurants, cafeterias, grill buffets and buffets, as well as mobile food services. The major products in this industry include appetizers, entrées/main dishes, desserts, and beverages.

Catering And Food Contractors segment covers providing food services on contractual arrangements with customers for events at a specified location, and providing food services at institutional, governmental, commercial, or industrial locations of others based on contractual arrangements with these types of organizations for a specified period of time.

Bars And Cafés’ businesses prepare and serve beverages for immediate consumption on the premises. These activities are carried out at places like pubs, bars, taverns, fruit juice stalls, coffee shops and mobile beverage vendors.

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