Cafeteria Market Projected to Register an Impressive Growth Through 2027
The
growing inclination towards the fast-food items along with the reduced practice
of preparing home-cooked food are augmenting the growth of global cafeteria
market.
According
to TechSci report on, “Cafeteria Market -
Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”, the
global cafeteria market is expected to grow at an impressive CAGR during the
forecast period of 2023-2027, due to the growing trend of socializing among
millennials and Gen Z at cafeterias and other food outlets. Moreover, with the
increase in the working class, adoption of a fast lifestyle and hectic
schedules, the consumption of quick and ready-to-eat food has increased. In
line with this, a high percentage of the millennial population is on the move,
migrating to different cities for employment. Such population highly rely upon
readily available foods served at and quick-serving restaurants and outlets.
Furthermore, unlike traditional high-end family restaurants, cafes usually
serve food at an affordable price, which attracts a larger consumer base.
Additionally, the growing popularity of western cuisines and introduction of
newer dishes in the food menu are adding to the market growth. Furthermore, the
development of e-commerce/ online food delivery platforms, increasing
preferences for on-the-go food services, and reduced practice of preparing
home-cooked food are significantly contributing to the market growth. Besides,
with the growing health concerns among the consumers, cafeterias have started
serving low-fat beverages, gluten-free products, and innovative salads to
attract health-conscious population. Additionally, the availability of freshly
brewed coffee and a variety of fresh fruit juices are also anticipated to
propel the global cafeteria market in coming years.
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Pages and an in-depth TOC on "GLOBAL CAFETERIA MARKET"
The global cafeteria market is segmented by
ownership, sales channel, revenue source, competitive landscape, and regional
distribution. Based on the ownership, the market is differentiated between
standalone outlets & chained outlets. Among these, the chained outlets are
anticipated to hold a significant market share over the coming years. Chained
outlets are the group of restaurants that share the same name and concept but
are scattered at different locations across the nation or the world. They have
a wider customer base as compared to standalone outlets. These chained outlets
are well-known therefore, they are more reliable in terms of food taste and
hygiene. Moreover, they have pre-built menus and extensive knowledge of their
customer’s preferences. As a result, over standalone outlets, chained outlets
are highly preferred by the consumers.
By sales channel, the market is bifurcated
into on-premises vs off-premises. The on-premises format involves ordering and
having food at the restaurant or cafeteria only, whereas the off-premises
format includes drive-through and takeaway. Among these, the on-premises
segment is expected to hold a significant market share over the forecast period
because, in an on-premises food outlet, the consumer does not have to worry
about the food safety issues that may occur while food is being transported, as
in on-premises all the dishes are prepared and stores in the venue kitchen.
Moreover, the off-premises format is considered more reliable than the
on-premises segment, which is adding to the segment growth.
Based on the revenue source, the market is
segmented into food and beverage. The food segment is estimated to hold a
prominent market share in the coming years. Food is an essential part of
anybody’s life. One can go without beverage like coffee, shake, or juices but
having a proper meal at least one time is necessary. As a result, the food
segment is projected to hold a larger market share, compared to the beverage
segment.
A list of major
market players of the cafeteria market includes:
- Cleburne Cafeteria
- Clifton's
Cafeteria
- Gray Brothers
Cafeteria
- Philippe
- Harry's Hofbrau
- Kafezz Services
Private limited
- Torry Harris
Restaurants Private Limited
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“The expanding food and
beverage industry is supporting the growth of the cafeteria market. This can be
accredited to globalization which has led to the migration of a workforce with
mixed cultures, eventually propelling the demand for both regional and global
cuisines. Moreover, the growing income of the middle-class population is positively
impacting the growth of cafeterias. In addition, the chained or stand-alone
cafeterias offer food and beverages at a relatively low price than fine-dining
restaurants, hence attracting a wider consumer base. Furthermore, several
market players are expanding their businesses in order to grow their customer
base. For instance, in May 2021, CEC Entertainment, the parent company of
American fast-food brand Chuck E Cheese announced the launch of 100 new
cafeterias across the globe over the years. Hence, new promotional and growth
strategies adopted by the market players and innovation in food offerings are
expected to boost the growth of the global cafeteria market in coming years.,”
said Mr. Karan Chechi, Research Director, TechSci Research, a research based
global management consulting firm.
“Global Cafeteria Market - Industry Size, Share,
Trends, Opportunity, and Forecast, 2017-2027 Segmented By Ownership (Standalone
Outlets & Chained Outlets), By Sales Channel (On-Premises vs Off-Premises),
By Revenue Source (Food Vs. Beverage), By Region” has evaluated
the future growth potential of cafeteria market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in cafeteria market.
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