More mouths to feed, different foodservice needs. While millennials may seem renowned primarily as a coveted youth demographic, the fact is they’re maturing—and their foodservice needs are evolving as they search for convenient at-home meal solutions during the coronavirus outbreak.
Limited time offers (LTOs) have gone a long way for a long time, and foodservice operators continue to get a lot of mileage out of them as go-to business boosters.
Foodservice may be in flux, what with shifting demographics, economic unpredictability and technological advances. But while foodservice operators can sometimes feel like their plates are piled high with uncertainty, there’s one thing they can count on: Flavor is always in favor, and 2018 is poised to be no exception. In fact, it seems on course to serve up a flavor fest.
Challenges and opportunities loom large for big food sellers. While the 25 largest players feasted on 63% of $495 billion in U.S. food and beverage sales in 2016, their share declined from 66% in 2012.1 Private label products, meanwhile, have seen a 3.5% year-over-year expansion of shelf space since 2012.1 Increasing price pressure from upstart store brands and retailers insisting on lower prices are turning up the competitive heat.1
Snacking is in a state of flux. Its frequency is accelerating (94% of survey respondents snack at least once daily;1 one in four millennial snackers partake four or more times a day2) as shifting demographics and busy lifestyles upend traditional eating patterns. As a result, foodservice operations face new challenges and opportunities to satisfy a seemingly insatiable demand for tantalizingly unique flavor experiences.