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.
Small is a big deal when it comes to foodservice operations these days. Just as consumers are gravitating toward locally grown, farm-to-table food options, many are choosing to patronize locally owned eateries that offer authentic cuisine and Instagram-worthy experiences. As Darren Tristano, chief insights officer at the foodservice research firm Technomic explained: “This really seems to be the dawning of the era of the independent. The independents and small chains are now outperforming. The big chains are now lagging.”1
As free online marketing platforms such as Yelp Inc. help raise the profiles of independents, major chains are yielding ground to these millennial-savvy upstarts. The foodservice industry research firm Pentallect Inc. projects a 5% growth rate for independents through 2020, compared to 3% for chains.1 And while sales at the top 500 U.S. chains rose 3.6% last year, the industry as a whole saw larger gains of 3.9%, according to Technomic data.1
Peanut butter is one of those perennial favorites that brings back fond childhood memories yet stays forever fresh and contemporary, lending itself to an endless array of flavorful pairings. With so many applications, from cookies to confections, donuts to delicacies, chicken to burgers and beyond, it’s no wonder consumers keep going nuts for peanut butter and find new ways to enjoy it.
Soggy sales are putting a damper on the cereal market, sinking business for some major brands. The popularity of this once-perennial staple has been declining for years as consumer preferences have shifted to better-for-you and grab-and-go breakfast options.
Donuts are on the rise. Though a longtime traditional staple of the breakfast daypart, they’re sweetening sales numbers at later hours too with endless varieties and flavor combinations. Innovative donut shops and donut-driven foodservice operations are baking big business across the country, and U.S. retail sales are soaring.1