Catering is stepping up to the plate as a reliable way to feed the foodservice bottom line. The market research firm Technomic reports that in 2017 the booming U.S. catering market topped $58 billion—more than $22 billion of which was eaten up by business catering, with the balance (nearly $36 billion) attributed to social catering.1
Plant-based meat replacements are growing in popularity, and investors are sinking their teeth into their market potential. With consumers hungry for better-for-you meat alternatives that address their moral concerns about animal welfare and the environmental impact of meat consumption, it’s no wonder that plant-based protein has become fertile ground for capital funding.
Restaurant sales figures for Q1 served up a mere morsel of success, whetting operators' appetites for more as industry same-store sales inched up 1.9%—a 0.5% increase over the fourth quarter of last year.1
Millennials continue to flex their muscle in the foodservice marketplace. The prevalence of flexitarianism—the trend toward consuming less meat and diversifying food intake with more meat alternatives—is a case in point.
High tech is increasingly high profile as the pace of innovation continues to accelerate across industries—and foodservice is no exception. Consumers eat up the speed and convenience it offers; operators hunger for the higher margins it could provide.