Major players in the community food services market are Feeding America, City Harvest, Equal Heart, Volunteers Of American CO BR, A. D. Food Service, Gratzi Catering, CRS Employment Services, Feedmore Western New York and GIICA.
New York, Jan. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Community Food Services Global Market Report 2020-30: COVID-19 Growth And Change" - https://www.reportlinker.com/p06001435/?utm_source=GNW
The global community food services market is expected to grow from $90.87 billion in 2019 to $95.37 billion in 2020 at a compound annual growth rate (CAGR) of 4.96%. Although the global food trade was impacted by the COVID-19 outbreak, the community food services market was resilient. The requirement for emergency food for vulnerable, elderly, and low-income people during the COVID-19 crisis has boosted the market growth. However, due to the restrictive containment measures involving social distancing and the closure of industries and the disruption of the food supply chain, the growth is considerably low. The market is then expected to recover and reach $124.63 billion in 2023 at a CAGR of 9.33%.
The community food services market consists of the revenues from community food services by entities (organizations, sole traders and partnerships) that prepare, and deliver food for the needy. The community food services market includes establishments that primarily are engaged in the collection, preparation and delivery of food for the needy. Only goods and services traded between entities or sold to end consumers are included.
Asia-Pacific was the largest region in the community food services market in 2019. North America is expected to be the fastest-growing region in the forecast period.
In July 2019, Zomato, a food delivery company based in India, acquired Feeding India, a not-for-profit organization. The company has acquired Feeding India as a part of the company’s corporate social responsibility. The acquisition aims to deal with the issue of hunger and food wastage. Zomato also developed a ‘Feedi.ng’ app, an app that connects donors and volunteers to serve at least 100 million underprivileged individuals monthly. In addition to this, Zomato will fund the entire salaries of the team and sponsor its core initiatives, while Feeding India will continue to be a non-profit organization. Feeding India was founded in 2014 and works in eradicating malnutrition, hunger, and food wastage in India.
The community food services market covered in this report is segmented by products and services into soup kitchen and on-site meal provision; food pantry services; food collection and distribution services; other services.
The rise in the price of consumer goods, particularly food items, is restricting the growth of the community food services market. For 2020, the US Department of Agriculture has predicted that food prices will increase between 1.5% and 2.5%. Dairy prices are expected to rise from 1.5% to 2.5%, vegetable prices by 1%, fresh fruit prices by 1% to 2%, cereal and bakery products prices by 2% to 3%, beef and meal prices by 1%, poultry by 0.5% to 1.5%, and pork prices by 1.5% and 2.5%. Thus, the increase in the cost of food is expected to limit market growth during the forecast period.
The launch of various programs to serve community food service requirements is becoming an emerging trend in the community food services market. For instance, in March 2020, Food Finders Food Bank, operating in community food services launched the Mobile Pantry Program. The outreach program directly serves patrons in areas where food is needed to supplement other starvation relief agencies. The mobile pantry truck travels around North Central Indiana providing nutritious perishable and non-perishable food and provides at least 6,500 lbs. of food to each place, which is sufficient for 140 families to receive 40-50 pounds of food. The Mobile Food Pantry allows organizations the ability to serve the needs of society.
The increasing crowdfunding is projected to boost the demand for the community food services market. Crowdfunding is a method of raising capital from individual investors, customers, and the general public through crowdfunding and social media platforms. The global crowdfunding statistics published in May 2020 indicated a rapid growth in the crowdfunding market worldwide with China and the USA contributing 70.7% and 20.0%, respectively. Moreover, JustGiving, a UK-based online fund-raising platform raised about $7,705.8 to provide emergency food for vulnerable, elderly, and low-income people during the COVID-19 crisis in 2020. This has led to a greater supply for the industry’s food aid and social services, enabling industry organizations to meet the demand for food services. Thus, the growth in crowdfunding is expected to act as a major driver for the industry.
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