Technology and Sustainability Top of Mind for F&B Market
- 2020-02-27
- Hospitality Net
Despite slowing restaurant growth and shifts in consumer dining patterns, the Food and Beverage (F&B) market is still booming. According to JLL's Foodservice Trends 2020, Europe's fast casual sector is expected to reach $17 billion in revenue by 2024, and with populations steadily increasing, the growth across the foodservice landscape is likely to continue.
Technology in the foodservice arena is prominent as ever as we enter the next decade. This is seen maturing in the global delivery market as part of the dining experience. Between 2017 and 2023, the online delivery market in Europe is forecasted to increase by more than $4 million dollars in revenue.
With rising competition, the food delivery market is skyrocketing with the help of technology. Between 2017 and 2023 in Europe restaurant to consumer delivery is forecasted to surpass $16 billion. As a result, we expect the growing trend of "dark kitchens" to continue to rise.
What if restaurants had an Artificial Intelligence based system? What if you made a reservation online where the AI system asked if you wanted a drink on arrival? This is one of the many things new technology can do to integrate faster, more efficient customer experiences, removing the "unpleasant" elements (such as waiting for the check) of dining at a restaurant.