Chicago-headquartered foodservice research and market forecasting company Technomic has released three separate whitepapers for the United States, Canada and global markets, sharing industry predictions for the new year. The good news is that there is one thing the predictions have in common: a clearer road to economic recovery even as the battle against the devastating novel coronavirus (SARS-CoV-2) pandemic continues. With the approval and distribution of vaccines, Technomic sees a light at the end of the tunnel for the following predictions to thrive.
Overall, the market research company foresees strong to moderate growth – specifically in the US and Canada – over the next 12 months, being led by aggressive strategies. One commonality across regions is the streamlining of menus. Restaurants are expected to focus on core menu items and, in some cases, revamp them as “new and improved” with higher-quality ingredients or launch safer limited time offers (LTOs) with ingredients they already have on hand. In general, the focus is also shifting toward “better-for-you,” local and clean label menu items.
Value Gets a Jolt
Changing habits and disrupted lifestyles jumbled consumers’ value equation in 2020. Restaurants altered their messaging from low prices to convenience, health and comfort. The focus away from dollar menus and deep discounting will continue into 2021. Restaurants will find success when they provide solutions for today’s needs and demands against the backdrop of the ongoing pandemic. Chief among these is convenience in its many forms. Expect operators to address convenience through a variety of initiatives, including multi-occasion solutions such as multi-daypart meal bundles to drive patronage. Importantly, chains looking to tap into the increasingly ubiquitous subscription model or the rapidly evolving meal-kit format will need to add something special—like a limited-edition face covering—to these convenience-driven value plays to succeed in 2021.
Highlights of the three white papers are as follows:
US Market
•Investments in contactless technology for sanitation and ease of use
•Renewed interest in Italian, Mexican and Chinese menu items due to travel restrictions
Canada
•Investments in off-premise for long-term growth strategies
•Comfort foods and homegrown, hyper-local solutions
Global Highlights
•Growing popularity of plant-based proteins, requiring differentiation to stand out from competition
•Outdoor-friendly food and beverage developments to support active lifestyles and outside consumption
Each whitepaper is available free of charge at Technomic’s website via the links below:
•U.S.: https://www.technomic.com/newsroom/technomics-take-whats-come-2021
•Canada: https://www.technomic.com/newsroom/technomics-take-what-expect-canada-2021
•Global: https://www.technomic.com/newsroom/technomics-take-2021-global-trends-outlook
