Last updated on April 24th, 2023 at 08:40 pm
It should come as no surprise that the food and dining sector appeals to business owners. Everybody needs to eat, after all.
Yet, the sector has gotten a poor name lately; it’s a prevalent belief that starting a restaurant is exceedingly dangerous for even the most ambitious and diligent businesspeople.
But now that this fallacy has been disproved, there are many opportunities for forward-thinking businesspeople that wish to ride the food sector wave.
These are eight reasons why companies in the food industry will grow in popularity in 2018.
Read:3 Businesses: Fostering The Success of Startups
1. Our Health is getting greater attention.
The public’s awareness that more than two in three persons in the United States are thought to be overweight has contributed to the recent growth of the health and fitness business.
Consumers now have a great demand for healthy food options as a result, and food businesses are filling the gap.
Companies that prepare meals, like FlexProMeals, assist clients in setting up a diet plan and then send prepared meals based on their requirements.
This is a practical method to change your lifestyle and eat better.
Many customers are increasingly looking to meal-prep professionals to advise them on the best foods to eat and when.
2. We want to cook, but not at the expense of convenience.
The proportion of Americans who prepare their own meals is dwindling due to more chaotic lifestyles; in 2014, less than 60% of dinners served at home were genuinely prepared at home.
People simply lack the time; it’s not that they don’t want to cook.
Startups like Elements, which offers ready-to-eat meals for consumers on the run, come into play.
Customers may open the package, add hot water, and have a nutritious dinner without the time and effort required for a home-cooked meal thanks to high-quality ingredients and freeze-dried technology.
3. We are seeking more reasonably priced organic alternatives.
Even though most individuals would love to eat organic food, the cost of it usually prevents them from doing so.
For instance, while non-organic eggs typically cost roughly $2.49, organic eggs cost $4.99.
For people who only face one barrier to eating organically the price of food entrepreneurs like Brandless have realized this and are producing non-branded organics.
4. Chain restaurants are no longer sufficient.
Millennials have decimated chain restaurants like Buffalo Wild Wings and Applebee’s, according to some of the most recent news in the food sector, and the Restaurant Performance Index (RPI) dropped to 99.6 in September 2016.
Younger generations no longer patronize the once-popular chains due to shifting dining expectations.
Instead, by establishing subscription programs, which are particularly well-liked among the millennial audience, food entrepreneurs like Blue Apron are addressing the needs of younger generations.
5. We’re exploring new delivery options.
Since the dawn of the eating industry, people have cherished the convenience of food delivery.
Yet, ordering a pizza online is no longer sufficient because consumers want more varied selections.
There is still a $210 billion business opportunity for online meal delivery.
Food firms like Munchery have entered the market as a result, enabling customers to sate any craving at any moment.
When it comes to delivery alternatives, pizza is no longer your only choice.
6. We dislike waiting.
We all seek out and even demand immediate gratification. This demand is being met by profitable companies, and the restaurant sector is no exception.
Parties wait an average of over 30 minutes for a table in restaurants, where waiting lists are an average of 6.6 hours per week.
Startups in the food industry have realized the importance of reducing wait times. With the help of cutting-edge apps like NoWait,
consumers may wait in line while relaxing at home, skipping the physical wait at the restaurant.
7. We are eager to learn.
For the first time ever between 2015 and 2016, Americans spent more money (54.857 billion) on bars and restaurants than they did (52.503 billion) on groceries.
Younger generations with fewer resources are expressing a desire to improve their cooking skills because this accounts for a significant portion of the typical income.
Young people can learn how to cook by enrolling in popular, kid-friendly cooking classes offered by food companies like San Diego’s Hipcooks.
8. We desire to assist others.
Since 61 percent of millennials are worried about the state of the earth and feel personally accountable for making a difference, food businesses are capitalizing on the desire of the public to give back to the community.
Yet, not all millennials feel they can have a big beneficial impact and don’t think companies should support social causes.
By supporting businesses that aim to provide surplus food to those in need, the food and restaurant sector is capitalizing on this desire.
Read:3 Businesses: Fostering The Success of Startups
