The Business Research Company’s Community Food Services Market Report – Opportunities And Strategies – Global Forecast To 2030
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In July 2019, Zomato, a food delivery company based in India, acquired Feeding India, a non-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 launch of such various programs to serve community food service requirements is becoming an emerging trend in the community food services market. Another example from March 2020 is when 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 community food service market segments include soup kitchen and on-site meal provision, food pantry services, food collection and distribution services, and other services. 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 food service market size is then expected to recover and reach $124.63 billion in 2023 at a CAGR of 9.33%.
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