iConnectHub

Login/Register

WeChat

For more information, follow us on WeChat

Connect

For more information, contact us on WeChat

Email

You can contact us info@ringiertrade.com

Phone

Contact Us

86-21 6289-5533 x 269

Suggestions or Comments

86-20 2885 5256

Top

Food industry to see solid growth in 2021

Source:Pentallect Inc Release Date:2020-12-09 964
Food, Beverage & Personal CareFood & BeveragePackaging Equipment & MaterialsBeverage Processing & EquipmentFood Processing & Equipment
Add to Favorites
Food industry consulting firm, Pentallect is optimistic for food industry will recover in 2021

After sliding to $125 billion (-8%) in 2020 due to the $220 billion (-27%) downturn in foodservice, the food industry will likely increase by $145 billion, or 10%, in 2021.

 

This forecast from Pentallect, a strategic food industry consulting firm serving the trading partners, is attributed to a sharp second half of the year recovery in foodservice following anticipated vaccine rollouts and ongoing strength in many retail sectors.


food-creative commons stock photo.jpg

Pentallect forecasts that the food industry will continue to experience above-average growth beyond 2021 as the foodservice channel continues to rebound. (Photo: Dreamstime)


Bob Goldin, a Pentallect partner, says “quick-service restaurants generally held up well but other foodservice segments, including full-service restaurants, have been devastated by the effects of the pandemic. Next year we are guardedly optimistic that foodservice will begin a multi-year rebound as effective public health measures become more widespread.”

 

Rob Veidenheimer, Pentallect’s president, adds that “while there is clear evidence of pent-up consumer demand for foodservice, many retailers have proven to be highly effective in meeting consumer demands during the pandemic and we expect them to continue to benefit from increased customer loyalty.”   Veidenheimer notes that online, club stores and limited assortment stores have experienced accelerated growth which he believes is sustainable.

 

Pentallect forecasts that the food industry will continue to experience above-average growth beyond 2021 as the foodservice channel continues to rebound, while the retail channel sustains moderate momentum in the post-pandemic economy.


Add to Favorites
You May Like