Talent Crunch Soon to Hit Food and Beverage Services Market as per TBRC’s Latest Report
Added: (Mon Dec 17 2018)
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The global food and beverage services market, one of the segments of hospitality industry. During the historic period it grew at a compound annual growth rate (CAGR) of around 7%. This was mainly due to the increased earning capacity of individuals and emerged market growth.
For the forecasted period, the food and beverage services market size is expected to be over $6000 billion by 2021, growing at a CAGR of nearly 7.5%. The growth rate for forecasted period is slightly higher when compared to the historic period. This is mainly attributed to shift in busy lifestyle of corporates where they have less time to prepare food at home.
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Competition among restaurants for workers and a lack of suitably trained employees contributed to a shortage of labor in the food and beverage services industry in this period, restraining its development. The industry also lost employees to banks, insurance companies and airlines, which focused more on service and presentation to potential employees. For example, according to a 2015 report from Development Economics, businesses in the food and beverage industry are at risk of a major staffing crisis by 2020 if the necessary skill training is not provided
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