Rewind to 2018, and no one saw the pandemic coming. Once the COVID-19 situation escalated, the need for modern solutions also quadrupled. The global foodservice industry market, which was anticipated to be worth US$3.5 trillion in 2020, is now expected to expand to US$4.2 trillion by 2027. This estimate showcases a CAGR of 2.7 percent throughout the analysis period. Following an early assessment of the pandemic’s commercial effects and the resulting economic crisis, the Centralized Food Service segment’s growth is revised to a 2.2 percent CAGR for the following seven years.
The worldwide foodservice market is being driven by a growing need for customization and innovation in meal menu options. Consumers have a wide range of options for customizing their meals based on their taste, dietary, and financial choices. Because of their growing demand for convenient, healthy, and hygienic meals, millennials and working professionals are the primary target consumers for the market. Additionally, factors such as an increase in the number of working women, a decrease in the practice of making home-cooked meals, rising disposable incomes, improved distribution channels, and so on are catalyzing market expansion. Compass Group USA detected this trend early and now it has been bringing worthy innovative measures to transform the entire sector for the good.
Compass Group focuses on creating never before experiences for its customers and its dedicated efforts have enabled it to emerge as one of the leading foodservice and support services companies. Compass Group’s excellence can be tracked by the fact that most award-winning restaurants, corporate cafes, hospitals, schools, arenas, museums, are among its prestigious clients. The organization also provides cutting-edge self-service and office coffee solutions.
Now that the company has been adding value to the American foodservice industry, you may be curious to know how it all started in the first place. Compass Group, based in Charlotte, NC, employs approximately 280,000 people and generated $20.1 billion in revenue in 2019. IBM, SAP, United Technologies Corp., Mount Sinai Hospital NYC, Texas A&M University, and Louisiana State University are some of its notable clientele.
Interestingly, Compass also caters to unique events such as the US Open and the Academy Awards. It is not surprising that the organization acted as the official catering services provider for the 2002 Olympic and Paralympic Winter Games in Salt Lake City. Now, that’s impressive. Isn’t it?
Compass Group operates across 50 countries, with leading market positions in the United Kingdom, Continental Europe, Australia, and the United States, as well as regions such as Eastern Europe, South America, and Asia. Nearly 600,000 Compass Group associates work throughout the world to provide excellent service and the best possible client experience. The company emphasizes on its talent and overall workforce.
Speaking of the diverse workforce that the company boasts of, Compass Group, USA, CEO Dominic Blakemore said, “Our ambition is to be an organization where all our colleagues thrive, feel safe and valued for who they are and what they bring to Compass. We respect people’s individual contributions and recognize that together we can create a culture where everyone’s backgrounds and experiences can make a real difference to our clients, our investors, and the communities that we serve. It is important that our workforce reflects our diverse consumers and the communities we work in around the world; to help us deliver exceptional service and retain the best talent.”
Compass Group operates keeping in mind the mutual benefits of its shareholders, customers, and associates. The Group is committed to constantly providing outstanding service in the most efficient manner. Its aim to become a world-class contract foodservice and support services provider is what motivates the company to build a team of great people that drive outstanding results. Indeed, Compass Group is one of the most innovative food service management companies to watch in 2021.