Younger Demographics Help to Evolve Trends in the Food and Beverage Market

NEW YORK, Oct. 2, 2020 /PRNewswire/ -- The food & beverage industry is being profoundly impacted by the global pandemic. The duration of the viral outbreak remains a key factor in assessing the overall impact of the pandemic and the overall economy as well as this industry. Now, businesses have started to slowly open up and the rapidly transforming food service industry is of great importance to the adoption of technologies for better and more efficient operations. With the addition of scheduling software, digital inventory tracking, automated purchasing tools, and digital reservation table management, the food service industry has seen huge leaps in terms of revenue generation, inventory management, customer satisfaction, and operation efficiency.

Now, the food & beverage industry has become even more important for the fast-casual restaurant market, which was valued at USD 125.6 Billion in 2019, and is expected to reach USD 209.1 Billion by 2027 while registering a CAGR of 10.6% from 2021 to 2027, according to data by Allied Market Research. Urban Tea, Inc. (NASDAQ: MYT), Dunkin' Brands Group, Inc. (NASDAQ: DNKN), Shake Shack Inc. (NYSE: SHAK), Yum! Brands, Inc. (NYSE: YUM), Chipotle Mexican Grill, Inc. (NYSE: CMG)

The broader restaurant, food & beverage market is also influenced by a continuous change in tastes and trends of consumers. A good example is the the rapid expansion of online delivery services, such as Uber Eats, Swiggy, Zomato, DoorDash and Deliveroo, which has gone in in the past few years, and even more so during the pandemic. Moreover, development of e-commerce/online platforms and on-the-go food services coupled with innovations in packaging, introduction of low-fat beverages, gluten free products, and more are also contributing significantly to the growth of the market.

Urban Tea, Inc. (NASDAQ: MYT) announced breaking news earlier last week that, "it has entered into a share purchase agreement (the "Agreement"), pursuant to which the Company agreed to pay $400,000 in cash to acquire 80% of the equity interest in Guokui Management Inc. ("Guokui"). Guokui is incorporated under the laws of New York State and has been operating CROP CIRCLE, a casual street food restaurant in New York City, since August 2020. The Agreement also includes details of how the two parties may collaborate in the future.