As food away from home manufacturers know, there is more data at our fingertips today than ever. The challenge is no longer finding the data, it’s using the right data and blending the right sources to generate the most impactful, actionable insights.
At Tibersoft, we maintain our fresh perspective in the FAFH industry by continually leveraging multiple sources of data for current trends and challenges that are highly relevant to our clients. We then consolidate these many data points and compare them to the troves of transaction-verified, location-level data within our OPTRADE database. These types of comparisons enable Tibersoft to share enhanced insights and trends with our clients, enabling them to make strategic, data-driven decisions to drive growth and enhance their go-to-market strategies. Data expertise is a significant part of what makes Tibersoft such a trusted partner with our clients.
IFMA Forecast: What is the data telling us?
We find the IFMA data to be a trusted source for benchmarking. We regularly compare against annual IFMA trends to both benchmark and identify opportunities. During their recent 2024 food-away-from-home industry projection webinar, IFMA highlighted three segments they predict will outperform the projected real growth rate of 0.9% for overall foodservice operator spend. IFMA projected real growth of 3.0% in colleges & universities (C&U), 2.8% in lodging, and 1.0% in K-12.
Layering in Tibersoft’s data: A significant segment opportunity
Compared to the early trends we’ve been seeing in transaction-verified case volume, one of these segments is out-performing projections. Based on a YOY rolling six months through Feb 2024, C&U is mostly flat with a slight dip of less than 1%, while lodging shows a negative 6%. The A student thus far is K-12, with strong growth of 8%.
Ride the K-12 Wave
Such positive performance in the first half of the school year bodes well for manufacturers servicing the K-12 segment. Not only is K-12 massive, with 28.5M lunches and 14.5M breakfasts served in FY23*, proposed legislation supporting increased access to school meals should continue to support a positive consumption trend. While K-12 can be a challenging segment due to complex regulations and thin margins, it is especially worthy of continued focus for reasons beyond real volume growth. It’s rewarding to know that being part of the K-12 segment is also an opportunity to help nourish children across the US.
To learn more about Tibersoft’s view of segment trends and how we can help enhance your go-to-market strategy, please reach out to dean.rallo@tibersoft.com.
About Tibersoft
For over 25 years, Tibersoft’s Food Performance Optimization solutions have served top tier manufacturers in the Food Away from Home market. Tibersoft helps unlock strategic sales insights such as identifying cross-selling opportunities, uncover new whitespace locations, and conduct in-depth business reviews by segment, for accounts, distributors, and GPOs and turn them into action. Learn more here: Tibersoft.com
*Preliminary USDA FY2023 detail
