Impact of the Metaverse on Foodservice - Thematic Intelligence

Impact of the Metaverse on Foodservice - Thematic Intelligence
Summary

This report provides an overview of how foodservice companies are entering the metaverse. It looks at how several fast-food chains have proven the power of this technology, entering the market with skillful advertising and customer engagement strategies. Furthermore, it assesses the consequences of supply chain disruptions following the Russia-Ukraine war and the global economy heading for possible stagflation on the metaverse adoption, and how it will influence foodservice innovation in the years ahead.

The metaverse is a virtual world where users share experiences and interact in real-time within simulated scenarios. At the time of writing, it is still largely conceptual but could transform how people work, shop, communicate, and consume content. The metaverse brings together a range of next-generation technologies from cloud computing to artificial intelligence (AI), blockchain, cryptocurrencies, cybersecurity, the internet of things (IoT), virtual reality (VR), augmented reality (AR), digital twins, and adtech. This report provides an overview of how foodservice companies are entering the metaverse and how it is used for their business strategies.

ScopeGlobalData forecasts the metaverse market will be worth $144 billion by 2025 at a compound annual growth rate(CAGR) of 33.6% between 2020 and 2025.Most of the foodservice use cases involve gamification whose rewards can be then redeemed for real food in restaurants. Food brands leverage the metaverse to foster their relationship with users in a virtual environment, advertise themselves, and then capitalize on it when consumers spend their earned promotions at real-life restaurants.Under the current economic circumstances, the metaverse adoption in the foodservice sector will be delayed. In addition to this, GlobalData data shows that food brands’ metaverse hype had already started to wane in 2022.Reasons to BuyGain insight into the latest metaverse trends in the foodservice sector.Identify how foodservice companies are adopting the metaverse in their business strategies.Uncover the foodservice companies excelling in metaverse adoption with GlobalData’s thematic scorecard. Understand competitor activity and positioning in the metaverse theme with extensive coverage of leading companies’ activity.