THE NEXT FRONTIER
Special feature on N. American Foodservice
Why Foodservice is the next frontier for Finlays in the US
Words: Art Lopez
Foodservice is the next frontier for Finlays as it sets out its mission to help operators make the most of the growth opportunities in this sector. By offering high-quality, shelf-stable tea and coffee extracts, refreshing its approach to R&D and developing foodservice-friendly packaging options, Finlays is ideally placed to help brands capitalize.
Amelia Earhart, Neil Armstong, and the Lewis & Clark Expedition – US history is filled with brave men and women facing the unknown on new frontiers. Today, we at Finlays are embarking on an exploration of our own. But unlike the icons mentioned above, Finlays has a clearer vision of what lies ahead on this particular frontier….
The North American foodservice market is without doubt the most exciting growth opportunity in the US beverage industry over the next five years. The total foodservice beverage category was valued at $232 billion in 2023, up from $215 billion in 2022*.
Within this, Finlays can directly address $29.2 billion through tea and coffee solutions, the latter of which is the fastest growing beverage segment at +14.4% year-over-year**.
Until now, Finlays has dabbled in food service, while never truly prioritizing it. But the opportunity before is too big to ignore. And while this is a new frontier for us, there are three key reasons it’s one we’re well-placed to plant our flag in.
The North American foodservice market is without doubt the most exciting growth opportunity in the US beverage industry over the next five years.
1: Quality and Expertise
When consumers leave their homes, they are seeking to taste something better than they can make themselves or experience something new. To capture this demand, foodservice establishments must deliver on these needs to wow their customers. For Finlays, producing high-quality coffee and tea extracts is a given – our products and solutions have been used by globally-recognized beverage brands for decades. And what’s more, no-one knows tea and coffee like Finlays. Our understanding of tea and coffee as categories and as products is unparalleled. So, when it comes to helping customers meet consumer demand for something new and different, Finlays’ history and experience means we are ideally positioned.
2: R&D Collaboration
Our renewed efforts in research and innovation are helping to bring new, exciting ideas for formats, products, and flair into the foodservice channel. This leaves us inspired by the potential to collaborate with partners on creative solutions that not only wow, but also win the loyalty of foodservice consumers with surprise and delight every time they enter an establishment.
3: Foodservice-friendly Packaging
As my colleague Don Noah writes in a separate article (Need for Speed), foodservice chains require the ability to serve at speed through easy-use packaging for operational efficiency. Identifying operationally efficient packaging and delivering it quickly through collaboration with customers has been a challenge, but as it turns out, a surmountable one.
By prioritizing customer centricity, we can continue to glean insights that help Finlays become a stronger partner for packaging, delivery, and service.
Finlays’ biggest focus in North America over the next five years will be within the foodservice channel. By combining our high-quality product range with foodservice-specific R&D initiatives and packaging options, we are well placed to forge and win on the foodservice frontier, satisfying our customers, and of course, their consumers, for years to come.
While the adventures of Earhart, Armstong, Lewis, & Clark are broadly published, Finlays’ foray into foodservice likely won’t be.
Perhaps the 2030 publication of the 1750 magazine can revisit this article and judge its prophecy accordingly.
Art Lopez
VP Marketing Arthur.Lopez@Finlays.net
*Source: Beverage Navigator Volumetric Update, 2024**Source: Beverage Navigator Volumetric Update, 2024
