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The food service industry is growing and has been for years Since the inception of pop machines the vending and food service industry has been growing Companies have been developing and initiating new ways of providing consumers with food and beverages Performance Statistics for the Industry Annual gross revenues 4261 billion which is equal to four percent of the US gross domestic product The Foodservice Industry employs 113 million people making it the nations largest employer outside of the federal government Employment within the foodservice industry 58 are female 59 are less than 30 years of age and 71 employed are single The average annual household expenditure for food away from home is 2030 or 812 per person The foodservice industry share of the food dollar today is 461 percent compared with only 25 percent in 1955 Innovations As new technology develops companies are given a wide range of new and innovative products to use to sell their products Recently vending machines have lead the way in making food and drinks accessible anytime and anywhere In addition these machines have been designed to produce and serve never before possible products For example Vendtronics machines can serve a variety of ice creams and frozen dinners Additionally these machines can even prepare fresh French fries and cooked hot dogs In the past coffee machines only offered one type of coffee Today these machines allow the consumer to select the type of coffee the strength and the amount of cream and sugar to be added Coca-Cola has added a temperature gage to some of their pop machines which increase the price as the outside temperature rises certainly taking advantage of demand Entry The industry is by nature highly competitive Because a company not only needs to sell itself to a location which often requires a reputation it must sell its products to the end-user which requires competitive pricing For this reason
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