The global food service market was valued at USD 3,486.58 billion in 2024. It is expected to rise from USD 4,027.61 billion in 2025 to USD 6,810.86 billion by 2032, indicating a compound annual growth rate (CAGR) of 7.79% during the forecast period. The United States food service industry is anticipated to witness notable growth, potentially reaching a value of USD 1,767.54 billion by 2030. Furthermore, the market in the U.S. is expected to attain an estimated value of USD 1.71 billion by 2032, primarily driven by the increasing number of fast food outlets and greater consumer spending on fast food products. Asia Pacific led the market in 2024, accounting for a 45.71% share.
A food service establishment refers to any commercial entity that prepares and serves food for dine-in, takeaway, or delivery. This sector encompasses food retail vendors, table and counter service operators, and other food service providers. The global food service market is growing rapidly due to increasing fast food consumption, driven by higher household incomes, a rising population of working women, and the convenience associated with fast food options.
Information Source: https://www.fortunebusinessinsights.com/food-service-market-106277
Segments:
By Type, Full Service Restaurants Segment Expected to Gain Momentum Through 2029
The market is segmented into quick service restaurants, full service restaurants, institutional, and others. Among these, full service restaurants dominate due to the broad menu options they provide. The rising trend of family-oriented dining is contributing to an increase in these types of establishments, fueling the segment's growth.
By Service Type, Commercial Food Service Segment to Witness Strong Growth Between 2022–2029
The service type segment includes commercial and institutional categories. The commercial segment is projected to maintain dominance throughout the forecast period, supported by the growing number of food chains, cafés, restaurants, food trucks, and a surge in online food ordering. This category covers both full and quick service dining, including eat-in and takeaway services.
Report Coverage:
The report covers:
- Major growth drivers, challenges, opportunities, and constraints
- Comprehensive regional market insights
- Profiles of key players in the industry
- Strategic initiatives taken by major companies
- Recent developments, including product rollouts, partnerships, mergers, and acquisitions
Drivers & Restraints:
Growth in Fast Food Chains and Quick-Service Restaurants to Drive Market Expansion
Market expansion is mainly driven by growing disposable income levels and a higher percentage of dual-income families. The growing millennial demographic and strong demand for fast food establishments are significant factors. The spread of fast food chains into developing markets is also expected to significantly boost industry growth.
However, ongoing effects of the COVID-19 pandemic may continue to influence certain market trends in the future.
Regional Insights:
North America Food Service Market Recorded USD 989.0 Billion in Revenue in 2021
North America held a top position in the global food service industry in 2021, generating more than USD 989.0 billion in revenue. This lead is attributed to the presence of a large number of dual-income households, high demand for fast food, and an increasing number of fast food outlets. Additionally, the large millennial population and shifting consumer lifestyles are contributing to the market’s expansion in this region.
Asia Pacific is expected to record the highest CAGR between 2022 and 2029, bolstered by a rising number of fast food outlets and restaurants, particularly in Tier-II and Tier-III urban areas. Meanwhile, Europe is projected to see stable growth, supported by the expanding presence of quick service restaurants, cafés, pubs, and coffee shops.
Competitive Landscape:
Leading Companies Utilize Acquisitions to Strengthen Market Position
During the pandemic, many businesses held off on expansion due to market uncertainty. As conditions improved, companies began re-entering and exploring new markets. For example, Imperial Dade acquired Empire Distributors, broadening its U.S. presence with the addition of 91 new distribution facilities. Similar strategies are being adopted by major players to tap into new opportunities and enhance their global footprint.
Key Players Highlighted in the Market Report:
- McDonald's (U.S.)
- Starbucks (U.S.)
- Yum! Brands, Inc. (U.S.)
- Darden Restaurants, Inc. (U.S.)
- Restaurant Brands International Inc. (Canada)
- The Wendy’s Company (U.S.)
- Bloomin’ Brands, Inc. (U.S.)
- Papa John's International, Inc. (U.S.)
- Chipotle Mexican Grill, Inc. (U.S.)
- Domino's (U.S.)
Tariff Impact Analysis for Food Service Market: https://www.fortunebusinessinsights.com/enquiry/request-sample-us-tariff/food-service-market-106277
Key Industry Development:
July 2021: Delivery Hero resumed operations in Germany under the Food Panda brand, marking its reentry into one of the largest food service markets in Europe.
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