The global food service market revenue was valued at USD 3,236.92 billion in 2023 and is expected to grow from USD 3,486.58 billion in 2024 to USD 6,348.75 billion by 2032, with a CAGR of 7.78% during the forecast period. The U.S. food service market is anticipated to see significant growth, reaching an estimated value of USD 1,767.54 billion by 2030. Additionally, the market size in the U.S. is projected to reach USD 1.71 billion by 2032, driven by the increasing number of fast-food chains and higher consumer spending on fast food.
Food service establishments are businesses that prepare and distribute food for on-premise consumption, takeaway, and delivery. This industry encompasses food service retailers, counter and table servers, and food service providers. The global food service market is fueled by the rising consumption of fast food, supported by increasing household incomes, more working women, and the convenience offered by fast food businesses.
List of Key Players Profiled 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.)
Information Source: https://www.fortunebusinessinsights.com/food-service-market-106277
Segments:
Full-Service Restaurants to Drive Growth Through 2029
The food service market is segmented into quick-service restaurants, full-service restaurants, institutions, and other categories. Full-service restaurants currently dominate the market due to their extensive and diverse menu offerings. The increasing popularity of family vacations and group dining experiences is fueling the expansion of this segment, which is projected to maintain its growth momentum in the coming years.
Commercial Food Service Segment Set for Significant Growth by 2029
The market is further divided into commercial and institutional services. The commercial food service segment is poised for substantial growth, driven by the rising number of food trucks, food chains, cafes, restaurants, and online food delivery platforms. This segment encompasses quick-service and full-service restaurants, as well as dining-out and takeout services, all of which are contributing to its rapid expansion.
Report Coverage:
- Key drivers, restraints, opportunities, and challenges in the market.
- Insights into regional market developments.
- Profiles of major industry players.
- Strategies adopted by market leaders.
- Updates on product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Expansion of Fast-Food Chains and Quick-Service Restaurants to Propel Growth
The market's growth is largely driven by increasing disposable incomes and the prevalence of dual-income households. Key contributors include a growing millennial population and the surging popularity of fast-food chains, which are expanding into new and emerging markets. These trends are expected to drive robust growth in the food service industry in the coming years.
However, the market's trajectory could face challenges stemming from lingering impacts of the COVID-19 pandemic.
Regional Insights:
North America Food Service Market Dominated with USD 989.0 Billion Revenue in 2021
In 2021, North America led the global food service market, generating over USD 989.0 billion in revenue. Factors such as increased spending on fast food, a rise in fast-food outlets, and the prevalence of dual-income households have contributed to this dominance. The region’s millennial population and evolving lifestyle trends are expected to sustain its market leadership.
The Asia Pacific region, however, is projected to exhibit the fastest compound annual growth rate (CAGR) from 2022 to 2029. The region’s growth will be fueled by the increasing presence of fast-food outlets and restaurants in Tier-II and Tier-III cities. Meanwhile, Europe is expected to experience steady growth, driven by the rise of quick-service restaurants, cafes, pubs, and coffee shops.
Competitive Landscape:
Acquisitions Emerge as a Key Growth Strategy
Post-pandemic, market players are increasingly focusing on acquisition strategies to enter new markets and drive growth. For example, Imperial Dade enhanced its footprint across the U.S. by operating 91 new distribution locations following its acquisition of Empire Distributors. Similar acquisition tactics are being employed by other leading players to solidify their market positions and capitalize on emerging opportunities.
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Key Industry Development:
July 2021: With its Food Panda brand, Delivery Hero has reopened its business in Germany, reaching one of the biggest food service marketplaces in Europe.
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