At USD 3,236.92 billion in 2023, the global food service market revenue is expected to rise at a compound annual growth rate (CAGR) of 7.78% from 2024 to 2032, from USD 3,486.58 billion in 2024 to USD 6,348.75 billion by 2032. Increasing disposable incomes, shifting consumer habits, particularly among millennials, and the rise in cafes, restaurants, and fast-food chains are some of the causes driving this expansion. Over the course of the projection period, it is also anticipated that the growing popularity of online meal delivery services and a growing inclination for processed meals would contribute to the market's growth.
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:
By Type, Full Service Restaurants Segment to Gain Traction through 2029
Quick service restaurants, full service restaurants, institutions, and other types are the several categories into which the food service market is divided. Because of the wide range of food products they offer on their menus, full service restaurants have the biggest market share. The number of full-service restaurants is growing as a result of the growing popularity of family vacations, which is predicted to propel this market's growth.
By Service Type, Commercial Food Service Segment to Gain Traction over 2022-2029
Commercial and institutional services are the two service categories that make up the food service market. Throughout the projection period, the commercial category is anticipated to develop significantly due to the rise in food trucks, food chains, cafes, restaurants, and online food orders. Quick service restaurants, full service restaurants, and dining out or takeout services are all included in this category.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Expansion of Fast-Food Chains and Quick-Service Restaurants to Foster Growth
Growing disposable incomes and the number of dual-income households are the main drivers of the food service market's expansion. Two major drivers driving the market ahead are the growing millennial population and the rising appeal of fast-food restaurants. In the upcoming years, the business is anticipated to grow rapidly as fast-food restaurants expand into new and developing regions.
Future market developments, however, might be somewhat impacted by the COVID-19 pandemic's residual impacts.
Regional Insights:
North America Food Service Industry Stood at USD 989.0 Billion in 2021
North America dominated the worldwide food service industry in 2021, generating over USD 989.0 billion in revenue annually. The rise in fast food spending, the number of fast-food restaurants, and the number of dual-income households are all factors contributing to this domination. The market is also anticipated to benefit from the region's sizable millennial population and quickly evolving lifestyle patterns.
From 2022 to 2029, the Asia Pacific area is expected to develop at the fastest compound annual growth rate (CAGR) due to the growing number of fast-food and restaurant operations in Tier-II and Tier-III cities. In the meanwhile, the increase of quick-service restaurants, cafes, pubs, and coffee shops is expected to drive the European market's continuous expansion.
Competitive Landscape
Top Players Use Acquisition Techniques to Remain Competitive
In the midst of the COVID-19 pandemic's disruptions, the majority of market participants were first reluctant to put their companies at risk and suffer losses by entering unpredictable markets. However, businesses began to enter new markets as the pandemic's impacts subsided. For instance, Imperial Dade was able to run 91 new distribution locations around the United States after acquiring Empire Distributors. Similar tactics are being used by major industry players, who are aiming to expand and grow their businesses by entering new areas.
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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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