The global food service market revenue was valued at USD 3,486.58 billion in 2024 and is anticipated to increase from USD 4,027.61 billion in 2025 to USD 6,810.86 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.79% over the forecast period. The U.S. food service market is expected to grow substantially, and it is projected to reach USD 1,767.54 billion by 2030. Additionally, the market size in the U.S. is forecasted to hit USD 1.71 billion by 2032, driven by the expanding number of fast food outlets and rising consumer expenditure on fast food. In 2024, Asia Pacific led the global food service market, holding a 45.71% share.
Food service establishments include any enterprise that prepares and serves food for consumption on the premises, for takeaway, or via delivery. This sector comprises food service retailers, counter and table service providers, and other related businesses. The global market is witnessing a surge in fast food consumption, attributed to higher household incomes, an increasing number of working women, and the convenience offered by fast food services.
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Segments:
By Type, Full Service Restaurants Segment Expected to Gain Momentum Through 2029
Based on type, the market is categorized into quick service restaurants, full service restaurants, institutes, and others. Among these, full service restaurants represent the largest market share, supported by the extensive variety of food items they offer. The growing popularity of family dining experiences is contributing to the rise in the number of these establishments, thereby accelerating segment growth.
By Service Type, Commercial Food Service Segment to Witness Strong Growth Between 2022–2029
By service type, the market is divided into commercial and institutional segments. The commercial segment is anticipated to dominate during the forecast period, fueled by the proliferation of food chains, cafes, restaurants, food trucks, and increased online food ordering. This segment encompasses quick service and full service restaurants, as well as dining out and takeaway services.
Report Coverage:
The report includes:
- Key growth drivers, challenges, opportunities, and constraints.
- In-depth regional market analysis.
- Profiles of prominent industry participants.
- Strategies employed by key companies.
- Recent developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Growth in Fast Food Chains and Quick-Service Restaurants to Drive Market Expansion
The expansion of the food service market is largely influenced by rising disposable incomes and an increasing number of dual-income households. A growing millennial population and the heightened appeal of fast food chains are key growth factors. The rapid expansion of fast food outlets into emerging markets is expected to drive significant industry growth.
However, lingering impacts of the COVID-19 pandemic may continue to influence market trends to some degree in the future.
Regional Insights:
North America Food Service Market Recorded USD 989.0 Billion in Revenue in 2021
North America held a leading position in the global food service market in 2021, with revenue exceeding USD 989.0 billion. The region’s dominance is attributed to a higher number of dual-income households, increased fast food consumption, and the rising presence of fast food chains. The large millennial demographic and shifting lifestyle habits are also key contributors to market expansion in this region.
Asia Pacific is anticipated to post the highest CAGR from 2022 to 2029, supported by the growing presence of restaurants and fast food chains, particularly in Tier-II and Tier-III cities. Meanwhile, Europe is set to experience steady growth, driven by the increasing number of quick service restaurants, cafes, pubs, and coffee houses.
Competitive Landscape:
Leading Companies Utilize Acquisitions to Strengthen Market Position
During the pandemic, many companies were cautious about entering unstable markets due to uncertainty. As the impact of COVID-19 waned, businesses began to expand into new territories. For instance, Imperial Dade acquired Empire Distributors, expanding its operations to include 91 new distribution centers in the U.S. Similar expansion strategies are being adopted by leading players aiming to enter untapped markets and grow their business presence.
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.)
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Key Industry Development:
July 2021: Delivery Hero resumed operations in Germany through its Food Panda brand, marking its return to one of Europe’s largest food service markets.
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