In 2024, the global food service market reached a valuation of USD 3,486.58 billion. It is projected to grow to USD 4,027.61 billion in 2025 and further rise 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 industry is also poised for significant growth, expected to reach around USD 1,767.54 billion by 2030 and USD 1.71 billion by 2032. This expansion is largely driven by the increasing number of fast-food outlets and growing consumer expenditure on quick-service meals. In 2024, the Asia Pacific region dominated the market, capturing 45.71% of global revenue.
Food service encompasses a wide array of businesses that offer meals for dine-in, takeaway, or delivery. This includes both full-service and quick-service restaurants, institutional providers, and other food establishments. The sector’s growth is primarily fueled by rising fast food consumption, boosted by increasing disposable incomes, more women in the workforce, and the widespread appeal of ready-to-eat foods.
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Market Segmentation
By Type: Full-Service Restaurants to Experience Robust Growth by 2029
The market is divided into quick-service restaurants, full-service restaurants, institutional services, and others. Full-service restaurants are projected to witness strong growth, supported by demand for sit-down, family-friendly dining and diverse menu offerings.
By Service Type: Commercial Segment Leading the Market
Food services are categorized as commercial and institutional. The commercial segment is expected to maintain dominance due to the expansion of cafés, restaurants, and food trucks, along with the rise of digital food delivery platforms. This segment includes both full- and quick-service formats.
Report Scope and Highlights
This report includes:
- In-depth analysis of market drivers, restraints, and opportunities
- Regional and service-type performance evaluations
- Profiles of major market players and their strategic initiatives
- Insights into mergers, acquisitions, and product developments
- Updates on innovations and emerging trends
Key Market Drivers and Challenges
Rising Demand for Fast and Convenient Meal Options
The increasing need for accessible, quick-to-prepare food—especially among busy professionals and dual-income households—is a key driver of market growth. Millennials’ preference for fast food and the global expansion of quick-service chains into emerging economies are also propelling the market forward.
Nonetheless, lingering effects from the COVID-19 pandemic continue to pose challenges to specific segments of the industry.
Regional Insights
North America Achieved USD 989 Billion in Revenue in 2021
In 2021, North America generated over USD 989 billion in food service revenue, thanks to its mature fast-food ecosystem, strong consumer spending, and evolving dining habits. The region’s large millennial demographic and growing working population are also fueling demand.
Asia Pacific is projected to post the highest CAGR between 2022 and 2029, driven by the growth of food outlets in smaller urban centers. Europe is anticipated to maintain steady expansion, aided by the increasing number of restaurants, cafés, and coffee shops.
Competitive Landscape
Acquisitions Strengthen Market Reach
Although the pandemic delayed several expansion plans, improved conditions have led to renewed investment in mergers and geographic expansion. For example, Imperial Dade broadened its U.S. operations by acquiring Empire Distributors, adding 91 facilities to its portfolio. Similar strategies are being employed by other key players to boost their global presence.
Major Companies in the Market
- McDonald's Corporation (U.S.)
- Starbucks Corporation (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 Pizza, Inc. (U.S.)
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Industry Updates
July 2021: Delivery Hero resumed operations in the German market by relaunching its Food Panda brand, enhancing its footprint in one of Europe’s largest consumer markets.
