Food Service Market Projected To Reach $5,194.60 Bn By 2029 | With A CAGR Of 10.76%

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Pune, India, May 23, 2023 (GLOBE NEWSWIRE) -- The global food service market size crossed USD 2,323.29 billion in 2021 and is projected to rise from USD 2,540.05 billion in 2022 to USD 5,194.60 billion by 2029 at a CAGR of 10.76% during 2022-2029. Growth can be attributed to the rising disposable incomes of consumers, evolving lifestyles of consumers, particularly millennials, and the rising number of cafes, restaurants, and fast-food chains. Growing spending on non-homemade foods and a rise in online food deliveries will augment the market growth during the forecast period.

The food service industry statistics has experienced significant growth and evolution in recent years. With changing consumer preferences, an emphasis on convenience, and a rise in digital technology, the industry has adapted to meet the demands of a diverse customer base. From fast food chains and casual dining establishments to food delivery services and meal kit subscriptions, the market has become increasingly competitive and innovative. Additionally, sustainability and health consciousness have become important factors, leading to the emergence of plant-based options, locally sourced ingredients, and eco-friendly packaging. As the food service market continues to expand and diversify, companies are continuously striving to provide high-quality, convenient, and sustainable dining experiences to meet the evolving needs of consumers.

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List of Key Players Profiled in the Food Service 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.)

Report Scope & Segmentation:

Report Attribute	Details
Forecast Period	2022-2029
Forecast CAGR	10.76%
2029 Value Projection	USD 5,194.60 Billion
Food Service Market Size in 2022	USD 2,540.05 Billion
Historical Data	2018-2020
No. of Pages	228
Report Coverage	Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered	By Type By Service Type
Regions Covered	North America Europe Asia Pacific Latin America Middle East and Africa
Food Service Market Growth Drivers	Increased Presence of the Food Services Institutions to Boost Market Growth
Increased Expenditure on Dining Out to Drive Market Growth

Browse Detailed Summary of Research Report with TOC:

Segments:

By Type, Full Service Restaurants Segment to Gain Traction through 2029

On the basis of type, the market is segmented into quick service restaurants, full service restaurants, institutes, and others. Among these, the full service restaurants segment holds the major market share owing to the wide availability of food items on the menu. Due to the rising trend of family outings, the number of such restaurants is increasing, which will provide significant momentum to the segment growth.

By Service Type, Commercial Food Service Segment to Gain Traction over 2022-2029

In terms of service type, the market is bifurcated into commercial and institutional. Out of these, the commercial segment is slated to generate monumental traction throughout the forecast period, led by the rising number of food chains, food trucks, cafes, restaurants, and online food orders. This segment includes quick service restaurants, full service restaurants, and dining out/takeaway services.

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.

COVID-19 Impact :

Market Experienced 31.5% Decline due to Lockdowns and Travel Restrictions

The food service market in North America, Europe, and Asia Pacific witnessed a major decline during the COVID-19 pandemic as hotels, restaurants, cafes, and fast-food joints were shut down. The decline in tourism activity due to strict lockdowns and travel restrictions impacted the service demand significantly. Even when restrictions were lifted, only limited services including online food deliveries and takeaways were operational. Due to these factors, the market experienced a decline of 31.5% in 2020.

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Drivers & Restraints :

Expansion of Fast-Food Chains and Quick-Service Restaurants to Foster Growth

The food service industry statistics growth is primarily driven by the rise in dual-income households and disposable incomes. Expanding millennial population base and growing popularity of fast-food chains will prove to be a pivotal factor driving the market forward. As fast-food outlets expand their presence across new and emerging markets, the industry will experience rapid growth in the coming years.

However, the after-effects of the COVID-19 pandemic could impact market trends to some extent in the future.

Regional Insights :

North America Food Service Industry Stood at USD 989.0 Billion in 2021

With more than USD 989.0 billion in annual revenue, North America dominated the global food service market share during 2021. The dominance of this region is attributable to the growing number of dual working households, increased spending on fast foods, and subsequently rising number of fast-food chains. A large millennial population base and rapidly shifting lifestyle trends will positively influence the market in this region.

The market in Asia Pacific is expected to grow at the highest CAGR over 2022-2029, led by growing number of restaurants and fast-food joints across Tier-II and Tier-III cities. Meanwhile, the European market will exhibit steady growth owing to rise in quick-service restaurants, cafes, pubs, and coffee shops.

Competitive Landscape

Leading Players Adopt Acquisition Strategies to Stay Competitive

The majority of market players weren't ready to risk their businesses and making losses by entering into volatile markets due to disruptions created by the COVID-19 pandemic. However, as the impacts of COVID-19 began subsiding, companies were seen expanding their businesses across new markets. For instance, Imperial Dade acquired Empire Distributors to operate 91 new distribution centers across the U.S. Similar strategies are being adopted by major players as they eye new markets for expansion and business growth.

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Emerging Trends
• Key Insights
  • Overview of the Parent/Related Markets
  • Industry SWOT Analysis
  • Supply Chain and Regulatory Analysis
  • Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
  • Qualitative Analysis Related to COVID-19
    • Impact of COVID-19 on the Market
    • Supply Chain Challenges amidst Pandemic
    • Potential Opportunities due to this Global Crisis
• Global Food Service Market Analysis, Insights and Forecast, 2018-2029
  • Key Findings / Summary
  • Market Size Estimates and Forecast
    • By Type
      • Full Service Restaurants
      • Quick Service Restaurants
      • Institutes
      • Others
    • By Service Type
      • Commercial
      • Institutional
    • By Region
      • North America
      • Europe
      • Asia Pacific
      • South America
      • Middle East & Africa
• North America Food Service Market Analysis, Insights and Forecast, 2018-2029
  • Key Findings / Summary
  • Market Size Estimates and Forecast
    • By Type
      • Full Service Restaurants
      • Quick Service Restaurants
      • Institutes
      • Others
    • By Service Type
      • Commercial
      • Institutional
    • By Country (Value)
      • U.S.
        • By Type (Value)
          • Full Service Restaurants
          • Quick Service Restaurants
          • Institutes
          • Others
      • Canada
        • By Type (Value)
          • Full Service Restaurants
          • Quick Service Restaurants
          • Institutes
          • Others
      • Mexico
        • By Type (Value)
          • Full Service Restaurants
          • Quick Service Restaurants
          • Institutes
          • Others

TOC Continued...!

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Key Industry Development:

July 2021: Delivery Hero re-launched its operations via its Food Panda brand in Germany, which is one of Europe's largest food service industry.

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