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The rise in popularity of dining out culture has significantly propelled the growth of the global food away from home market demand in the past decade.
The major players in the market are heavily investing in advanced technology, Artificial Intelligence, to gain a competitive advantage in the market.” - Allied Market ResearchPORTLAND, OR, US, June 5, 2023/einpresswire.com / -- food away from home market by Delivery Model (Dine in, Take Away, Home Delivery), by Application (Restaurants, Schools and Colleges, Hotels and Motels, Retail Stores and Vending, Others), by Type of Occasion (Entertainment, Travel, Retail, Freestanding), by Ownership Type (Independent, Chains): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global food away from home industry generated $4.3 trillion in 2021, and is anticipated to generate $5.9 trillion by 2031, witnessing a CAGR of 2.3% from 2022 to 2031.
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The eating-out culture is the major factor behind the significant growth of quick-service restaurants and popular fast-food chains in developed and developing nations. Moreover, major companies or food brands are adopting creative marketing strategies with more emphasis on the menu that helps to attract customers.
Leading Key Players:
Chipotle Mexican Grill, Sysco Corporation, Yum Brands, Inc., Darden Concepts, Inc., Restaurant Brands International, Inc., Zensho Holdings Co., Ltd., SSP Group Plc, Jubilant FoodWorks Limited, Burger King Corporation, Cloud Kitchens, Bid Corporation, Aramark, SATS Ltd., Compass Group PLC, and Sodexo are the major companies profiled in the food away from home (FAFH) market report. These manufacturers are constantly engaged in various developmental strategies such as partnerships, mergers, acquisitions, and new product launches to gain a competitive edge and exploit the prevailing food away from home market opportunity.
By ownership type, the chains is expected to be the fastest-growing segment during the forecast period. This segment is expected to grow quickly, in part due to the increase in the number of fast-food restaurants in developing countries like China, India, Indonesia, and Vietnam. The altering dietary choices and lifestyles of consumers in developing nations have an impact on the growth of well-known restaurant chains in the global market for meals consumed away from home.
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Regional Outlook:
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global food away from home market, and is likely to dominate the market during the forecast period. The presence of a huge number of restaurant chains across the country coupled with the huge popularity of eating out culture, high disposable income, and surge in penetration of online food delivery platforms are significantly contributing towards the growth of the North America FAFH market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 3.2% from 2022 to 2031. The presence of a huge population in China coupled with strong economic growth and the rising penetration of a huge number of fast-food restaurants has led to the growth of the China FAFH market.
As per the food away from home market forecast, by delivery model, the dine-in segment dominated the market, garnering a market share of 70.4% in 2021. The fact that dine-in is the most popular and conventional delivery option worldwide accounts for a significant portion of this market segment's domination. Dine-in enables restaurants to provide their patrons with the best possible service, ambiance, and food while also facilitating satisfying visitor experiences.
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Based on application, the restaurants segment held the highest market share in 2021, accounting for nearly three-fourths of the global food away from home market, and is estimated to maintain its leadership status throughout the forecast period. The growth in the penetration of full service and limited service restaurants across the globe is boosting the growth of the market.
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