Food Service Market

Market Synopsis:

The Global Food Service Market is valued at USD 2761.47 Billion in the year 2022 and is forecast to reach a value of USD 5833.88 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.80% over the forecast period.

Foodservice entails the preparation, serving, and sale of ready-to-eat foods and beverages, as well as the provision of catering services to public or private end users by in-house or external operators. The rise of the millennial working population, along with shifting tastes for ready-to-eat foods and changing taste preferences, has spurred the growth of the Food Service Market.

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The Global Food Service Market research offers a comprehensive analysis of the industry. Moreover, Socioeconomic circumstances, such as high disposable income, a busy and increasingly mobile lifestyle, an increase in corporations outsourcing non-core tasks, and market development into new areas like as transportation and retail, are the primary drivers of industry growth. Tourism, immigration, culinary diversity, availability to Food Service locations, and technical improvements such as online ordering are all factors that might influence the industry.

Furthermore, restaurant owners, hotel chains, and individual proprietors have been working on expanding their services in every feasible way, permitting online delivery capabilities, and reacting to the trend of home delivery of eatables in the previous few years. To address the issues experienced by Food Service facility operators as a result of the COVID-19 epidemic, new and innovative business models are being implemented. Consumers are likely to return to the Food Service business and spend more in different ways as a result of innovative marketing methods.

Market Segmentation:

The Food Service Market is segmented on the basis of Type, and Service Type. On the basis of Type, the market is segmented into Full-Service Restaurants, Quick Service Restaurants, Institutes and Others. On the basis of Service Type, the market is segmented into Commercial and Institutional.

Based on Type

Due to the availability of a wide range of food products on the menu, the Full-Service restaurants segment dominates the market with the biggest Food Service Market share. Families, corporate meetings, and social groups prefer to eat at full-service restaurants as there is a wide choice of food to choose. The number of full-service restaurants is expanding as family outings become increasingly common. Aside from food, the number of full-service restaurants that serve alcohol is increasing. Alcohol consumption is increasing year after year, and more such restaurants are springing up to meet the demand.

Furthermore, due to an increase in online food ordering worldwide, another sub category, which includes online meal delivery and unorganized food services such as street sellers, is predicted to exhibit promising growth. Online food ordering has risen in recent years in nations such as the United States, China, Japan, the United Arab Emirates, and India, primarily as a result of the COVID-19 pandemic. As a result, this component has significant growth prospects for the global market.

Based on Service Type

Due to the large number of restaurants operating on a commercial basis around the world, the commercial Food Service Market is expected to have a significant share. Full-service restaurants, quick-service restaurants, and eating out/takeaway edible service systems are all part of the commercial market. Commercial edible services include restaurants, cafes, fast food outlets, food chains, food trucks, and online food ordering. Apart from that, Institutes of higher learning are a relatively new notion in this industry, having emerged in the twentieth century, although commercial foodservice has existed since its inception. Consumers are spending more on hoteling, eating out, cafes, and other places as their disposable incomes rise. Given the popularity of quick service restaurants among millennials, major fast-food chains such as Domino's, Pizza Hut, KFC, Starbucks, Burger King, Taco Bell, Subway, McDonald's, Wendy's, Papa John's Pizza, and Chipotle Mexican Grill are seizing the opportunity to expand their international footprint. During the forecast period, this trend is expected to drive the market's growth.

North America is Observed to be the Largest Share Holding Region in the Market

In 2021, North America had the largest Food Service Market share. The rising number of dual-earner households, rising disposable income, the presence of fast-food chains, and the region's overall economic growth are all key factors in making this region one of the greatest markets in the market. The United States is the largest market in North America, owing to consumer preferences of eating out most days of the week and the expansion of institutional catering in the country in recent years. Apart from the United States, Mexico is a promising country in this region in terms of growth rate. Due to the growing millennial population, changing consumer lifestyles, and an increasing number of tourists visiting the country, Mexico is predicted to expand at the fastest rate in this region.

Competitive Landscape:

Key players operating in the Global Food Service Market include- McDonald's (Illinois - United States), Starbucks (Washington - U.S.), Marriott International (Maryland - U.S.), Subway (Connecticut - U.S.), Hyatt Hotels Corporation (Illinois - U.S.), Hilton Worldwide (Virginia - U.S.), KFC (Kentucky - U.S.), Burger King (Florida - U.S.), Pizza Hut (Texas - U.S.), Domino's (Michigan - U.S.) and others.

Segmentation of the Global Food Service Market: