USD 2323.29 billion
Report ID: SQMIG25Q2005 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 62 | Figures: 75
Food Service Market size was valued at USD 2323.29 billion in 2021 and is poised to grow from USD 2540.05 billion in 2022 to USD 5194.6 billion by 2030, growing at a CAGR of 10.76% in the forecast period (2023-2030).
Food service refers to either a formal contract that stipulates those meals will be routinely provided by a third party or the storage, preparation, serving and cleanup of food meant for consumption in a facility. It also covers the distribution of consumable prepared foods, including those that the child care center prepares on site and that it purchases from authorized restaurants. Over the past several years, there has been a steady increase in the innovation of new services offered at restaurants, hotels, cafés, and other places where people go to eat. Restaurant operators, hotel chains, and independent business owners are concentrating on growing their businesses in every manner possible, adding online delivery options, and catching up with the trend of food delivery to homes.
For example, in order to expand their current relationship and provide customers and McDonald's franchisees the convenience and value of McDelivery through the Deliveroo platform in markets across the world, McDonald's and Deliveroo have come to an agreement on a new, long-term worldwide strategic partnership. The collaboration between McDonald's and Deliveroo will help the McDelivery company expand and promote both businesses' dedication to a seamless customer experience. Through this alliance, McDelivery will be made more accessible through the Deliveroo platform in new areas while also solidifying the relationship between the two firms in their current territories.
US Food Service Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2323.29 billion
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Global food service market is segmented based on the type, service type, and region. Based on the type, the global food service market is segmented as full-service restaurants, quick-service restaurants, institutes, and others. Based on service type, the global food service market is segmented into commercial and institutional. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Food Service Market Analysis by Type
In 2021, the full-service segment held the largest share of the global food service market. This was, due to the availability of a large variety of food products on the menu, the full-service restaurant category now holds the greatest food service market share. In order to have a wide selection of meal options accessible for each person, families, corporate meetings, and other gatherings typically prefer going to full-service restaurants. In order to draw in more customers, these eateries are constantly expanding their menus. For example, this good of hacks ought to be on the menu (at least, for a limited time). Customers are constantly thinking of new ways to customize their McDonald's meals in order to make them distinctively their own, whether it be by adding Chicken McNuggets to their favorite sandwich or sandwiching a crispy Hash Brown between their Sausage McMuffin with Egg. For the first time ever, McDonald’s is showcasing its inventiveness by placing four of the country's most popular dishes on menus for a brief period of time.
Following this, due to a rise in online food ordering throughout the world, online meal delivery and disorganized food services, such as street sellers, are predicted to have a promising expansion. Online food ordering has risen over the past few years, particularly following the COVID-19 epidemic, in nations such as the United States, China, Japan, the United Arab Emirates, and India. As a result, this component has great potential prospects for the expansion of the global food service market.
For example, in order to advance their current arrangement and provide McDonald's customers and franchisees with the convenience and value of McDelivery in markets throughout the world, McDonald's and DoorDash have come to an agreement on a new, long-term worldwide strategic collaboration. The collaboration between McDonald's and DoorDash will help the McDelivery company develop and improve both businesses' dedication to innovation. DoorDash will be a preferred and trusted partner in completing these orders in thousands of McDonald's restaurants in the U.S. and across the world as McDonald's increases the number of customers who can request delivery straight through the McDonald's app.
Food Service Market Analysis by Service Type
In 2021, the commercial segment held the largest share of the global food service market. Restaurants that offer full service, fast service, and dining-out/takeaway food service systems are included in the commercial section. Examples of commercial edible services include eateries, cafés, fast food chains, food trucks, and online food ordering. Compared to commercial food service, which has existed in this business from its origin, institute food service is a relatively recent notion. Families are spending more money on hotels, dining out, cafés, and other locations as their discretionary income rises. As statistics suggest, comparing the third quarter of 2021 to the same period last year, India Inc.'s employment is up 14%. The hiring rate rose by 14% in the most recent quarter. But when taking a broader view, it is anticipated that job cuts will rise by more than 50% over the previous year.
Major fast-food chains like Domino's, Pizza Hut, KFC, Starbucks, Burger King, Taco Bell, Subway, McDonald's, Wendy's, Papa John's Pizza, and Chipotle Mexican Grill are taking advantage of this opportunity to establish their presence in various international markets given the trend of millennial consumers choosing quick service restaurants. For example, fast food consumption is on the rise because of its affordability, variety, and convenience. Between 30% and 50% of youngsters and college students often eat fast food. Due to these factors, this segment is expected to observe significant growth during the forecast period further boosting the growth of the global food service market.
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In 2021, the largest share for the global food service market was held by North America. The area is one of the greatest markets in this business due to a rising number of homes with two working adults, a rise in disposable income, the existence of fast-food chains, and regional economic growth in general. Data suggests that real median wages for full-time, year-round employees rose 6.9 percent from 2019 estimates in 2020. Men working full-time, year-round saw an increase in median wages of 5.6 percent and 6.5 percent ($61,417) and ($50,982), respectively.
Following this, the projection period is likely to have the highest growth rate in the Asia-Pacific region. The rise of the middle class and rising urbanization in the Asia Pacific area are driving this industry's sales growth. For example, many Indian cities in 2018 have a population of between 300,000 and 1 million people. There are just five urban areas with a population of 20 million or more, compared to 120 medium-sized cities of a similar size. Up to 2030, India's seven major cities will continue to grow. The population of Delhi, the capital of India, is expected to rise by roughly a third over the course of the next ten years, to 38.9 million people. There are 461 million people living in urban areas. This number is increasing by 2.3% annually. Cities are predicted to contribute 75% of India's national revenue by 2031. This rise in urbanization will boost the growth of the global food service industry during the forecast period.
In comparison to the other areas, Europe is anticipated to see consistent development. Restaurants, specialty coffee shops, hotels and resorts, quick-service restaurants, amusement parks, pubs, staff catering, education, health care, custodial (police, fire stations, and prisons), and welfare (meals on wheels, daycare centers, and other similar institutions) are some of the major food service institutions in Europe. The presence of a large number of food service outlets in the region will help in maintaining its share during the forecast period in the global food service market.
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Food Service Market Driver
Food Service Market Restraint
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The Global Food Service market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, NBA Africa and KFC Africa today signed a marketing alliance via which they would work together on many campaigns. As a result of the collaboration, KFC Africa and NBA Africa will roll out co-branded product campaigns, limited-edition giveaways of merchandise, and limited-edition KFC x NBA promotions. Basketball fans will have the chance to win tickets to NBA games in person in the United States as well as free access to NBA League Pass, the league's premium live game subscription service, as well as other prizes. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Food Service Market
Food Service Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Food Service Market Analysis, in terms of type, the full-service segment held the largest share in the global food service market in 2021, this was due to the availability of a large variety of food products on the menu. Based on service type, the commercial segment held the largest share in the market in 2021 due to families spending more money on hotels, dining out, cafés, and other locations as their discretionary income rise. By region, the North American region held the largest share in the global food service market in 2021, this is due to a rising number of homes with two working adults, a rise in disposable income, the existence of fast-food chains, and regional economic growth in general002E.
|Market size value in 2021
|USD 2323.29 billion
|Market size value in 2030
|USD 5194.6 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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For the Global Food Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Food Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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