The food service industry is predicted to grow at a CAGR of 5.3% over the forecasted period, according to research by Future Market Insights. The industry’s estimated value is expected to increase from US$ 3.5 Tn in 2023 to US$ 5.87 Tn by 2033.
The food service industry is being significantly impacted by the growth of eCommerce/online platforms, on-the-go food services, packaging advancements, and the introduction of low-fat beverages and gluten-free products, among other things. Additionally, factors like the increase in the proportion of working women, the decrease in the practice of cooking meals at home, increased disposable incomes, enhanced distribution networks, etc. are stimulating the market.
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Due to people’s changing lives, ready-to-eat meals have seen a huge increase in popularity. The growing need for new services is a result of people’s shifting behaviors. This is why a wide range of food delivery services, such as restaurants, cafés, hotels, and dining places, provide customers with cutting-edge food services. The food service industry has transformed as a result of the rise in the popularity of eating out.
The use of innovative techniques and equipment has also helped food service companies increase productivity and streamline processes to increase overall effectiveness. Consumers now have access to a wide range of cuisines due to increased urbanization and migration.
This company has also grown as a consequence of the increase in advertisements for ethnic food and customer interest in various cuisines. The establishment of these businesses also assists in the development of new company types that serve the food needs of institutions such as corporate offices, nursing homes, orphanages, and hospitals.
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Key Takeaways from the Food Service Industry
The United States holds the largest market share in the food service sector in 2022. In developed countries like the U.S. and Canada, the operating costs of restaurants are rapidly increasing.
Europe’s hotel industry is massive, and Germany is a significant player in the worldwide market. The growing popularity of eating out and a busy lifestyle, which increases demand for prepared food items, are factors in the development of the European food service industry.
The food service industry in China is the second-largest in the world. The nation’s rapid and powerful industrialization led to the creation of a sizable middle-class population with more disposable income.
In countries like Japan, customers prefer to eat at full-service restaurants. These eateries have a larger market share than others as a result.
Korea’s economy has grown rapidly in recent years. South Korea already has a unique and profitable restaurant industry, and future growth is predicted to be considerable.
The full-service restaurant segment rules the industry due to the variety of food offered on the menu.
The commercial sector is likely to dominate the industry due to high restaurant spending.
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Who is Winning?
Given the preference of millennial consumers for quick service restaurants, well-known fast-food chains like Domino’s, Pizza Hut, KFC, Starbucks, Burger King, Taco Bell, Subway, McDonald’s, Wendy’s, and Chipotle Mexican Grill are utilizing this chance to establish their presence in numerous international markets. This trend is projected to hasten market expansion during the anticipated timeframe. Such product launches in new product categories and expansions through partnerships are predicted to create profitable opportunities for the expansion of the food service sector throughout the forecast period.
Outback Steakhouse restaurants are scheduled to build brand-new locations with upgraded dining rooms in May 2022. Three additional restaurants were launched by the company, one each in Polaris, Steele Creek, and Fort Worth.
For Indian customers, Domino’s unveiled a brand-new pizza alternative called paratha in May 2022. The three flavors of this fusion dinner are cheese paratha pizza, paneer paratha pizza, and chicken keema paratha pizza.
Food Service Industry Segmentation by Category
By Type:
Full-Service Restaurants
Quick Service Restaurants
Institutes
Others
By Service Type:
Commercial
Institutional
By Region:
North America
Latin America
Asia Pacific
Eastern Europe
Western Europe
Japan
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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