Food and beverage service refers to the activity of preparation, exhibiting, and serving meals and drinks to consumers. The forms and cuisines that make up food can vary greatly.
Sizing and Forecast
The food and beverage services market size has grown strongly in recent years. It will grow from $3715.91 billion in 2023 to $3903.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to changing consumer preferences, economic trends, urbanization and lifestyle changes, globalization of food culture, regulatory changes.
The food and beverage services market size is expected to see strong growth in the next few years. It will grow to $4880.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to sustainability practices, virtual and ghost kitchens, culinary innovation and fusion, health-conscious dining, cultural and local influences. Major trends in the forecast period include digitalization and contactless services, technology integration, digital ordering and delivery, rise of ghost kitchens, technology integration in restaurants, personalization and customization.
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Segmentation & Regional Insights
The food and beverage services market covered in this report is segmented –
1) By Type: Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors
2) By Ownership: Chain Market, Standalone Market
3) By Pricing: High-End, Economy
3) By Service: Online, Offline
Subsegments Covered: Full-Service Restaurants, Limited-Service Restaurants, Cafeterias, Grill Buffets, And Buffets, Mobile Food Services, Snack And Nonalcoholic Beverage Bars, Drinking Places (Alcoholic Beverages), Food Service Contractors, Catering Services
Asia-Pacific was the largest region in the food and beverage services market in 2023. North America was the second largest region in the food and beverage services market. The regions covered in the food and beverage services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The food and beverage services market is expected to benefit from the rising digitalization of food services. Consumers are increasingly preferring to order food online for home delivery. For instance, according to KPMG, the average spend per person per year on food takeaways in the UK was $721 in 2021. Additionally, Nottingham claimed the title of the UK’s takeaway hub, boasting an average expenditure of £1,097 per individual in 2021. Major companies providing food delivery services include Deliveroo, Just Eat, and Uber Eats. This trend is likely to continue in the forecast period and will drive the food and beverage services market going forward.
Key Industry Players
Major companies operating in the food and beverage services market report are JELD-WEN Inc., Georgia-Pacific LLC, Builders FirstSource Inc., LIXIL Group, Stora Enso Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., UFP Industries Inc., Universal Forest Products lnc., Boise Cascade Company, Celulosa Arauco y Constitución Company, Louisiana-Pacific Corporation, Resolute Forest Products Inc., UPM-Kymmene Corporation, Interfor Corporation, NCI Building Systems Inc., Metsä Group, Rayonier Advanced Materials lnc., Cavco Industries Inc., Norbord Inc., Western Forest Products Inc., Canfor Corporation, PotlatchDeltic Corporation, Cefla s.c., Nature Home Holding Company Limited, Sappi Limited, Roseburg Forest Products Co., Masonite International Corporation, Barberán S.A., Tolko Industries Ltd., Hampton Affiliates lnc., Conifex Timber Inc., Stella-Jones Inc., CanWel Building Materials Group Ltd.
The food and beverage services market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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