The food service global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Food Service Market, 2024The food service global market report 2024
Market Size –
The food service market size has grown rapidly in recent years. It will grow from $2,348.94 billion in 2023 to $2,593.76 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to rising number of working women, rising demand for online meal ordering, growing food and beverage services, rising demand for themed restaurants, and rising vegan food products.
The food service market size is expected to see rapid growth in the next few years. It will grow to $3,888.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to increasing demand for convenience foods, increasing tourism, increasing consumption of dietary food, increasing ready-to-eat meals, and increasing number of food courts. Major trends in the forecast period include developing incorporating technology in food, implementing digital payment solutions, automation in kitchen technology, development of online platforms, and innovative food preparation methods.
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Scope Of Food Service MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Food Service Market Overview
Market Drivers –
The increasing demand for convenience foods is projected to drive the growth of the food service market. Convenience foods, which are pre-packaged or pre-prepared for quick consumption, cater to busy lifestyles, offering ready-to-eat meal solutions with minimal preparation. This demand is driven by people seeking easy and efficient meal options due to time constraints and fast-paced lifestyles. Food services provide quick, high-quality meal options through efficient takeout and delivery services, meeting this growing demand. For instance, according to Blue Diamond Almond, the ready-to-eat meal segment in the U.S. generated $46,916 million in revenue in 2022, with a compound annual growth rate of 0.83% expected by 2026. This rising demand for convenience foods will continue to drive the food service market through 2023, into 2024, and well into 2028.
Market Trends –
Major companies operating in the food service market are developing advanced solutions such as AI-powered, personalized food and recipe solutions to individual preferences and dietary needs and streamlining meal planning and preparation processes. AI-powered, personalized food and recipe solutions aim to make meal planning, cooking, and eating healthier and more enjoyable by leveraging technology to cater to individual needs and preferences. For instance, in August 2023, Samsung Electronics, a South Korea-based electronics company, launched a new AI-powered, personalized food service and recipe platform. It uses advanced Food AI to suggest meals based on user preferences and food seasonality. It offers over 160,000 recipes, acting as a personalized assistant to help users discover new dishes, create tailored meal plans, and order ingredients online. The app can personalize recipes to match users’ dietary requirements, nutritional goals, and available ingredients.
The food service market covered in this report is segmented –
1) By Type: Full Service Restaurants, Quick Service Restaurants, Institutes, Other Types
2) By Systems: Conventional Foodservice System, Centralized Foodservice System, Ready Prepared Foodservice System, Assembly-Serve Foodservice System
3) By Sector: Commercial, Non-Commercial
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Regional Insights –
Asia-Pacific was the largest region in the food service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Sysco Corporation, Compass Group, McDonald’s Corporation, Sodexo SA, Marriott International, General Mills Inc., Domino’s Pizza Inc., Aramark Corporation, Kellogg Company , Darden Restaurants Inc., Chipotle Mexican Grill Inc., Tim Hortons Inc, Yum! Brands Inc., KFC Corporation, Restaurant Brands International Inc., Elior Group, Jollibee Foods Corporation, Papa John’s International Inc., Wendy’s Company, Whitbread PLC, Supermac’s Holdings Ltd., Dunkin’ Brands Group Inc., Amoy Food Limited
Table of Contents
1. Executive Summary
2. Food Service Market Characteristics
3. Food Service Market Trends And Strategies
4. Food Service Market – Macro Economic Scenario
5. Global Food Service Market Size and Growth
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32. Global Food Service Market Competitive Benchmarking
33. Global Food Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Food Service Market
35. Food Service Market Future Outlook and Potential Analysis
36. Appendix
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