The food services and drinking places global market report 2024 from 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 Services And Drinking Places Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The food services and drinking places market size has grown rapidly in recent years. It will grow from $2,440.30 billion in 2023 to $2,684.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to rising disposable income, changing consumer lifestyles, increased tourism, growing diversity in cuisine preferences, and the proliferation of food service chains.
The food services and drinking places market size is expected to see rapid growth in the next few years. It will grow to $3,970.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to increasing health consciousness, the rise of plant-based diets, technological innovations in ordering and delivery, demand for unique dining experiences, and sustainability initiatives. Major trends in the forecast period include the adoption of contactless payment systems, integration of AI for customer service, expansion of food delivery platforms, emphasis on zero-waste practices, and growth in alcohol-free beverage options.
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Scope Of Food Services And Drinking Places Market
The 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 Services And Drinking Places Market Overview
Market Drivers –
The increasing number of food courts and malls is expected to propel the growth of the food services and drinking places market going forward. Food courts and food malls refer to designated areas within shopping malls or complexes that feature a variety of food and beverage vendors, providing a communal dining space for patrons. The increase in food courts and malls is due to rising consumer demand for diverse dining options and convenient meal experiences in one location. Food services and drinking places are used as food courts and malls to provide diverse dining and beverage options in a centralized location, enhancing convenience and variety for customers. For instance, in March 2023, according to SingStat, a Singapore-based government organization, all food and beverage service industries experienced year-on-year sales growth, with food caterers seeing the highest increase at 80.1%, restaurants growing by 16.4%, and sales for cafes, food courts, other eating places, and fast-food outlets rising by 13.2% and 11.1%, respectively. On a seasonally adjusted month-over-month basis, restaurant sales increased by 5.7% and food caterers by 2.5%. Therefore, the increasing number of food courts and malls is driving the growth of the food services and drinking places market.
Market Trends –
Major companies operating in the food services and drinking places market are focused on developing innovative solutions, such as a one-stop-shop restaurant service hub, to streamline their operations, enhance customer experiences, and support the seamless integration of various services. A one-stop-shop restaurant service hub refers to a comprehensive service center that offers a wide range of services and amenities related to the restaurant industry. This concept aims to provide restaurant owners, managers, and staff with everything they need to operate their business efficiently, from supplies and equipment to professional services and support. For instance, in July 2024, Zomato, an India-based food delivery and restaurant discovery company, launched a one-stop-shop service hub for quick service restaurants (QSRs). It is a one-stop solution in India designed to streamline restaurant operations by connecting them with suitable vendors. The hub assists with Food Safety and Standards Authority of India (FSSAI) registration, goods and services tax (GST) registration, and trademark registration and aims to provide a full-stack solution for restaurant owners. Future services will include point-of-sale (POS) integrations and hygiene audits to support restaurants at every stage of their business journey.
The food services and drinking places market covered in this report is segmented –
1) By Type: Restaurants And Mobile Food Services, Bars And Cafes, Catering Services, Food Contractors
2) By Pricing: High-End, Economy
3) By Service: Online, Offline
4) By Ownership: Chain Market, Standalone Market
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Regional Insights –
North America was the largest region in the food services and drinking places market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food services and drinking places market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the food services and drinking places market are Sysco Corporation, Performance Food Group, US Foods Holding Corp., Starbucks Corporation, Compass Group plc, Sodexo Group, McDonald’s Corporation, Subway IP LLC, Gordon Food Service, Chipotle Mexican Grill Inc., Elior Group SA, Ben E. Keith Company, Shamrock Foods Company, Delaware North, Chefs’ Warehouse, Reinhart Foodservice LLC, Metz Culinary Management Inc., AVI Foodsystems Inc., Thompson Hospitality Corporation, Guckenheimer (ISS), Valley Services Inc., Creative Dining Services, Guest Services Inc., Bon Appétit Management Company, Centerplate Inc., Unidine Corporation, Brock & Company Inc.< /b>
Table of Contents
1. Executive Summary
2. Food Services And Drinking Places Market Report Structure
3. Food Services And Drinking Places Market Trends And Strategies
4. Food Services And Drinking Places Market – Macro Economic Scenario
5. Food Services And Drinking Places Market Size And Growth
…..
27. Food Services And Drinking Places Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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