The foodservice channel 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.
Foodservice Channel 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 foodservice channel market size has grown exponentially in recent years. It will grow from $786.38 billion in 2023 to $962.10 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to rising online ordering, rising popularity of alcoholic beverages, growing ready-to-eat food products, rising vegan products, and rising tourism.
The foodservice channel market size is expected to see exponential growth in the next few years. It will grow to $2,174.29 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to the growing number of food courts, increasing snacking and indulgence consumption, increasing preference for fast food, rising disposable income, and increasing demand for convenience foods. Major trends in the forecast period include developing autonomous delivery systems, introducing innovative food preparation methods, integrating digital payment solutions, developing automation in kitchen technology, and innovative technologies in tableware.
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Scope Of Foodservice Channel 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.
Foodservice Channel Market Overview
Market Drivers –
The rise in online food ordering is expected to boost the foodservice channel market as consumers increasingly rely on digital platforms for convenient, direct ordering. The surge in online food ordering is fueled by smartphone usage, internet accessibility, and the demand for quick meal solutions. Platforms streamline the process, allowing easy menu browsing, order placement, and timely deliveries. According to HotelTechreport, American consumers using meal delivery apps rose from 15% in 2021 to 25% in 2023, indicating a shift in consumer behavior that continues to grow through 2024 and is expected to remain a significant driver of the market through 2028.
Market Trends –
Major companies operating in the foodservice channel market are focused on developing innovative platforms such as the food and beverage solutions (F&B) platform to offer tailored solutions for efficient inventory management, menu planning, and supply chain optimization. F&B Solutions is designed to enhance its focus on addressing evolving consumer preferences and supporting diverse customer needs. For instance, in January 2024, Ofi, a Singapore-based company that manufactures sustainable food ingredients, launched F&B Solutions, designed to enhance its focus on addressing evolving consumer preferences and supporting diverse customer needs. The F&B Solutions platform is particularly relevant to the food service channel as it aims to meet the needs of global and regional customers across various sectors, including fast-moving consumer goods (FMCG), retail, and quick-service restaurants (QSR). The emphasis on co-creation and innovative product ideation aligns with food service operators’ demands to enhance their offerings and respond to changing consumer trends.
The foodservice channel market covered in this report is segmented –
1) By Channel Outlook: Accommodation, Leisure, Mobile Operators, Pubs, Clubs, And Bars, Restaurants, Retail, Travel, Workplace
2) By Service: Commercial, Non-Commercial
3) By Systems: Conventional Foodservice System, Centralized Foodservice System, Ready Prepared Foodservice System, Assembly-Serve Foodservice System
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Regional Insights –
North America was the largest region in the foodservice channel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the foodservice channel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are McDonald’s Corporation, Darden Restaurants Inc., Chipotle Mexican Grill Inc., Yum! Brands Inc., Restaurant Brands International Inc., Panera Bread Company, Domino’s Pizza Inc., Bloomin’ Brands Inc., Texas Roadhouse Inc., Brinker International Inc., Zaxby’s Franchising Inc., Wendy’s Company, BJ’s Restaurants Inc., Shake Shack Inc., Cheesecake Factory Incorporated, First Watch Restaurant Group Inc., White Castle System Inc., Cava Group Inc., Noodles & Company, El Pollo Loco Holdings Inc., Sweetgreen Inc., Wingstop Inc., Fogo de Chão Inc., Dunkin’ Brands Group Inc.
Table of Contents
1. Executive Summary
2. Foodservice Channel Market Report Structure
3. Foodservice Channel Market Trends And Strategies
4. Foodservice Channel Market – Macro Economic Scenario
5. Foodservice Channel Market Size And Growth
…..
27. Foodservice Channel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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