PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1381800
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1381800
Food away from home refers to meals or food items that are consumed outside of one's home or prepared by someone else. It typically includes dining out at restaurants, cafes, food trucks, or any establishment where food is prepared and served for immediate consumption. The value of the global food away from home (FAFH) market is witnessing substantial growth, primarily driven by the increasing popularity of cloud kitchens and the expanding presence of fast-food chains and increasing female working population.
In addition, the rise in the female working population has led to significant changes in demographics and lifestyles. The increasing number of working women have less time available for cooking meals at home, which has created a higher demand for convenient and time-saving food options outside the home. Based on the Annual report of 2023 by Periodic Labour Force Survey (PLFS), the Labour Force Participation Rate (LFPR) among women aged 15 years and above in India has displayed an upward trend, with rates of 30.0%, 32.5%, and 32.8% recorded during 2019-20, 2020-21, and 2021-22, respectively. The U.S. Department of Labor's data published in 2023 projects a 6.1% increase in the overall labor force for women from 2021 to 2031, equivalent to a rise of 4,652,000 individuals. Thus, rising female working population is driving the market growth. In addition, rising popularity of diverse cuisines and increase in domestic and international tourism is creating new opportunities to market growth. However, changing consumer preferences and health concerns may drive individuals to choose healthier, home-cooked meals over restaurant options stifling market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Food away from home Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share. The region has a well-developed and matured foodservice industry, characterized by a wide range of dining options and established restaurant chains. This extensive infrastructure and variety of foodservice establishments contribute to the dominance of North America in the FAFH market. Asia Pacific is expected to grow with the fastest growing during the forecast period. This growth can be attributed to the increasing presence of well-known restaurant chains in the region and the growing popularity of dining out. As popular restaurant chains expand their operations and establish a stronger foothold in the Asia-Pacific market, they contribute to the overall growth of the food away from home industry. Additionally, there is a notable shift in consumer preferences towards embracing an eating-out culture, which further propels the market's expansion in the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable