PUBLISHER: The Business Research Company | PRODUCT CODE: 1261836
PUBLISHER: The Business Research Company | PRODUCT CODE: 1261836
“Restaurants And Mobile Food Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on restaurants and mobile food services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for restaurants and mobile food services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The restaurants and mobile food services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major companies in the restaurants and mobile food services market include: Darden Restaurants, Yum China Holdings Inc., McDonald's, Chipotle, Berkshire Hathaway Inc., Subway; Zensho Holdings Co Ltd., Chick-fil-A, Brinker International, Bloomin' Brands.
The global restaurants and mobile food services market grew from $2854.83 billion in 2022 to $3025.55 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The restaurants and mobile food services market is expected to grow to $3790.29 billion in 2027 at a CAGR of 5.8%.
The restaurants and mobile food services market includes revenues earned by entities by offering food services to patrons who order and are served while seated (i.e., waiter/waitress service) and pay after eating; and providing food services to patrons who generally order or select items (e.g., at a counter, in a buffet line) and pay before eating. The market also includes revenues earned from preparing and/or serving a specialty snack (e.g., ice cream, frozen yogurt, cookies) and/or nonalcoholic beverages (e.g., coffee, juices, sodas) for consumption on or near the premises. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
A restaurant refers to a location where people may buy and eat food and drinks. Mobile food services refer to a type of food service which involves the preparation of meals in or the delivery of it from a vehicle.
Asia-Pacific was the largest region in the restaurants and mobile food services market in 2022. North America was the second largest region in the restaurants and mobile food services market. The regions covered in the restaurants and mobile food services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The types of restaurants and mobile food services include full-service restaurants, limited-service restaurants, cafeterias, grill buffets, buffets, and mobile food services. A cafeteria is a self-service restaurant where customers select their meals from a counter and pay for them before taking them to their table. Cafeterias are typically situated in public facilities such as hospitals and retail establishments. Chained and standalone markets own the services, and prices range from high-end to economy. These services are provided through online and offline modes.
Globalization is expected to pave the way for more joint ventures, foreign investments, global expansion, and multi-national companies setting up facilities in high-growth regions, thereby allowing restaurant operators to offer their cuisines to customers around the world. Globalization is also making it easier for restaurants to procure exotic ingredients and hence provide a more sophisticated and wider variety of dishes to their customers, thereby giving restaurants an opportunity to compete globally. Furthermore, globalization has increased the number of potential vendors for restaurants, lowering the bargaining power of suppliers and thus helping the bottom line. For example, McDonald's is produced in many countries and has franchises around the world. It invests and supports initiatives to adapt its products and services to different locales to ensure its global brand. This rise in globalization is likely to boost investments and consequentially drive the market going forward.
The outbreak of COVID-19 has acted as a massive restraint on the restaurant and mobile food service market in 2020 as governments globally imposed restrictions on domestic and international travel, limiting the need for services offered by these establishments. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down." The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the restaurants and mobile food services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Establishments in the restaurant and mobile food service market rely heavily on recommendations and reviews. Therefore, restaurants are promoting themselves through social media platforms. Mobile applications like GrubHub and JustEat allow customers to review, browse the menu and nutrition information, order and make reservations. Social media is enhancing customer loyalty and public reputation as customers share photos and reviews, thereby increasing awareness of restaurants. For example, restaurants are adopting live streaming restaurant videos to engage their online followers and interact with them. Social media is expected to be a significant driver of the restaurant and mobile food services industry.
The countries covered in the restaurants and mobile food services market report are: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The restaurants and mobile food services market research report is one of a series of new reports from The Business Research Company that provides restaurants and mobile food services market statistics, including restaurant and mobile food services industry global market size, regional shares, competitors with a restaurant and mobile food services market share, detailed restaurant and mobile food services market segments, market trends and opportunities, and any further data you may need to thrive in the restaurants and mobile food services industry. This restaurants and mobile food services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.