Food Service Global Market Report 2024

Description

Food service refers to the industry or business involved in preparing, distributing, and serving food and beverages to customers. It encompasses various activities, including menu planning, food preparation, cooking, serving, and maintaining food safety and hygiene, all aimed at meeting customers' dietary needs and providing a pleasant dining experience.

The main types of food service include full-service restaurants, quick-service restaurants, institutional food service, and other categories. Full-service restaurants offer a complete dining experience with table service, where customers are seated and served by waitstaff. Food service systems can be categorized into conventional, centralized, ready-prepared, and assembly-serve systems. These systems are utilized across different sectors, including both commercial and non-commercial settings.

The food service market research report is one of a series of new reports from The Business Research Company that provides food service market statistics, including food service industry global market size, regional shares, competitors with a food service market share, detailed food service market segments, market trends, and opportunities, and any further data you may need to thrive in the food service industry. This food service 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.

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 during the historical period can be attributed to several factors such as the increasing number of working women, rising demand for online meal ordering, expansion in food and beverage services, growing interest in themed restaurants, and a surge in 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 projected growth during the forecast period can be attributed to several factors such as rising demand for convenience foods, increasing tourism, greater consumption of dietary foods, a surge in ready-to-eat meals, and a growing number of food courts. Key trends expected to shape this period include the integration of technology in food service, the implementation of digital payment solutions, advancements in kitchen automation, the development of online platforms, and innovative food preparation methods.

The growing demand for convenience foods is expected to drive the expansion of the food service market. Convenience foods, which include pre-packaged or pre-prepared items designed for quick and easy consumption with minimal preparation, cater to the needs of busy consumers. These foods are typically ready-to-eat or require only simple steps such as heating or mixing, aligning with increasingly hectic lifestyles. The rising preference for convenience foods is attributed to time constraints and the desire for quick, efficient meal solutions. Food service providers address these needs by offering prompt, ready-to-eat options through streamlined takeout and delivery services, thereby making high-quality meals more accessible and time-saving. For example, in March 2022, Blue Diamond Almond reported that the ready-to-eat meal segment in the US generated $46,916 million in revenue in 2022, with a projected 0.83% compound annual growth rate expected by 2026. Consequently, the demand for convenience foods is a key driver of growth in the food service market.

Major players in the food service sector are developing innovative solutions, such as AI-powered personalized food and recipe platforms, to meet individual preferences and dietary needs while optimizing meal planning and preparation. These AI-driven solutions aim to enhance the meal planning process, making it healthier and more enjoyable by tailoring recommendations to users' specific requirements and preferences. For instance, in August 2023, Samsung Electronics, a South Korea-based technology company, introduced a new AI-powered food service and recipe platform. This platform utilizes advanced Food AI to recommend meals based on user preferences and seasonal ingredients. It offers over 160,000 recipes and serves as a personalized assistant for discovering new dishes, creating customized meal plans, and ordering ingredients online, with features that adapt to users' dietary needs and nutritional goals.

In November 2021, Restaurant Brands International Inc., a Canada-based company specializing in quick-service restaurant brands, acquired Firehouse Restaurant Group Inc. for an undisclosed sum. This acquisition was aimed at expanding Restaurant Brands International's presence in the fast-casual dining segment and capitalizing on Firehouse Subs' established brand recognition and customer loyalty. Firehouse Restaurant Group Inc., a US-based entity, is known for its food service operations.

Major companies operating in the food service 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

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.

The countries covered in the food service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The food service market includes revenues earned by entities by dine-in service, delivery service, drive-thru service, buffet service, and mobile food service. 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.

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.

Food Service Global Market Report 2024 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 food service 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.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for food service ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The food service 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.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered: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
Companies Mentioned: Sysco Corporation; Compass Group; McDonald's Corporation; Sodexo SA; Marriott International
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r19912

1. Executive Summary

2. Food Service Market Characteristics

3. Food Service Market Trends And Strategies

4. Food Service Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Food Service Market Size and Growth

5.1. Global Food Service Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Food Service Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Food Service Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Food Service Market Segmentation

6.1. Global Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Full Service Restaurants
Quick Service Restaurants
Institutes
Other Types
6.2. Global Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Conventional Foodservice System
Centralized Foodservice System
Ready Prepared Foodservice System
Assembly-Serve Foodservice System
6.3. Global Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Commercial
Non-Commercial

7. Food Service Market Regional And Country Analysis

7.1. Global Food Service Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Food Service Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Food Service Market

8.1. Asia-Pacific Food Service Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Food Service Market

9.1. China Food Service Market Overview
9.2. China Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Food Service Market

10.1. India Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Food Service Market

11.1. Japan Food Service Market Overview
11.2. Japan Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Food Service Market

12.1. Australia Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Food Service Market

13.1. Indonesia Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Food Service Market

14.1. South Korea Food Service Market Overview
14.2. South Korea Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Food Service Market

15.1. Western Europe Food Service Market Overview
15.2. Western Europe Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Food Service Market

16.1. UK Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Food Service Market

17.1. Germany Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Food Service Market

18.1. France Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Food Service Market

19.1. Italy Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Food Service Market

20.1. Spain Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Food Service Market

21.1. Eastern Europe Food Service Market Overview
21.2. Eastern Europe Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Food Service Market

22.1. Russia Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Food Service Market

23.1. North America Food Service Market Overview
23.2. North America Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Food Service Market

24.1. USA Food Service Market Overview
24.2. USA Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Food Service Market

25.1. Canada Food Service Market Overview
25.2. Canada Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Food Service Market

26.1. South America Food Service Market Overview
26.2. South America Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Food Service Market

27.1. Brazil Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Food Service Market

28.1. Middle East Food Service Market Overview
28.2. Middle East Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Food Service Market

29.1. Africa Food Service Market Overview
29.2. Africa Food Service Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Food Service Market, Segmentation By Systems, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Food Service Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Food Service Market Competitive Landscape And Company Profiles

30.1. Food Service Market Competitive Landscape
30.2. Food Service Market Company Profiles
- 30.2.1. Sysco Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Compass Group
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. McDonald's Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Sodexo SA
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Marriott International
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Food Service Market Other Major And Innovative Companies

31.1. General Mills Inc.
31.2. Domino's Pizza Inc.
31.3. Aramark Corporation
31.4. Kellogg Company
31.5. Darden Restaurants Inc.
31.6. Chipotle Mexican Grill Inc.
31.7. Tim Hortons Inc
31.8. Yum! Brands Inc.
31.9. KFC Corporation
31.10. Restaurant Brands International Inc.
31.11. Elior Group
31.12. Jollibee Foods Corporation
31.13. Papa John's International Inc.
31.14. Wendy's Company
31.15. Whitbread PLC

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

35.1 Food Service Market In 2028 - Countries Offering Most New Opportunities
35.2 Food Service Market In 2028 - Segments Offering Most New Opportunities
35.3 Food Service Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer