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Food Service Market Outlook
Food or catering services consist of preparing and serving foods and beverages in restaurants and other dining settings. These outlets are classified into commercial establishments, such as fast-food restaurants, catering, nightclubs, and recreational outlets, and non-commercial outlets, including hospitals, bases, schools, and the military. They help deliver quality cuisines through supply channels, save time, offer convenience, provide a better customer experience, and generate profitable revenue. As a result, food services are largely deployed in special food, fast food, limited services, and full-service restaurants.
What is the expected growth rate of the global food service market during 2023-2028?
The global food service market size reached US$ 2,880.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,787.4 Billion by 2028, exhibiting a growth rate (CAGR) of 3.8% during 2023-2028.
What are the key factors driving the global food service market?
The primary factor driving the global food service market is the increasing consumer expenditure power and surging demand for customization and innovation in food menu options. In line with this, the rising working populace has surged the need for readily available nutritious, hassle-free, and hygienic food, which is creating a positive outlook for the market. Moreover, the rapidly expanding food and beverage (F&B) industry and the emerging trend of socializing at restaurants and bars are providing a considerable thrust to the market growth.
Apart from this, key market players are introducing low-fat beverages and gluten-free food products with innovative packaging to increase their consumer base, which is accelerating the market growth. Other factors, such as the rapid expansion of online platforms, availability of healthier fast-food alternatives, and improving distribution channels, are positively contributing to the market growth.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is the breakup of the global food service market based on the sector?
The report has categorized the market based on sector, systems and types of restaurants.
Breakup by Sector:
- Commercial
- Non-commercial
Breakup by Systems:
- Conventional Foodservice System
- Centralized Foodservice System
- Ready Prepared Foodservice System
- Assembly-Serve Foodservice System
Breakup by Types of Restaurants:
- Fast Food Restaurants
- Full-Service Restaurants
- Limited-Service Restaurants
- Special Food Services Restaurants
Breakup Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Competitive Landscape:
The report has also analysed the competitive landscape of the market along with the profiles of the key players operating in the market.
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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