DUBAI, UAE, Aug. 22, 2023 /PRNewswire/ -- According to the recent report published by Kings Research, the global Food Service Market was valued at USD 5,461.17 billion in 2022 and is anticipated to reach a valuation of USD 6,791.31 billion by 2030, growing at a CAGR of 2.82% from 2023 to 2030. The surge in disposable incomes of consumers and busy work schedules have significantly favored the trend of consuming ready-to-eat food products through a variety of channels, including dining out at restaurants, takeout, and online meal deliveries, which is driving the market growth.
The soaring popularity of ethnic cuisines provided by market participants is likely to boost industry expansion through the forecast period. Another major growth factor that is driving the penetration and growth of the food service businesses is the observed migration of people into cities as a result of the global phenomenon of urbanization. The demand for food outlets has increased as the use of food services has expanded into hospitals, major corporations, and support & care facilities. The availability of food services on a global scale has risen due to the existence of such culinary institutions.
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Competitive Landscape
Key players are concentrating on a number of business strategies, including partnerships, mergers and acquisitions, product developments, and joint ventures, to enhance their respective market shares across various geographies and diversify their product offerings. Expansion and investments are the most commonly implemented strategic objectives, including funding for R&D projects, the construction of additional factories, and supply chain improvements.
Major players operating in the food service market are:
- Amoy Food Limited
- Aramark Corporation
- Compass Group PLC
- Darden Concepts, Inc.
- Domino's IP Holder LLC
- Mitchells & Butlers
- McDonald's
- Starbucks Coffee Company
- Wendy's Company (Quality Is Our Recipe, LLC)
Trending Now: Gordon Food Service Selects FreshPost for the Accelerator Program
FreshPost, a food delivery specialist, was chosen for a Chicago-based accelerator program devised by Gordon Food Service and its innovation & investment subsidiary Relish Works. Getting accepted into the Food Foundry accelerator program was accompanied by an initial USD 75,000 investment toward FreshPost and other startups in the program, as well as advancement in the food service industry.
FreshPost was established in West Michigan in the middle of 2022 with the goal of collaborating with merchants of all sizes to provide a network of safe and secure pickup locations for out-of-home food and beverage deliveries. Partners could include food banks, ghost kitchens, grocery stores, meal kit suppliers, and other businesses.
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Global Food Service Market Segmentation:
By Service Type
- Commercial
- Non-commercial
Increasing Preference for Commercial Services to Fuel Industry Growth
The commercial segment dominated the global food service market in 2022, generating USD 4,168.91 billion, and is anticipated to continue its dominance throughout the projected period. In recent years, there has been a discernible upward trend in consumer preferences, specifically when it comes to the food services market.
Notably, consumers have been allocating a greater portion of their expenses toward food services. The rise in income levels, which, in turn, raises disposable incomes, societal changes, shifting lifestyles, and the expanding availability of nutritious food products are some of the major factors driving the growth of the segment.
By System Type
- Conventional
- Ready Prepared
- Centralized
- Assembly Serve
Surging Consumer Spending Towards Conventional Food to Positively Influence Market Outlook
The conventional segment dominated the global food service market in 2022 and is anticipated to lead the market with a CAGR of 3.39% over 2023-2030. The conventional segment of the food service industry encompasses the various stages of food production, along with the storage of both hot and cold food items until they are prepared for serving, distribution, or delivery to consumers. Consumer preferences have led to a massive growth in the demand for conventional food, and this trend is foreseen to continue on account of strong demand through the forecast period.
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Accelerating Demand for Multi-Cuisines to Bolster Industry Development
The global food service market is driven by rising consumer preferences and attraction towards multi-cuisines and cultural dining experiences. The increasing demand for a diverse range of cuisines is driven by a migrating population that seeks opportunities in different parts of the world. With the growing number of food service providers or companies, there is a simultaneous upsurge in the global demand for establishing food institutions to meet this expanding need.
Furthermore, the implementation of regulatory standards for food hygiene is anticipated to promote market growth. Standards are regulated by governing bodies to improve the quality of food available worldwide. The regularization of food standards is a crucial factor that is projected to assist the expansion of the global food service market, primarily in emerging nations.
Prevalent Adoption of Veganism to Offer Lucrative Opportunities for Market Growth
The consumption of vegan cuisine and awareness of health-conscious diets are two important factors that are estimated to augment the global food service industry progress. The escalating demand for vegan food products balances the rising demand for other foods as there is a surging need for a diversity of vegan foods. Despite a balanced demand, the market experiences significant growth due to the increasing number of people purchasing various food products.
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APAC to Dominate the Global Food Service Market Due to Expanding Working Population
Asia Pacific held the largest market share in 2022, owing to increasing consumer demand and the growing working population. The regional market is estimated to depict a CAGR of 3.53% through 2030. The growth of the domestic industry has offered lucrative opportunities for new entrants, which has led to capital expenditures, the establishment of new companies, and the provision of strategic services. China is anticipated to be the largest contributor to the APAC market revenue, with a valuation of USD 1,357.10 billion by the end of 2030. As a result of the rapid urbanization and rising demand for food & beverage services in Japan and India, the countries are expected to contribute sizably to the growth of the regional food service market.
Key Points from TOC:
1 Introduction of the Global Food Service Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Food Service Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Food Service Market, By Service Type
7 Global Food Service Market, By System Type
8 Global Food Service Market, By Geography
9 North America
10 Europe
11 The Asia Pacific
12 Middle East & Africa
13 Latin America
14 Global Food Service Market Competitive Landscape
15 Company Profiles
15.1 Wendy's Company (Quality Is Our Recipe, LLC)
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Product Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Amoy Food Limited
15.3 Aramark Corporation
15.4 Compass Group PLC
15.5 Darden Concepts, Inc.
15.6 Domino's IP Holder LLC
15.7 Mitchells & Butlers
15.8 McDonald's
15.9 Starbucks Coffee Company
Browse Complete TOC: https://www.kingsresearch.com/toc/food-service-market-3
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