How big is the food and beverage services market today, and what are its future growth expectations?
The food and beverage services market size has grown strongly in recent years. It will grow from $3987.51 billion in 2024 to $4224.02 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to changing consumer preferences, economic trends, urbanization and lifestyle changes, globalization of food culture, regulatory changes.
The food and beverage services market size is expected to see strong growth in the next few years. It will grow to $5299.3 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to sustainability practices, virtual and ghost kitchens, culinary innovation and fusion, health-conscious dining, cultural and local influences. Major trends in the forecast period include digitalization and contactless services, technology integration, digital ordering and delivery, rise of ghost kitchens, technology integration in restaurants, personalization and customization.
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Which industry factors have accelerated the food and beverage services market’s expansion?
The food and beverage services market is expected to benefit from the rising digitalization of food services. Online ordering platforms, mobile apps, and digital payment systems streamline the ordering process, reduce wait times, and improve customer experiences. Digital tools also enable personalized marketing, driving customer engagement and loyalty. Consumers are increasingly preferring to order food online for home delivery. For instance, in July 2024, according to The Bank of America Corporation, a US-based investment bank, the quick-serve restaurant sector is projected to reach $316 billion in 2024, reflecting a 7.1% increase from 2023. This trend is likely to continue in the forecast period and will drive the food and beverage services market going forward.
What are the primary segments of the food and beverage services market?
The food and beverage services market covered in this report is segmented –
1) By Type: Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors
2) By Ownership: Chain market, Standalone market
3) By Pricing: High-End, Economy
3) By Service: Online, Offline
Subsegments:
1) By Restaurants And Mobile Food Services: Full-Service Restaurants, Fast Food Restaurants, Food Trucks, Pop-Up Restaurants, Bars And Cafes, Coffee Shops, Pubs And Taverns, Wine Bars, Specialty Beverage Shops
2) By Catering Services And Food Contractors: Event Catering, Corporate Catering, Institutional Food Services, Contract Food Services
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Which firms are leading the food and beverage services market?
Major companies operating in the food and beverage services market include McDonald’s Corporation, Starbucks Corporation, The Coca-Cola Company, PepsiCo Inc., Yum! Brands Inc., Subway IP LLC, Domino’s Pizza Inc., Restaurant Brands International Inc., Chipotle Mexican Grill Inc., Dunkin’ Brands Group Inc., Inspire Brands Inc., Jollibee Foods Corporation, Papa John’s International Inc., Chick-fil-A Inc., The Wendy’s Company, Aramark Corporation, Sodexo S.A., Darden Restaurants Inc., Compass Group PLC, Panera Bread Company, Brinker International Inc., Bloomin’ Brands Inc., Wingstop Inc., Shake Shack Inc., Krispy Kreme Inc., Little Caesars Enterprises Inc., Buffalo Wild Wings Inc., The Cheesecake Factory Incorporated, Marriott International Inc., Hilton Worldwide Holdings Inc.
Which market trends are set to define the future of the food and beverage services market?
Modernizing technologies in restaurants improves customer satisfaction, thereby boosting restaurant sales. Establishments in the industry are introducing self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment, and digital entertainment such as gaming. For instance, in April 2023, PepsiCo, a US-based food company, launched the Greenhouse Accelerator Program. The program aims to support emerging Hispanic-owned food and beverage small businesses. It identifies and uplifts emerging Hispanic-owned food and beverage start-ups. This is done by providing mentorship, funding, and other resources to help startups grow and succeed in the industry. The program selects ten finalists to participate in a six-month business mentoring program and receive a $20,000 grant to accelerate their businesses.
Which geographic trends are shaping the food and beverage services market, and which region has the highest market share?
The countries covered in the food and beverage services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Does The Food And Beverage Services Market Report 2025 Offer?
The food and beverage services market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Food and beverage service refers to the activity of preparation, exhibiting, and serving meals and drinks to consumers. The forms and cuisines that make up food can vary greatly.
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