The food away from home global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Food Away From Home Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The food away from home market size has grown steadily in recent years. It will grow from $4,436.76 billion in 2023 to $4,639.81 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to fast food industry expansion, cultural shifts, women’s workforce participation, urbanization and demographic changes.
The food away from home market size is expected to see steady growth in the next few years. It will grow to $5,564.43 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to regulatory environment, economic conditions, culinary exploration, rise of online food delivery and hectic work schedule. Major trends in the forecast period include contactless and digital ordering, ghost kitchens and virtual brands, sustainability and eco-friendly practices, technology integration and plant-based and alternative protein.
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Scope Of Food Away From Home Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Food Away From Home Market Overview
Market Drivers –
The growing expansion of fast-food restaurants is expected to propel the growth of the food-away-from-home market going forward. Fast-food restaurants, also referred to as fast food outlets, are a type of restaurant that serves quickly prepared and pre-cooked meals with limited table service. The rise of fast-food restaurants is driven by demand for convenient and diverse dining options, busy lifestyles, and evolving taste preferences. Fast-food restaurants, offering quick and affordable meal options, attract busy individuals and cost-conscious consumers with their value meals and promotions. For instance, in 2024, according to Aviko, a Netherlands-based food company, the UK fast food industry rose from 20.61 billion in 2022 to 22.04 billion in 2023. The number of UK consumers who ate in fast-food restaurants increased to 45% in 2023. Therefore, the growing expansion of fast-food restaurants is driving the growth of the food-away-from-home market.
Market Trends –
Major companies operating in the food away from home market are focused on developing next-generation technology, such as an “”AI-first”” strategy to enhance efficiency and empower their workforce across their fast-food restaurant chains. The AI-first strategy is a business strategy that prioritizes the integration and optimization of artificial intelligence across all parts of a fast-food chain’s operations in order to increase efficiency, reduce costs, and provide better customer experiences. For instance, in April 2024, Yum! Brands, a US-based fast food corporation, introduced the SuperApp platform. It is an AI-first strategy smartphone app for restaurant managers that is presently used by over 8,700 Pizza Hut and KFC restaurants. The app enables restaurant staff to ask operational queries, such as how to adjust oven temperatures and receive responses via a generative AI chatbot. This eliminates the need for traditional training manuals. Employees use the SuperApp to manage their work schedules as well as order goods and supplies, which helps restaurants run smoothly.
The food away from home market covered in this report is segmented –
1) By Type Of Occasion: Entertainment, Travel, Retail, Freestanding
2) By Ownership Type: Independent, Chains
3) By Delivery Model: Dine In, Take Away, Home Delivery
4) By Application: Restaurants, Schools And Colleges, Hotels And Motels, Retail Stores And Vending, Other Applications
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Regional Insights –
North America was the largest region in the food away from home market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food away from home market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the food away from home market are Starbucks Corporation, Compass Group PLC, Sodexo, McDonald’s, Aramark, Subway IP LLC, Darden Concepts Inc., Chipotle Mexican Grill, Yum Brands, Restaurant Brands International Inc., Zensho Holdings Co. Ltd., Whataburger, Domino’s Pizza, Panda Restaurant Group Inc., Brinker International Inc., Greene King, SATS Ltd., Burger King Company LLC, Papa John’s International Inc., Shake Shack, Jubilant FoodWorks
Table of Contents
- Executive Summary
- Food Away From Home Market Characteristics
- Food Away From Home Market Trends And Strategies
- Food Away From Home Market – Macro Economic Scenario
- Global Food Away From Home Market Size and Growth
………..
- Key Mergers And Acquisitions In The Food Away From Home Market
- Food Away From Home Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Food Away From Home Market, Segmentation By Type Of Occasion, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Food Away From Home Market, Segmentation By Ownership Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Food Away From Home Market, Segmentation By Delivery Model, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……….
Table 75: Starbucks Corporation Financial Performance
Table 76: Compass Group PLC Financial Performance
Table 77: Sodexo Financial Performance
Table 78: McDonald’s Financial Performance
Table 79: Aramark Financial Performance
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