food service industry share, food service market in depth analysis, food service market growth factors, food service market players, food service market outlook, food service industry scope
What are the latest figures on the food service market’s size and projected CAGR?
The food service market size has grown rapidly in recent years. It will grow from $2593.76 billion in 2024 to $2877 billion in 2025 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to rising number of working women, rising demand for online meal ordering, growing food and beverage services, rising demand for themed restaurants, and rising vegan food products.
The food service market size is expected to see rapid growth in the next few years. It will grow to $4293.91 billion in 2029 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to increasing demand for convenience foods, increasing tourism, increasing consumption of dietary food, increasing ready-to-eat meals, and increasing number of food courts. Major trends in the forecast period include developing incorporating technology in food, implementing digital payment solutions, automation in kitchen technology, development of online platforms, and innovative food preparation methods.
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How have varous drivers impacted the growth of the food service market?
The increasing demand for convenience foods is expected to propel the growth of the food service market going forward. Convenience foods are pre-packaged or pre-prepared foods designed for quick and easy consumption with minimal preparation time, which are typically ready-to-eat or require simple steps such as heating or mixing, catering to busy lifestyles. The growing demand for convenience foods is due to busy lifestyles, lack of time for cooking, and the desire for quick, easy meal solutions. Food services offer quick, ready-to-eat meal options that cater to busy lifestyles through efficient takeout and delivery services, making accessing high-quality meals effortless and time-saving. For instance, in March 2022, according to Blue Diamond Almond, a US-based organization, the ready-to-eat meal segment in the US generated $46,916 million in revenue in 2022, with a 0.83% compound annual increase anticipated by 2026. Therefore, the increasing demand for convenience foods drives the food service market.
What are the primary segments of the food service market?
The food service market covered in this report is segmented –
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
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Which firms are leading the food service market?
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
How will industry trends affect the trajectory of the food service market?
Major companies operating in the food service market are developing advanced solutions such as AI-powered, personalized food and recipe solutions to individual preferences and dietary needs and streamlining meal planning and preparation processes. AI-powered, personalized food and recipe solutions aim to make meal planning, cooking, and eating healthier and more enjoyable by leveraging technology to cater to individual needs and preferences. For instance, in August 2023, Samsung Electronics, a South Korea-based electronics company, launched a new AI-powered, personalized food service and recipe platform. It uses advanced Food AI to suggest meals based on user preferences and food seasonality. It offers over 160,000 recipes, acting as a personalized assistant to help users discover new dishes, create tailored meal plans, and order ingredients online. The app can personalize recipes to match users’ dietary requirements, nutritional goals, and available ingredients.
Which geographic trends are shaping the food service market, and which region has the highest market share?
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.
What Does The Food Service Market Report 2025 Offer?
The food service market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Food service refers to the industry, business, or activity involved in preparing, distributing, and serving food and beverages to customers. It involves various aspects, including menu planning, food preparation, cooking, serving, and ensuring food safety and hygiene. The goal is to meet customers’ dietary needs and preferences while providing a pleasant dining experience.
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