Food Service Market Poised for Remarkable Growth, set to Reach USD 6,348.75 Billion by 2032 with a CAGR of 7.78%

The global food service market was valued at USD 3,236.92 billion in 2023 and is expected to grow from USD 3,486.58 billion in 2024 to USD 6,348.75 billion by 2032, with a compound annual growth rate (CAGR) of 7.78% over the forecast period. This growth is largely driven by increasing disposable incomes, changing consumer lifestyles-particularly among millennials-and the rising number of cafes, restaurants, and fast-food chains. Additionally, increased spending on dining out and the surge in online food delivery services are fueling market expansion.

A food service establishment refers to any business that prepares and serves food for on-site consumption or for takeout and delivery. The food service industry includes a range of providers, from retailers to counter and table service businesses. The global market is witnessing rapid growth, particularly due to the increasing demand for fast food. This demand is being fueled by higher disposable incomes, the growing number of working women, and the convenience offered by fast food options. Moreover, the expansion of fast-food restaurant formats is gaining momentum in both established and emerging markets, with franchising remaining a key growth strategy for major players such as Domino's, McDonald's, and KFC.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞:
https://www.fortunebusinessinsights.com/enquiry/queries/food-service-market-106277

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭
• McDonald's (U.S.)
• Starbucks (U.S.)
• Yum! Brands, Inc. (U.S.)
• Darden Restaurants, Inc. (U.S.)
• Restaurant Brands International Inc. (Canada)
• The Wendy's Company (U.S.)
• Bloomin' Brands, Inc. (U.S.)
• Papa John's International, Inc. (U.S.)
• Chipotle Mexican Grill, Inc. (U.S.)
• Domino's (U.S.)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬:
𝐁𝐲 𝐓𝐲𝐩𝐞, 𝐅𝐮𝐥𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐑𝐞𝐬𝐭𝐚𝐮𝐫𝐚𝐧𝐭𝐬 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐆𝐚𝐢𝐧 𝐓𝐫𝐚𝐜𝐭𝐢𝐨𝐧 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝟐𝟎𝟑𝟐
Based on type, the market is segmented into quick service restaurants, full service restaurants, institutes, and others. Among these, the full service restaurants segment holds the major market share owing to the wide availability of food items on the menu. Due to the rising trend of family outings, the number of such restaurants is increasing, which will provide significant momentum to the segment growth.

𝐁𝐲 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐓𝐲𝐩𝐞, 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐅𝐨𝐨𝐝 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐆𝐚𝐢𝐧 𝐓𝐫𝐚𝐜𝐭𝐢𝐨𝐧 𝐨𝐯𝐞𝐫 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐
In terms of service type, the market is bifurcated into commercial and institutional. Out of these, the commercial segment is slated to generate monumental traction throughout the forecast period, led by the rising number of food chains, food trucks, cafes, restaurants, and online food orders. This segment includes quick service restaurants, full service restaurants, and dining out/takeaway services.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.fortunebusinessinsights.com/enquiry/customization/food-service-market-106277

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 & 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
Expansion of Fast-Food Chains and Quick-Service Restaurants to Foster Growth
The growth of the food service market is being significantly propelled by the rise in dual-income households and increasing disposable incomes. Additionally, the expanding millennial demographic and the growing popularity of fast-food chains are crucial factors driving market expansion. As fast-food outlets continue to enter new and emerging markets, the industry is set for considerable growth in the coming years.

However, it's important to acknowledge that the lingering effects of the COVID-19 pandemic may continue to impact market trends moving forward.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
North America Food Service Industry Stood at USD 989.0 Billion in 2021
In 2021, North America led the global food service market, generating annual revenues exceeding USD 989.0 billion. This dominance is largely attributed to the rising number of dual-income households, increased spending on fast food, and the rapid expansion of fast-food chains. The region's substantial millennial population and evolving lifestyle trends further contribute to its market growth.

Looking forward, the Asia Pacific market is expected to experience the highest compound annual growth rate (CAGR) from 2024 to 2032. This growth will be driven by the expanding presence of restaurants and fast-food outlets in Tier-II and Tier-III cities throughout the region. Meanwhile, the European market is anticipated to show steady growth, supported by the rise of quick-service restaurants, cafes, pubs, and coffee shops.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/food-service-market-106277

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐀𝐝𝐨𝐩𝐭 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐭𝐨 𝐒𝐭𝐚𝐲 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞
During the peak of the COVID-19 pandemic, many companies were hesitant to enter volatile markets, aiming to avoid potential financial risks. However, as the effects of the pandemic began to diminish, businesses resumed their expansion efforts into new markets. For example, Imperial Dade's acquisition of Empire Distributors enabled the company to operate 91 additional distribution centers across the U.S. This move mirrors a broader trend among major industry players, who are adopting similar expansion strategies to capitalize on growth opportunities in emerging markets.

𝐊𝐞𝐲 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
𝐉𝐮𝐥𝐲 𝟐𝟎𝟐𝟏: Delivery Hero re-launched its operations via its Food Panda brand in Germany, which is one of Europe's largest food service industry.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐍𝐞𝐰𝐬:
𝐈𝐧𝐬𝐭𝐚𝐧𝐭 𝐍𝐨𝐨𝐝𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭:-https://www.fortunebusinessinsights.com/industry-reports/instant-noodles-market-101452
𝐅𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐚𝐥 𝐅𝐨𝐨𝐝 𝐚𝐧𝐝 𝐁𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:-https://www.fortunebusinessinsights.com/functional-foods-market-102269
𝐅𝐫𝐨𝐳𝐞𝐧 𝐅𝐨𝐨𝐝 𝐌𝐚𝐫𝐤𝐞𝐭:-https://www.fortunebusinessinsights.com/frozen-food-market-104138

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This release was published on openPR.