Global Foodservice Channel Market Insights 2024: Market Dynamics and Growth Opportunities

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The new report published by The Business Research Company, titled Foodservice Channel Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the foodservice channel market size has grown exponentially in recent years. It will grow from $786.38 billion in 2023 to $962.10 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The foodservice channel market size is expected to see exponential growth in the next few years. It will grow to $2,174.29 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%.

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What Is Driving The Growth Of The Global Foodservice Channel Market?

Increased Online Ordering Supports Foodservice Channel Expansion
The increasing online food ordering is expected to propel the growth of the foodservice channel market going forward. Online food ordering is a digital process where consumers select and purchase meals through websites or mobile apps from restaurants or food delivery services, enabling convenient, direct ordering and payment without visiting the establishment in person. The increasing online food ordering is due to the growing demand for convenience and efficiency, driven by widespread smartphone use and enhanced internet accessibility, further supported by consumer preferences for quick and easy meal solutions. The foodservice channel supports online food ordering by providing a wide range of restaurant and delivery options accessible through digital platforms streamlining the ordering process, making it easier for consumers to browse menus, place orders, and receive timely deliveries. For instance, in March 2024, according to HotelTechreport, a US-based online platform dedicated to the hotel technology sector, American consumers placing an order for food through a meal delivery app increased from 15% in 2021 to 25% in 2023. Therefore, the increasing online food ordering drives the food service channel market.

What Is The Key Trend In The Global Foodservice Channel Market?

Food Service Channel Market Launch Innovative F&B Solutions Platform To Address Evolving Consumer Preferences And Optimize Supply Chains
Major companies operating in the foodservice channel market are focused on developing innovative platforms such as the food and beverage solutions (F&B) platform to offer tailored solutions for efficient inventory management, menu planning, and supply chain optimization. F&B Solutions is designed to enhance its focus on addressing evolving consumer preferences and supporting diverse customer needs. For instance, in January 2024, Ofi, a Singapore-based company that manufactures sustainable food ingredients, launched F&B Solutions, designed to enhance its focus on addressing evolving consumer preferences and supporting diverse customer needs. The F&B Solutions platform is particularly relevant to the food service channel as it aims to meet the needs of global and regional customers across various sectors, including fast-moving consumer goods (FMCG), retail, and quick-service restaurants (QSR). The emphasis on co-creation and innovative product ideation aligns with food service operators' demands to enhance their offerings and respond to changing consumer trends.

How Is The Global Foodservice Channel Market Segmented?
The foodservice channel market covered in this report is segmented -

1) By Channel Outlook: Accommodation, Leisure, Mobile Operators, Pubs, Clubs, And Bars, Restaurants, Retail, Travel, Workplace
2) By Service: Commercial, Non-Commercial
3) By Systems: Conventional Foodservice System, Centralized Foodservice System, Ready Prepared Foodservice System, Assembly-Serve Foodservice System

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How Is The Competitive Landscape Of The Global Foodservice Channel Market?
Major companies operating in the foodservice channel market are McDonald's Corporation, Darden Restaurants Inc., Chipotle Mexican Grill Inc., Yum! Brands Inc., Restaurant Brands International Inc., Panera Bread Company, Domino's Pizza Inc., Bloomin' Brands Inc., Texas Roadhouse Inc., Brinker International Inc., Zaxby's Franchising Inc., Wendy's Company, BJ's Restaurants Inc., Shake Shack Inc., Cheesecake Factory Incorporated, First Watch Restaurant Group Inc., White Castle System Inc., Cava Group Inc., Noodles & Company, El Pollo Loco Holdings Inc., Sweetgreen Inc., Wingstop Inc., Fogo de Chão Inc., Dunkin' Brands Group Inc.

Contents Of The Global Foodservice Channel Market
1. Executive Summary
2. Foodservice Channel Market Report Structure
3. Foodservice Channel Market Trends And Strategies
4. Foodservice Channel Market - Macro Economic Scenario
5. Foodservice Channel Market Size And Growth
…..
27. Foodservice Channel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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