Food Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global food service market reached a value of US$ 2,750 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3,629 Billion by 2027, exhibiting a CAGR of 3.85% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Foodservice refers to the sale of food and beverages that are prepared for immediate consumption or for takeaways and home deliveries. Foodservice outlets are classified into two sectors: commercial establishments which include fast-food restaurants, catering, nightclubs and recreational outlets. Non-commercial outlets which include food operations that run inside the premises of an organizations such as hospitals, schools, military bases, etc. The food service market can also be classified on the basis of operation systems, into conventional system where the ingredients are assembled, prepared and served on the same premises. Centralized system, in which food production is centralized and is then transported to the kitchens at different locations. Ready prepared system in which the food is prepared onsite and stored chilled or frozen until required, and assembly-serve systems in which pre-prepared foods are purchased, stored, assembled, and served to the consumer.
Global Food Service Market Trends:
Growing demand for customization and innovation in food menu options is among the key factors driving the global foodservice market. Consumers are provided with a wide variety of alternatives to customize their meals according to their taste, dietary and budget preferences. Millennials and working professionals are the key target consumers for the market owing to their increasing preference for hassle-free, nutritious and hygienic food that is readily available. Additionally, commercial restaurants and cafés have emerged as a convenient place for teenagers, families, and young professionals to socialize and relax, thus catalyzing the growth of the market. Moreover, development of e-commerce/online platforms and on-the-go food services coupled with innovations in packaging, introduction of low-fat beverages, gluten free products, etc, are also contributing significantly to the growth of the market. Furthermore, factors such as increasing number of working women, reduced practice of preparing home-cooked meals, increasing disposable incomes, improving distribution channels, etc. are also catalysing the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global food service market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on sector, systems and types of restaurants.
Breakup by Sector:
Breakup by Systems:
Conventional Foodservice System
Centralized Foodservice System
Ready Prepared Foodservice System
Assembly-Serve Foodservice System
Breakup by Types of Restaurants:
Fast Food Restaurants
Limited Service Restaurants
Special Food Services Restaurants
Middle East and Africa
The report has also analysed the competitive landscape of the market along with the profiles of the key players operating in the market.
Key Questions Answered in This Report:
How has the global food service market performed so far and how will it perform in the coming years?
What are the key regional markets in the global food service industry?
What has been the impact of COVID-19 on the global food service industry?
What is the breakup of the market based on the sector?
What is the breakup of the market based on the systems?
What is the breakup of the market based on the types of restaurants?
What are the various stages in the value chain of the global food service industry?
What are the key driving factors and challenges in the global food service industry?
What is the structure of the global food service industry and who are the key players?
What is the degree of competition in the global food service industry?
What are the profit margins in the global food service industry?
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