Key companies covered in food service market are 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.) ajnd many more
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Fortune Business Insights
Pune, India, August 30, 2022 (GLOBE NEWSWIRE) — The size of the global food services market exceeded USD 2,323.29 billion in 2021. The market value is forecast to rise from USD 2,540.05 billion in 2022 to USD 5,194.6 billion for 2029 at a CAGR of 10.76% during 2022-2029. The growth can be attributed to rising consumer disposable income, evolving consumer lifestyles, particularly millennials, and the growing number of coffee shops, restaurants and fast food chains. Increasing spending on non-homemade foods and an increase in online food deliveries will boost market growth during the forecast period.
Companies profiled in the market report
The market saw a 31.5% decline due to lockdowns and travel restrictions
The foodservice market in North America, Europe, and Asia Pacific witnessed a significant decline during the COVID-19 pandemic due to the closure of hotels, restaurants, cafes, and fast food outlets. The decrease in tourist activity due to strict closures and travel restrictions significantly affected the demand for services. Even when restrictions were lifted, only limited services were operational, including online and takeout food deliveries. Due to these factors, the market experienced a 31.5% drop in 2020.
By type, the full-service restaurant segment will gain traction through 2029
Based on type, the market is segmented into quick service restaurants, full service restaurants, institutes, and others. Among these, the full-service restaurant segment has the largest market share due to the wide availability of foods on the menu. Due to the upward trend of family outings, the number of these restaurants is increasing, which will give a significant boost to the growth of the segment.
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By service type, the commercial foodservice segment will gain traction during 2022-2029
As for the type of service, the market is divided into commercial and institutional. Of these, the commercial segment is set to generate monumental traction during the forecast period, led by the growing number of food chains, food trucks, cafes, restaurants, and online food ordering. This segment includes quick service restaurants, full service restaurants, and dine-in/carry-out services.
Expansion of fast food chains and quick service restaurants to encourage growth
The growth of the foodservice market is primarily driven by the increase in dual-income households and disposable income. The expansion of the millennial population base and the growing popularity of fast food chains will prove to be a major factor driving the market. As fast food outlets expand their presence in new and emerging markets, the industry will experience rapid growth in the coming years.