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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August 30, 2022 01:35 ET
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Fortune’s Business Insights & # xD;
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Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) — The size of the global food service market exceeded USD 2,323.29 billion in 2021. The market value is projected to rise from USD 2,540.05 billion in 2022 to USD 5,194.60 billion by 2029 at a rate of 10.76% during 2022-2029. Growth can be attributed to an increase in consumer disposable income, evolving consumer lifestyles, especially millennials, and the growing number of cafes, restaurants, and fast food chains. Increasing spending on home-made foods and rise in online food delivery will increase market growth during the forecast period.
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Companies Featured in Market Report
The market experienced a 31.5% decline due to Lockdowns and Travel Restrictions
The food service market in North America, Europe, and Asia Pacific has seen a major downturn during the COVID-19 pandemic as hotels, restaurants, cafes, and fast food joints have closed. The decrease in tourist activity due to strict lockdowns and travel restrictions has greatly affected the demand for the service. Even when restrictions were lifted, only limited services including online food delivery and takeout were operating. Due to these factors, the market experienced a decline of 31.5% in 2020.
By type, the Full Service Restaurant segment to earn through 2029
Based on type, the market is segmented into quick service restaurants, full service restaurants, institutions, and others. Among these, the full-service restaurants segment holds the largest market share due to the wide availability of menu items. Due to the increase in family travel, the number of such restaurants is increasing, which will give a great impetus to the growth of the sector.
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Service Type, Commercial Food Service Segment to Gain More Attraction Over 2022-2029
In terms of service type, the market is segmented into commercial and institutional. Among these, the business segment is slated to generate significant traction during the forecast period, led by the growing number of food chains, food trucks, cafes, restaurants, and online food orders. This category includes quick service restaurants, full service restaurants, and takeout/takeout services.
Expanding Fast-Food Chains and Quick-Service Restaurants to Boost Growth
The growth of the food service market is driven by the rise of double-income households and disposable income. The expansion of the millennial population base and the growing popularity of fast food chains is proving to be an important factor driving the market. As fast food outlets expand their presence across new and emerging markets, the industry will experience rapid growth in the coming years.
Which fast food makes the most money 2021?
However, the aftermath of the spread of COVID-19 may affect market trends to some extent in the future.
- The North American Food Service industry is expected to reach USD 989.0 billion in 2021
- With more than USD 989.0 million in annual revenue, North America dominated the global food service market share during 2021. The strength of this region is attributed to the growing number of two-person households, the increase in the cost of fast food, and then up rise to the emergency number. – food chains. A millennial population base and rapidly changing lifestyle trends will positively impact the market in this region.
- The Asia Pacific market is expected to grow at the highest CAGR during 2022-2029, led by the increasing number of restaurants and fast food in all Tier-II and Tier-III cities. On the other hand, the European market will exhibit steady growth due to the rise of quick service restaurants, cafes, bars, and coffee shops.
- Leading players adopt acquisition strategies to stay ahead of the competition
- Most market players were not ready to risk their business and incur losses by entering volatile markets due to the disruption created by the COVID-19 pandemic. However, as the effects of COVID-19 began to subside, companies were seen expanding their business into new markets. For example, Imperial Dade acquired Imperial Distributors to operate 91 new distribution centers in the United States.
Quick Buy – Food Service Market Report:
What is the most popular fast food in the US 2021?
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What is the #1 fast-food chain in America?
| July 2021: Hero Delivery resumes its operations through the brand Panda Food in Germany, which is one of the largest food service industries in Europe. | https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/food-service-market-106277 | Check out Related Research Ideas: |
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| McDonald’s. 2021: 86.9. 2020: 87.9. | Costa. 2021: 85. 2020: 81.4. | Chick-fil-A. 2021: 84.7. 2020: 79.9. |
What is the most popular fast-food restaurant in the World 2021?
Tim Hortons. 2021: 84.2. 2020: 82.
Which fast food is making the most money?
Starbucks
What is the #1 fast food?
| What is the most successful fast food chain in 2021? Chick-fil-A Despite the fact that its rating dropped one point this year, Chick-fil-A was voted the highest-rated fast food chain in the ACSI 2021 survey, with a score of 83. Consumer Affairs appears to agree, as the chicken sandwich chain has a 3.9 out of 5-star overall customer rating. | Chick-fil-A was ranked No. 1 by ACSI for the seventh year in a row. | rank |
|---|---|---|
| company | 2018 US sales of the entire system in the millions | 1 |
| McDonald’s | 38,524.05 | 2 |
| Starbucks* | 19,700.00 | 3 |
| Subway* | 10,410.34 | 4 |
What is the restaurant industry called?
Taco Bell
10,300.00
What is the meaning of restaurant industry?
(MCD) McDonald’s is the world’s largest fast food restaurant chain and one of the most popular brands. The company has more than 39,000 locations in about 100 countries.
What is the meaning of restaurant business?
In 2019, the 50 largest fast food chains in the United States generated more than $200 billion in revenue. How do these emergency services stack up against each other? Carl’s Jr. Not surprisingly, McDonald’s comes in at number one with over $40 billion in sales.
What is the importance of restaurant industry?
rank
What is another word for restaurant industry?
| company | 2018 US sales of the entire system in the millions |
|---|---|
| 1 | McDonald’s |
| 38,524.05 | 2 |
| Starbucks* | 19,700.00 |
| 3 |
What is another name for the restaurant industry?
Subway*
How much is food industry worth?
10,410.34
4
How much is the food industry worth worldwide?
Taco Bell
How big is the food industry compared to other industries?
10,300.00
How much is the food processing industry worth?
Restaurants, bars, and other similar businesses generally fall under the “food and beverage” category of the hospitality industry, which is under the broader service industry.
How much money is the food industry?
Are restaurants considered a hospitality industry? So what is the hospitality industry? There are many businesses under this large umbrella, such as hotels, motels, resorts, restaurants, theme parks, and many more.
How much profit does the food industry make?
Restaurant industry means any place to eat or drink that prepares and serves food or drink for human consumption either on its premises or by services such as cooking, dining, box lunches or food service.
How much is the food industry worth 2021?
Restaurant business means any business activity related to the operation, development, promotion and licensing of restaurants (including casual dining restaurants and PepsiCo Food Systems), as determined by PepsiCo’s Vice President, Taxation in accordance with the old practice.
How much is the food processing industry worth?
The restaurant industry fosters regional job growth, supports local farmers and keeps your hard earned money in your community. When you choose to shop or eat at a local business or restaurant, you generate nearly four times the economic benefits of your local community.
How much is the food manufacturing industry worth?
service industry
How much is the food industry worth 2021?
give food
Why is food not evenly distributed around the world?
food industry
entertainment industry
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