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Global Food Service Market to Reach US$ 4.2 Trillion by 2024, Spurred by Increasing Preference for Convenience Foods

According to the latest study by IMARC Group, titled “Food Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global food service market size reached US$ 3.4 Trillion in 2018. Food service refers to the business of providing food for takeaways, home deliveries or immediate consumption across residences, offices, schools, hospitals, cafes, restaurants, and fast-food joints. The food can either be conventionally assembled, prepared and served in the same premises, or can be produced in a centralized kitchen with the food further transported to different locations. Food service establishments can also adopt other systematic approaches, including a ready prepared system in which the food is prepared and is then chilled until required, or an assembly-serve system which comprises purchasing, storing, assembling and serving of pre-made food to consumers.

Global Food Service Market Trends:

The thriving food and beverage industry is one of the primary factors driving the growth of the market. Additionally, hectic working schedules and changing dietary preferences have led a majority of the population to shift toward convenience and the on-the-go food options. Consequently, there is a proliferation of quick-service restaurants (QSRs) and online food delivery portals that has made pre-made and packaged food easily accessible to and affordable for consumers. Also, the concept of build-your-own and small plate menus, along with customized combinations of fresh-quality ingredients is gaining rapid popularity among consumers. Such scope of personalization offers a wide range of options to consumers while catering to their diverse tastes. Furthermore, improving living standards and inflating disposable income levels have led to an increase in the frequency of social gatherings and corporate events, which is positively influencing the catering industry. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.2 Trillion by 2024, expanding at a CAGR of 3.6% during 2019-2024.

Market Summary:

  • On the basis of the sector, the market has been bifurcated into commercial and non-commercial, wherein commercial represents the largest segment. 
  • Based on the food service system, the market has been divided into conventional, centralized, ready prepared and assembly-serve foodservice systems. Amongst these, the conventional food service system is the most preferred segment.
  • On the basis of the types of restaurants, full-service restaurants exhibit a clear dominance in the market. Other major segments include fast food, limited service and special food services restaurants.
  • On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. At present, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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