The latest report by IMARC Group, titled “Food Service Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global food service market size reached US$
2,880.1 Billion in 2022. Food service refers to the business of providing food and beverages for home delivery or immediate consumption in residences, offices, schools, hospitals, cafes, restaurants, and fast-food joints. Foodservice outlets are bifurcated into two sectors. Commercial establishments include fast-food restaurants, catering, nightclubs, and recreational outlets. On the other hand, non-commercial outlets include food operations within the premises of an organization, such as hospitals, schools, and military bases. The food is usually assembled, prepared, and served in the same premises or prepared in a centralized kitchen and then transported to different locations.
Global Food Service Market Trends:
The market is primarily driven by the growing demand for nutritious and hygienic convenience food items. This can be attributed to the hectic working schedules and changing dietary preferences of the working professionals. In addition, commercial restaurants and cafés have emerged as convenient places for families, teenagers, and young professionals to socialize and relax, which represents another growth-inducing factor. Besides this, the proliferation of quick-service restaurants (QSRs) and online food delivery portals has made pre-made and packaged food more accessible and affordable. This, coupled with the innovations in packaging and the introduction of low-fat beverages, and gluten-free products, is contributing to the market growth. Furthermore, the increasing number of working women, reduced practice of preparing home-cooked meals, and increasing disposable incomes are also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to reach a value of US$ 3,787.4 Billion by 2028, exhibiting a CAGR of 3.8% during 2023-2028.
- On the basis of the sector, the market has been bifurcated into commercial and non-commercial.
- Based on the system, the market has been segmented into conventional, centralized, ready prepared, and assembly-serve foodservice systems.
- On the basis of the types of restaurants, the market has been classified into fast food, full-service, limited service, and special food services restaurants.
- Region-wise, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- 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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