Food Service Market Revenue, Future Growth, Trends, Top Key Players
The global food service market size was USD 2,386.0 billion in 2020. The market is projected to grow from USD 2,525.4 billion in 2021 to USD 5,027.9 billion in 2028 at a CAGR of 10.34% during the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Food Service Market, 2021-2028.” According to our researchers, online food purchasing modes are assisting the regional and small eatable service occupations make their food accessible online and augment
The global food service market size was USD 2,386.0
billion in 2020. The market is projected to grow from USD 2,525.4
billion in 2021 to USD 5,027.9 billion in 2028 at a CAGR of 10.34%
during the 2021-2028 period.
information is provided by Fortune
Business Insights, in its report, titled, “Food Service Market, 2021-2028.”
to our researchers, online food purchasing modes are assisting the
regional and small eatable service occupations make their food accessible
online and augment their customer base. These programs are said to fortify the
foodservice industry during the forecast period.
North America held the major food service market share
and was valued at USD 934.9 billion in 2020. The rising number of double
working houses, rise in flexible income, existence of fast-food chains, and general
economic growth of the region are the prime aspects that qualifies this region
as one of the biggest markets in the edible service market.
Surging urbanization along with the extension of the
middle class population in the AsiaPacific region
is driving the sales of the industry.
Europe is anticipated to display a sturdy growth in
comparison with the other prime regions.
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Radical Product Launches by Vital Players to Steer Market
players in the market employ several tactics to fortify their position in the
market as forerunners. Among the plethora of strategies available, one such substantial
plan is buying companies to elevate the brand value between consumers. Another crucial
strategy is determinedly launching ground-breaking products with an
all-inclusive valuation of the market and identifying its target audience.
July 2021: Delivery Hero re-presented its
processes in Germany, which is Europe’s biggest foodservice market. It
commenced its tasks in Berlin through its brand food panda and is intending to
extend across Germany in the later part of the year 2021.
List of Key Players Mentioned in the Report:
McDonald's (Illinois, U.S.)
Starbucks (Washington, U.S.)
Marriott International (Maryland, U.S.)
Subway (Connecticut, U.S.)
Hyatt Hotels Corporation (Illinois, U.S.)
Hilton Worldwide (Virginia, U.S.)
KFC (Kentucky, U.S.)
Burger King (Florida, U.S.)
Pizza Hut (Texas, U.S.)
On the basis of type, the market is branched into full
service restaurants, quick service restaurants, institutes, and others. The
full service restaurants segment leads the market owing to the accessibility of
an extensive variety of eatable products present on the menu.
Based on service type, the market is segregated into
commercial and institutional.
In terms of geography, the global market is separated
into North America, Europe, Asia Pacific, South America, and the Middle East
Drivers and Restraints:
Rising Demand of Food Services on Institutional Stages
to Foster Market Growth
in the socio-economic situations, foodservice and institutional catering
services have also advanced considering the amplified demand for food ingested in
hotels and restaurants. Moreover, scientific as well as technological progressions
have also aided caterers and edible providers in bulk eatable production in
order to restructure their accomplishments, work efficiently, and refine security.
Furthermore, the usage of computers has also assisted enormously. With growing
immigration, urbanization, as well as globalization, and introduction to
several cuisines, the demand for manifold cuisines has elevated. This in turn,
will augur the food service market growth during the mentioned time frame.