Food Service Industry

Food Service Market was valued at USD 3.1 Trillion in 2018 and is projected to reach USD 4.5 Trillion by 2026, growing at a CAGR of 3.2% from 2019 to 2026. Food Service refers to catering or food supply to the public outside the home. There are many companies offering these services in the catering industry. Also known as a catering industry or company, food services provide prepared food and food service in real time. Food service industry covers different kinds of restaurants, such as fast food restaurants, fast food restaurants and full-service restaurants.

The development, as a place to socialise and spend time with different and creative food consumption, of commercial areas, such as cafeterias, has affected food consumption due to the the working class of thousands of people. Growing demand for ready-to be eaten products which are non-traditional and combining various ingredients with different tastes has resulted in the adoption of a highly effective way of life and excluding home-cooking as part of home-grown activities. The growth in the food service industry has increased significantly with the rise in food supplies and the growing introduction of new and varied menus, coupled with the production of home supply. Despite this, health concerns and unhealthy foods have hindered market growth, especially in the ready-to-eat segment with processed and synthetic ingredients.

The economy is transformed into a commercial and non-commercial market, based on the sector. The business segment had the biggest share in the industry. Include the increase in the number of restaurants, cafes, restaurants, etc, which offer different experiences, a food menu, tastes and cuisines that add value to the services. These reasons can be due to the greater share of the commercial sector. The younger generation has become more likely to visit these places in order to socialise, communicate and spend time, thus increasing the commercial segment’s market share.

The market is transformed into a conventional, centralised, ready-to-use and assembly-service based on system. The Conventional shall retain the forecast duration for the largest market share. The greater share of traditional food in various places of employment, schools, restaurants, etc. can be attributed. Individuals continue to choose traditional foods that remain outside their hometown to get their regular meals and food supply features available.

Asia Pacific is the largest share of the industry. Increases in the number of restaurants, combinations of different cultures and cuisines, increased preference for people to eat outside of home and an increase in the value of customer services provided by restaurants and other food products have increased food services and, as a result, have made Asia-Pacific more and more populated. The region has also increased its population.

The increasingly hectic lifestyles of Americans are making home cooking a challenge and the food and restaurant industry is steadily growing. U.S. restaurants employ some 15,6 million people, and the National Restaurant Association plans to create 1,6 million new restaurant jobs by 2030. The NGO also expects to see more than 899 billion dollars in revenue in 2020 for the industry. These figures indicate that employees are constantly working. However, due to the forced closure of restaurants and subsequent loss of revenue and employment, the coronavirus pandemic has dislocated current industry development. The long-term prospects are not yet determined for restaurants and food services. The food industry is also linked with the economy. It is worth noting. When the economy falls, people prefer to reduce what they see as luxury, like food. Moreover, this sector can be turbulent, with regular restaurants opening and closing.

Regional Outlook (Revenue, USD Billion, 2021 – 2027)

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
• Asia Pacific
  • China
  • Japan
  • India
• South America
  • Brazil
• Middle East and Africa (MEA)

Competition

The “Global Food Service Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as:

• Aramark Corporation
• Compass Group North America
• Doctor’s Associates Inc.
• Domino’s, McDonald’s Corp.
• Restaurant Brands International
• Seven & I Holdings Co. Ltd.
• Sodexo
• Starbucks Corporation
• Yum! Brands Inc

Topics this report will cover:

• Market size from 2019 to 2027
• Revenue Forecast from 2020 to 2027
• Market segmentation and active players
• Market trends and opportunities
• Competitive landscape 
• Regional analysis 
• Related Industries 

Please get in touch with us to get the complete TOC for this report.