How Has the Food And Beverage Services Market Size Evolved in Recent Years?
The food and beverage services market has seen considerable growth due to a variety of factors.
• The size of the food and beverage services market has been significantly expanding over the last few years. The projections indicate an increase from $3987.51 billion in 2024 to $4224.02 billion in 2025, sustaining a compound annual growth rate (CAGR) of 5.9%.
The substantial growth in the past years is primarily due to shifts in consumer tastes, economic patterns, urban development and alterations in lifestyle, the internationalization of food customs, and legislative transformations.
What Is the Forecasted Market Size and Growth Rate for The Food And Beverage Services Market?
The food and beverage services market is expected to maintain its strong growth trajectory in upcoming years.
• The market value of food and beverage services is projected to exhibit robust expansion in the forthcoming years. It is anticipated to ascend to $5299.3 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 5.8%.
Factors contributing to the predicted growth in the forecast period include adoption of sustainable practices, the advent of virtual and ghost kitchens, culinary creativity and fusion, health-focused dining options, and influences from local and cultural traditions. Noteworthy trends for the forecast period include the advent of digitalization and contactless services, amalgamation of technology, digital avenues for ordering and delivery, burgeoning of ghost kitchens, incorporation of technology into restaurant functions, and emphasis on personalization and customization.
What Are the Critical Driver Fuelling the Food And Beverage Services Market's Growth?
The market for food and beverage services is anticipated to thrive due to increased digitalization in the culinary sector. The incorporation of online ordering platforms, digital payment systems, and mobile applications not only simplifies the process of ordering but also cuts down on waiting time, thereby enhancing the customer experience. These digital tools also have the added advantage of facilitating personalized marketing, which bolsters customer engagement and loyalty. There's an escalating trend among consumers who prefer ordering food online for home delivery. As per the data provided by The Bank of America Corporation, a US-based investment bank, in July 2024, the quick-serve restaurant sector is poised to hit $316 billion in 2024, indicating a growth rate of 7.1% from 2023. This trend is predicted to persist throughout the forecast period, which in turn, is expected to spur the development of the food and beverage services market in the future.
What Key Areas Define The Segmentation Of The Global Food And Beverage Services Market?
The food and beverage services market covered in this report is segmented –
1) By Type: Restaurants And Mobile Food Services, Bars And Cafes, Catering Services And Food Contractors
2) By Ownership: Chain market, Standalone market
3) By Pricing: High-End, Economy
3) By Service: Online, Offline
Subsegments:
1) By Restaurants And Mobile Food Services: Full-Service Restaurants, Fast Food Restaurants, Food Trucks, Pop-Up Restaurants, Bars And Cafes, Coffee Shops, Pubs And Taverns, Wine Bars, Specialty Beverage Shops
2) By Catering Services And Food Contractors: Event Catering, Corporate Catering, Institutional Food Services, Contract Food Services
Pre-Book The Food And Beverage Services Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Food And Beverage Services Market?
The implementation of advanced technologies in restaurants enhances customer experience leading to increased sales. Businesses in this sector are introducing innovations like self-service touchscreen kiosks, mobile applications for personalized orders and instant payments, as well as digital entertainment features like gaming. For example, PepsiCo, an American food company, initiated the Greenhouse Accelerator Program in April 2023. The program's goal is to empower emerging Hispanic-owned food and beverage small businesses. By offering mentorship, financial aid, and other necessary resources, the program aids in the growth and success of these start-ups. It selects ten promising start-ups who are then offered a six-month business mentoring program and a $20,000 grant to fast track their progress.
Who Are the Key Players in the Food And Beverage Services Market?
Major companies operating in the food and beverage services market include:
• McDonald's Corporation
• Starbucks Corporation
• The Coca-Cola Company
• PepsiCo Inc.
• Yum! Brands Inc.
• Subway IP LLC
• Domino's Pizza Inc.
• Restaurant Brands International Inc.
• Chipotle Mexican Grill Inc.
• Dunkin' Brands Group Inc.
• Inspire Brands Inc.
• Jollibee Foods Corporation
• Papa John's International Inc.
• Chick-fil-A Inc.
• The Wendy's Company
• Aramark Corporation
• Sodexo S.A.
• Darden Restaurants Inc.
• Compass Group PLC
• Panera Bread Company
• Brinker International Inc.
• Bloomin' Brands Inc.
• Wingstop Inc.
• Shake Shack Inc.
• Krispy Kreme Inc.
• Little Caesars Enterprises Inc.
• Buffalo Wild Wings Inc.
• The Cheesecake Factory Incorporated
• Marriott International Inc.
• Hilton Worldwide Holdings Inc.
What Is The Most Dominant Region In The Food And Beverage Services Market?
Asia-Pacific was the largest region in the food and beverage services market in 2024. North America was the second largest region in the food and beverage services market. The regions covered in the food and beverage services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
