What Is The Definition Of The Global Food Service Market?
Food service refers to the industry, business, or activity involved in preparing, distributing, and serving food and beverages to customers. It involves various aspects, including menu planning, food preparation, cooking, serving, and ensuring food safety and hygiene. The goal is to meet customers' dietary needs and preferences while providing a pleasant dining experience.
Food Service Global Market Report 2024 provides data on the global food service market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The food service market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Food Service Market Size Expected To Change, And What Are The Growth Rate Projections?
The food service market has experienced rapid growth, increasing from $2,348.94 billion in 2023 to $2,593.76 billion in 2024 at a CAGR of 10.4%. Key drivers include the growing demand for online meal ordering, dietary foods, and themed restaurants. By 2028, the market is expected to reach $3,888.65 billion, growing at a CAGR of 10.7%. This expansion will be fueled by increased tourism, ready-to-eat meals, and food courts. Trends include automation in kitchen technology, digital payment solutions, and innovative food preparation methods.
Which Drivers Are Accelerating Growth In The Food Service Market?
The increasing demand for convenience foods is expected to support the growth of the food service market. Convenience foods, which are easy to prepare and consume, cater to busy lifestyles by providing quick meal solutions. As more people seek time-saving food options, the demand for food services offering quick, ready-to-eat meals increases. For example, in March 2022, the ready-to-eat meal segment in the U.S. generated significant revenue, and its growth is expected to continue in the coming years. As a result, the rise in demand for convenience foods is driving the food service market.
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What Are The Core Segments Of The Global Food Service Market?
The food service market covered in this report is segmented –
1) By Type: Full Service Restaurants, Quick Service Restaurants, Institutes, Other Types
2) By Systems: Conventional Foodservice System, Centralized Foodservice System, Ready Prepared Foodservice System, Assembly-Serve Foodservice System
3) By Sector: Commercial, Non-Commercial
Which Emerging Trends Are Reshaping The Food Service Market Size?
In the food service market, companies are introducing AI-powered personalized food and recipe platforms to cater to individual dietary preferences and streamline meal preparation. For example, in August 2023, Samsung Electronics launched an AI-powered food service platform that suggests meals based on user preferences and food seasonality, offering over 160,000 recipes. The platform helps users create personalized meal plans and discover new dishes.
What Is The Largest Region In The Food Service Market?
Asia-Pacific was the largest region in the food service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
