How Is The Global Foodservice Channel Market Defined?
The food service channel refers to the network that distributes and delivers food and beverage products to establishments, which play a crucial role in ensuring the efficient supply and quality of food and beverages to the food service industry. It plays a significant role in the overall food industry by providing diverse dining options and convenience to consumers while also contributing to the economic activity within the hospitality sector.
Foodservice Channel Global Market Report 2024 provides data on the global foodservice channel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The foodservice channel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Foodservice Channel Market Size Expected To Expand, And At What Annual Growth Rate?
The foodservice channel market has grown exponentially, increasing from $786.38 billion in 2023 to $962.10 billion in 2024 at a CAGR of 22.3%. This growth is attributed to the rising popularity of online ordering, alcoholic beverages, and ready-to-eat foods. The market is expected to grow to $2,174.29 billion in 2028 at a CAGR of 22.6%, driven by increased disposable incomes, food courts, and fast food preferences. Trends include autonomous delivery systems, digital payment solutions, and advancements in tableware.
What Are The Key Drivers Fueling Growth In The Foodservice Channel Market?
The increase in online food ordering is expected to propel the growth of the foodservice channel market. Consumers are increasingly turning to digital platforms to order meals from restaurants and food delivery services, driven by the convenience and efficiency of online ordering. The foodservice channel supports this trend by offering a wide range of delivery options, making it easier for consumers to place orders and receive timely deliveries. For instance, in March 2024, data from HotelTechreport showed that the percentage of Americans ordering food through delivery apps grew from 15% in 2021 to 25% in 2023. This trend is boosting the foodservice channel market.
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What Are The Principal Market Segments In The Global Foodservice Channel Industry?
The foodservice channel market covered in this report is segmented –
1) By Channel Outlook: Accommodation, Leisure, Mobile Operators, Pubs, Clubs, And Bars, Restaurants, Retail, Travel, Workplace
2) By Service: Commercial, Non-Commercial
3) By Systems: Conventional Foodservice System, Centralized Foodservice System, Ready Prepared Foodservice System, Assembly-Serve Foodservice System
Which Emerging Market Trends Are Altering The Foodservice Channel Market?
To optimize food service operations, companies in the foodservice channel market are developing platforms like the F&B Solutions platform to improve inventory management, menu planning, and supply chain efficiency. For example, in January 2024, Ofi launched an F&B Solutions platform to meet the needs of food service operators and address evolving consumer preferences, focusing on co-creation and innovative product ideation.
What Is The Leading Region In The Foodservice Channel Market?
North America was the largest region in the foodservice channel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the foodservice channel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
