The food and beverage services market is set to grow significantly, increasing from $3,715.91 billion in 2023 to $3,903.1 billion in 2024, with a CAGR of 5.0%. This growth is influenced by changing consumer preferences and urbanization. By 2028, the market is projected to reach $4,880.53 billion, growing at a CAGR of 5.7%. Trends include digitalization, ghost kitchens, and health-conscious dining.
Major Driver In The Food And Beverage Services Market
The food and beverage services market is poised for growth, driven by the increasing digitalization of food services. Consumer preferences are shifting towards online food ordering for home delivery. As of 2021, KPMG reported an average annual spend per person on food takeaways in the UK reaching $721. Nottingham emerged as the UK's takeaway hub, boasting an average expenditure of £1,097 per individual in 2021. Major players in food delivery services, such as Deliveroo, Just Eat, and Uber Eats, are contributing to the rising trend of digitalized food services. This shift is expected to continue in the forecast period, fostering growth in the food and beverage services market, with market size expectations for 2023, 2024, and 2028.
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Food And Beverage Services Market Competitive Landscape
JELD-WEN Inc., Georgia-Pacific LLC, Builders FirstSource Inc., LIXIL Group, Stora Enso Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., UFP Industries Inc., Universal Forest Products lnc., Boise Cascade Company, Celulosa Arauco y Constitución Company, Louisiana-Pacific Corporation, Resolute Forest Products Inc., UPM-Kymmene Corporation, Interfor Corporation, NCI Building Systems Inc., Metsä Group, Rayonier Advanced Materials lnc., Cavco Industries Inc., Norbord Inc., Western Forest Products Inc., Canfor Corporation, PotlatchDeltic Corporation, Cefla s.c., Nature Home Holding Company Limited, Sappi Limited, Roseburg Forest Products Co., Masonite International Corporation, Barberán S.A., Tolko Industries Ltd., Hampton Affiliates lnc., Conifex Timber Inc., Stella-Jones Inc., CanWel Building Materials Group Ltd.
Key Food And Beverage Services Market Trend
Modern technological advancements in restaurants are boosting customer satisfaction and sales. Restaurants are adopting self-ordering kiosks, mobile apps for customizable orders and payments, and digital entertainment. For example, in April 2023, PepsiCo launched the Greenhouse Accelerator Program to support emerging Hispanic-owned food and beverage startups. The program provides mentorship, funding, and resources to help these businesses grow, including a $20,000 grant and a six-month mentoring program.
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Food And Beverage Services Market Segmentation
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 Covered: Full-Service Restaurants, Limited-Service Restaurants, Cafeterias, Grill Buffets, And Buffets, Mobile Food Services, Snack And Nonalcoholic Beverage Bars, Drinking Places (Alcoholic Beverages), Food Service Contractors, Catering Services
By Geography:The regions covered in the food and beverage services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the food and beverage services market in 2023.
The Food And Beverage Services Global Market Report 2024 furnishes information about the global food and beverage services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
