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Global Food Away From Home Market Analysis 2024, Forecast To 2033

23 Sep, 2024

The food away from home market has experienced consistent growth, rising from $4,436.76 billion in 2023 to $4,639.81 billion in 2024, with a compound annual growth rate (CAGR) of 4.5%. This growth is fueled by the expansion of the fast food industry, shifting cultural trends, increased participation of women in the workforce, urbanization, and demographic changes. The market is anticipated to continue its upward trajectory, reaching $5,564.43 billion by 2028, growing at a CAGR of 4.7%. Key factors driving this growth include regulatory changes, economic conditions, culinary exploration, the rise of online food delivery services, and increasingly hectic work schedules. Notable trends include the adoption of contactless and digital ordering, the emergence of ghost kitchens and virtual brands, sustainability and eco-friendly practices, technology integration, and the rise of plant-based and alternative proteins.

Major Driver In The Food Away From Home Market

The rapid expansion of fast-food restaurants is poised to drive substantial growth in the food-away-from-home market. Fast-food outlets cater to the demand for convenience with quickly prepared meals and limited table service. This sector is flourishing due to busy lifestyles and evolving consumer preferences. In 2024, the UK fast food industry grew from £20.61 billion in 2022 to £22.04 billion in 2023, with 45% of UK consumers dining in fast-food restaurants in 2023. This surge in fast-food establishments is expected to significantly boost the food-away-from-home market.

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Food Away From Home Market Competitive Landscape

Starbucks Corporation, Compass Group PLC, Sodexo, McDonald's, Aramark, Subway IP LLC, Darden Concepts Inc., Chipotle Mexican Grill, Yum Brands, Restaurant Brands International Inc., Zensho Holdings Co. Ltd., Whataburger, Domino's Pizza, Panda Restaurant Group Inc., Brinker International Inc., Greene King, SATS Ltd., Burger King Company LLC, Papa John's International Inc., Shake Shack, Jubilant FoodWorks

Key Food Away From Home Market Trend

In the food away from home market, leading companies are advancing next-generation technology with an AI-first strategy to enhance operational efficiency and empower staff across fast-food chains. The AI-first approach integrates artificial intelligence throughout restaurant operations to improve efficiency, reduce costs, and elevate customer experiences. For example, in April 2024, Yum! Brands, a prominent US fast-food corporation, introduced the SuperApp platform—a smartphone app employing an AI-first strategy for restaurant managers. Currently utilized by over 8,700 Pizza Hut and KFC locations, this app allows staff to inquire about operational adjustments, such as oven temperature modifications, and receive guidance via a generative AI chatbot. Additionally, the SuperApp facilitates work schedule management and inventory ordering, optimizing restaurant operations.

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Food Away From Home Market Segmentation

The food away from home market covered in this report is segmented –
1) By Type Of Occasion: Entertainment, Travel, Retail, Freestanding
2) By Ownership Type: Independent, Chains
3) By Delivery Model: Dine In, Take Away, Home Delivery
4) By Application: Restaurants, Schools And Colleges, Hotels And Motels, Retail Stores And Vending, Other Applications
By Geography:The regions covered in the food away from home market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the food away from home market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The Food Away From Home Global Market Report 2024 furnishes information about the global food away from home 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.