The food supply for restaurants market size has also shown strong growth in recent years, rising from $485.06 billion in 2023 to $513.06 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. This growth during the historic period can be attributed to factors such as price fluctuations, the availability and cost of food products, changing consumer preferences, heightened awareness of food safety, and varying climate conditions. In the coming years, the food supply for restaurants market is projected to grow further, reaching $645.00 billion by 2028 at a CAGR of 5.9%. The growth in this forecast period can be attributed to supply chain disruptions, import and export restrictions, the importance of supplier relationships, advancements in inventory management practices, and local sourcing initiatives. Major trends expected to influence the market include an emphasis on sustainable sourcing practices, integration of technology, a focus on ethical and fair trade products, efforts to reduce food waste, alternative packaging solutions, and advancements in digital supply chain management.
Major Driver In The Food Supply For Restaurants Market
The growth of the tourism industry is anticipated to boost the food supply for restaurants market as increased consumer confidence, improved travel accessibility, and the easing of pandemic-related restrictions drive tourism growth. With rising customer volumes and diverse culinary preferences, the demand for a wide variety of high-quality food options is increasing. According to UN Tourism, international arrivals in the first quarter of 2023 reached 80% of pre-pandemic levels, with around 235 million tourists traveling internationally, more than double the number from the same period in 2022. Thus, the growth of tourism is expected to significantly impact the food supply for restaurants market through 2023, 2024, and 2028, with market sizes projected at $50 billion in 2023, $55 billion in 2024, and $70 billion by 2028.
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Food Supply For Restaurants Market Competitive Landscape
Major companies operating in the food supply for restaurants market are Sysco Corporation, Performance Food Group, Tyson Foods Inc., US Foods, Gordon Food Service, Chefs' Warehouse, Reinhart Foodservice, Shamrock Foods Company, Brakes Foodservice, Jubilant FoodWorks, CHEF'STORE, What Chefs Want, Surya Foods, Total Foodservice Solutions Ltd, BlueCart Inc., Regency Foods Ltd, Pentagon Food Group, Bidfood, Collectiv Food, TGG Technologies Private Limited (ChfMart), Restaurant Depot, Hyperpure
Key Food Supply For Restaurants Market Trend
Major companies in the food supply for restaurants market are working on innovative solutions, such as next-day delivery, to enhance service efficiency for small and independent restaurant operators while addressing the increasing demand for fast and reliable food supply options. Next-day delivery is a shipping service that ensures packages reach the recipient's address by the next business day after shipment. For example, in April 2022, Kroger, a US-based retail company, launched a restaurant supply business offering next-day delivery in the greater Dallas area. This service provides competitive wholesale pricing and flexible delivery options for small and independent restaurants, aiming to assist those struggling to meet order minimums and scheduled supplies required by traditional food service companies.
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Global Food Supply For Restaurants Market Segmentation
The food supply for restaurants market covered in this report is segmented –
1) By Restaurant Type: Quick Service Restaurants (QSRs), Small And Mid-Size Restaurants, Large Hotels And Restaurants
2) By Order Type: Bulk, Small To Moderate
3) By Application: Bakery Items, Dairy Items, Meat, Poultry, And Seafood, Grains And Flours, Oils, Sauces, Dressings, And Condiments, Canned, Ready To Cook And Packaged Food, Fresh And Frozen Vegetables And Fruits, Other Applications
By Geography:The regions covered in the food supply for restaurants 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 supply for restaurants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Food Supply For Restaurants Global Market Report 2024 furnishes information about the global food supply for restaurants 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.
