The restaurant takeout market has demonstrated substantial growth in recent years, forecasted to increase from $2,465.96 billion in 2023 to $2,681.86 billion in 2024, with a CAGR of 8.8%. This growth is driven by factors such as a growing geriatric population, the expansion of fast-food chains, a rising preference for ready-to-eat meals, increased internet usage, and the growing use of smartphones. In the following years, the market is expected to reach $3,819.24 billion by 2028, reflecting a CAGR of 9.2%. The anticipated growth in this forecast period can be attributed to the increasing demand for convenience food, a rise in the popularity of delivery services, growing use of mobile apps for ordering, higher consumption of dietary foods, and the increasing availability of plant-based products. Major trends expected to shape the market during this period include advancements in technology, integration of artificial intelligence (AI)-based solutions, the use of table-top tablets, innovative processing technologies, and the adoption of digital payment options.
Major Driver In The Restaurant Takeout Market
The increasing demand for convenience foods is projected to drive the growth of the restaurant takeout market in the future. Convenience foods refer to pre-packaged or pre-prepared items designed for quick and easy consumption, requiring minimal preparation time, thus catering to busy lifestyles with ready-to-eat meals or simple heat-and-serve options. The heightened demand for convenience foods stems from fast-paced lifestyles, limited time for cooking, and the necessity for quick meal solutions. Restaurant takeout addresses this demand by offering quick, ready-to-eat meal options, saving busy individuals time and effort while providing quality dining experiences without the need for home cooking. For example, in March 2022, Blue Diamond Almond, a US-based organization, reported that revenue for the ready-to-eat meal segment was $46,916 million in 2022 and is expected to grow by 0.83% annually until 2026. Therefore, the rising demand for convenience foods is a major factor driving the restaurant takeout market.
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Restaurant Takeout Market Competitive Landscape
Major companies operating in the restaurant takeout market are Panda Restaurant Group, Starbucks Corporation, Uber Technologies Inc., KFC Corporation, DoorDash Inc., Domino's Pizza Group PLC, Panera Bread Company, Grubhub Inc., First Watch Restaurants Group, Manchu Wok Inc., Huddle House Inc., Denny’s Corporation, Bob Evans Farms Inc., HuHot Mongolian Grill LLC, Another Broken Egg of America Franchising LLC, The Original Pancake House Company, Mama Fu's Franchise Group LLC, Biscuitville Fresh Southern, Spaghetti Warehouse Inc., Caviar
Key Restaurant Takeout Market Trend
Major companies in the restaurant takeout market are concentrating on developing innovative solutions, such as Smart Links, to simplify the ordering process, provide personalized recommendations, and enhance customer engagement. Smart Links provides restaurants with free, customized links that can be easily shared on social media platforms like WhatsApp, Instagram, and Facebook. For example, in April 2024, Swiggy, an India-based food ordering service, launched Smart Links, a new tool designed to help restaurants of all sizes boost their online visibility and increase orders. This tool enables restaurants to drive orders through their online presence while engaging with a wider audience. Smart Links serves as a powerful instrument for enhancing online presence and driving more orders through personalized links and valuable insights.
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Global Restaurant Takeout Market Segmentation
The restaurant takeout market covered in this report is segmented –
1) By Meal: Breakfast, Brunch, Lunch, High Tea, Dinner
2) By Nature: Vegetarian, Non Vegetarian, Vegan
3) By Purchase Model: Direct-To-Consumer, Platform-To-Consumer
4) By Payment: Cash, Debit Cards, Credit Cards, Digital Wallets, Electronic Bank Transfers
5) By Business: Chained Foodservice, Independent Foodservice
By Geography:The regions covered in the restaurant takeout 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 restaurant takeout market in 2023.
The Restaurant Takeout Global Market Report 2024 furnishes information about the global restaurant takeout 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.
