Community Food Services Global Market To Reach Value Of About $124.63 Billion In 2023
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The global community food services market is expected to grow from $90.87 billion in 2019 to $95.37 billion in 2020 at a compound annual growth rate (CAGR) of 4.96%. Although the global food trade was impacted by the COVID-19 outbreak, the community food services market was resilient. The requirement for emergency food for vulnerable, elderly, and low-income people during the COVID-19 crisis has boosted the market growth. However, due to the restrictive containment measures involving social distancing and the closure of industries and the disruption of the food supply chain, the growth is considerably low. The market is then expected to recover and reach $124.63 billion in 2023 at a CAGR of 9.33%. The increasing crowdfunding is projected to boost the demand for the community food services market. Crowdfunding is a method of raising capital from individual investors, customers, and the general public through crowdfunding and social media platforms.
The community food services market consists of the revenues from community food services by entities (organizations, sole traders and partnerships) that prepare, and deliver food for the needy. The community food services market includes establishments that primarily are engaged in the collection, preparation and delivery of food for the needy. Only goods and services traded between entities or sold to end consumers are included.
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The global community food services market is further segmented based on products and services and geography.
By Products and Services: Soup Kitchen and On-site Meal Provision, Food Pantry Services, Food Collection And Distribution Services, Other Services.
By Geography: The global community food services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific community food services market is the largest in the global community food services market.
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Trends In The Community Food Services Market
The launch of various programs to serve community food service requirements is becoming an emerging trend in the community food services market.
Community Food Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides community food services market overviews, analyzes and forecasts market size and growth for the global community food services market, community food services market share, community food services market players, community food services market segments and geographies, community food services market’s leading competitors’ revenues, profiles and market shares. The community food services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.