Food Service Market size to increase by USD 1.07 Trillion between 2023 to 2028, Market Segmentation by Service, Sector, Geography, Category , Technavio

NEW YORK, Jan. 17, 2025 /PRNewswire/ -- The global food service market size is estimated to grow by USD 1.07 trillion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.66% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. Service 
• 1.1 Conventional
• 1.2 Centralized
• 1.3 Ready-prepared
• 1.4 Assembly-serve
2. Sector 
• 2.1 Commercial
• 2.2 Non-commercial
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa
4. Category
5. Country
   US, China, Japan, Germany, and India

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1.1 Fastest growing segment:

The conventional food service system is a time-tested approach used by many vendors in the food industry. In this system, ingredients are prepared and served on the same premises, ensuring customers freshly made meals tailored to their preferences. Depending on the food type, it is kept heated or chilled until served. This system is widely used in schools, universities, restaurants, and cafeterias, where consumers value freshly prepared food and flexible menu options. Skilled labor is employed to produce the food, and the conventional system's high-quality offerings continue to attract customers. The preference for freshly prepared meals in dining establishments is expected to fuel the growth of the conventional segment in the global food service market during the forecast period.

Analyst Review

The Food Service Market encompasses a wide range of establishments and services, including child care centers, restaurants, hotels, cafés, and more. Third-party providers play a crucial role in the industry, offering services such as storage, preparation, and serving to help businesses streamline their operations. Facilities must adhere to strict health and safety regulations for food handling and preparation. Distribution is another essential component, with both traditional and online options available. Restaurant operators and hotel chains partner with food delivery services like Deliveroo and strategic partnerships such as McDelivery to expand their reach. Service types vary, with full-service restaurants offering a more extensive menu and table service, while quick service restaurants focus on speed and convenience. Institutes and educational institutions also contribute significantly to the market.

Market Overview

The food service market encompasses a wide range of establishments and services, including third-party providers for storage, preparation, and serving in various facilities such as child care centers, restaurants, hotels, cafes, and more. Distribution plays a crucial role in ensuring the timely delivery of ingredients and finished meals. Urban areas with high population density and rising incomes have seen significant growth in the food service industry, driven by changing consumer lifestyles, digitization, and the increasing popularity of online delivery options. The market caters to various cuisines and dietary trends, such as veganism, which has led to the rise of vegan fast food and specialized food courts and malls. The industry is influenced by factors such as productivity, safety, technology, employment, health, hygiene, and e-commerce systems. Strategic partnerships between restaurant operators, hotel chains, independent business owners, and food delivery services like Deliveroo and McDelivery have become commonplace. The market is diverse, with offerings ranging from full-service restaurants to quick service establishments, and includes institutes, retailers, providers, and franchising opportunities. The hospitality sector, including the HRI sector and tourist spending, also plays a significant role in the food service market's financial growth. The quality of food, punctuality of delivery, and plastic packaging are key concerns for consumers, while the rising trend of out-of-home food consumption and the influence of foreign investment and border closures continue to shape the industry landscape.

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 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis

• McDonald's
• Starbucks
• Restaurant Brands International Inc.
• Costa Limited
• Tim Hortons
• Dominos
• KFC Corporation
• Supermac's
• Jollibee
• Baskin Robbins

12 Appendix

About Technavio

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SOURCE Technavio