Dubai, UAE, Oct. 10, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the global Food Service Market was valued at USD 5.46 billion in 2022 and is estimated to reach USD 6.79 billion by 2030, exhibiting a CAGR of 2.82% over the projected period of 2023-2030. The market growth is primarily driven by changing consumer preferences and lifestyles. The modern, fast-paced lifestyle and the growing number of dual-income households have bolstered the demand for convenient, ready-to-eat meals. As a result, the food service industry has diversified its offerings, providing a range of cuisines, quick-service options, and delivery choices to meet consumers' desire for diverse and hassle-free dining experiences. Furthermore, the increasing presence of young population has considerably shaped the food service landscape.
The term "food service" describes the distribution of ready-to-eat meals and beverages to customers in a number of places, including cafeterias, hotels, restaurants, and other businesses. It is a division of the hospitality industry that focuses on providing dining experiences and services associated with food to meet the demands and preferences of customers. Individuals, families, and parties who prefer not to cook or prepare their own food depend heavily on the food service business for meals and refreshments. Each of these businesses caters to a particular consumer niche with a different menu and service approach, ranging from modest fast food joints to upscale dining facilities.
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Competitive Landscape
Prominent players in the global food service market are prioritizing acquisition as a key strategy to expand their global reach. For instance, the privately held dining service provider Fresh Ideas Food Service, which is based in Iowa, was acquired by food services business Chartwells in July 2022. More than 25 states in the US are home to Fresh Ideas Food Service. With the acquisition, Chartwells' market reach in the Midwest was expected to increase, and the company announced that it intended to include Fresh Ideas Food Service's special services and expertise.
Key participants in the global food service market include:
- McDonald's Corporation
- Yum! Brands, Inc.
- Starbucks Corporation
- Subway
- Compass Group
- Sysco Corporation
- Sodexo
- Domino's Pizza, Inc.
- Darden Restaurants, Inc.
- Dunkin' Brands Group
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Key Insights
- On the basis of service type, the commercial segment accounted for the largest market share in 2022
- Based on system type, the conventional segment is anticipated to lead, capturing a market share of 45.78% by 2030
- In terms of region, North America is projected to experience significant growth over the forecast period
Market Segmentation
By Service Type
- Commercial
- Non-Commercial
Soaring Demand for Food Services in Commercial Areas to Facilitate Market Expansion
On the basis of service type, the market is segmented into commercial and non-commercial. The commercial segment dominated the global food service market in 2022, accounting for a valuation of USD 4.16 billion. This segment encompasses a diverse range of businesses catering to various customer bases, such as restaurants, hotels, cafes, and catering services. There is a significant demand for food services as a result of these enterprises acting as key dining destinations for people, families, and business clients. The expansion of the tourism and hospitality sectors is further contributing to the segment’s growth. The demand for dining options and culinary services in hotels, resorts, and tourist locations rises significantly as global travel and tourism continue to grow.
By System Type
- Conventional
- Ready Prepared
- Centralized
- Assembly Serve
Robust Presence of Conventional Food Services to Stimulate Market Growth
In terms of system type, the global food service market is bifurcated into conventional, centralized, ready prepared, and assembly servers. The conventional segment accounted for the largest share of the market, accruing revenue of USD 2.39 billion in 2022. Due to their well-established presence and substantial customer base, conventional food service providers captured a substantial share of the market. In order to cater to a diverse customer base, these providers frequently provide a variety of meal alternatives at reasonable pricing. The conventional segment is further benefited by its ability to change along with consumer tastes while preserving a constant level of quality and service.
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Rising Consumer Need for Convenience Boosts Demand for Food Services
The global food service market growth is greatly influenced by global tourism, convenience, and the increasing demand for unique dining experiences. International tourists and travelers contribute significantly to the market growth, mainly in popular tourist destinations, leading to the growth of restaurants and food outlets.
Furthermore, the increasing prevalence of fast-paced lives and limited time availability has given rise to a growing need for food service alternatives that provide convenience, including home delivery, drive-throughs, and ready-to-eat meals. Individuals are willing to pay an additional cost for food services that can optimize their time and minimize their effort. Consequently, there is a significant demand for food service providers that offer prompt and streamlined services.
Recent Industry Development
- May 2023: US Foods declared the acquisition of Renzi Foodservice, a distributor based in New York. This strategic move aims to broaden the market reach of US Foods in the state, particularly in Syracuse and Watertown. Renzi Foodservice is renowned for its comprehensive portfolio, catering to its customers' needs with a wide range of offerings, such as fresh produce, meat, and seafood.
Long-Standing Dining Out Tradition Propels Food Service Market Growth in North America
North America is anticipated to grow at a CAGR of 2.58% through the projected period. The region is known for its strong and flourishing economy, which is supported by a population with substantial disposable income. This financial stability enables individuals to allocate more money toward eating out and food-related services, thereby fueling regional market growth.
The food service sector in North America is well-established and advanced, with a variety of businesses catering to different consumer preferences. This includes both fast-food chains and upscale restaurants. The region's rich dining-out culture and vibrant culinary landscape play a significant role in its further growth.
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Table of Content
Chapter 1 Introduction of the Global Food Service Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Food Service Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Food Service Market, By Service Type
Chapter 7 Global Food Service Market, By System Type
Chapter 8 Global Food Service Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia-Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Food Service Market Competitive Landscape
Chapter 15 Company Profiles
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