Dublin, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The "Food Service Industry - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Food Service Industry Market to Reach US$4.1 Trillion by the Year 2026
Amid the COVID-19 crisis, the global market for Food Service Industry estimated at US$3 Trillion in the year 2020, is projected to reach a revised size of US$4.1 Trillion by 2026, growing at a CAGR of 5.4% over the analysis period. Full Service, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$1.5 Trillion by the end of the analysis period.
Foodservice involves making, serving and selling of ready-to-consume foods and drinks or providing catering services to public or private end consumers either by in-house or external operators. As such, foodservice accounts for about 45%-50% of total spending on food in the US, while the percentage in lesser-developed markets can be in the range of 10%-15% or less of total spending on food.
The main contributors to growth in the industry include socio-economic conditions, such as high disposable income, busy and increased mobile life, rise in outsourcing of non-core activities by companies and market expansion into new areas such as transport and retail. Some other factors that can influence the market include tourism, immigration, food variety, access to food service places and technological advancements as in Internet through online ordering.
A major growth of food service industry is expected as food service operators are encouraged to invest more in eco-friendly and energy efficient equipment to meet the changing needs. Though the ongoing COVID-19 pandemic has affected operations in the overall food service industry including that of fast food facilities and QSRs, long term prospects remain positive, presenting considerable opportunities for the food service market.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fast Food segment is readjusted to a revised 6.5% CAGR for the next 7-year period. This segment currently accounts for a 28.1% share of the global Food Service Industry market. Full service restaurants (FSRs) are joining the takeaway bandwagon. An increasing number of FSRs are offering takeaway options.
Moreover, restaurants are developing new menus for takeaways rather than serving the dine-in menu in the takeaway segment. Quick Service Restaurants (QSRs), also known as fast food restaurants, are establishments that are involved in serving fast food and have minimal table services. The convenience and economical foods and time and cost savings are fueling growth in the QSRs market. The rapid growth of the online delivery and home delivery markets, driven by growing consumer desire for home delivery of foods, is also driving growth.
Limited Service Segment to Reach $864.6 Billion by 2026
In the global Limited Service segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$517.9 Billion in the year 2020 will reach a projected size of US$664.2 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$116.9 Billion by the year 2026, while Latin America will expand at a 4% CAGR through the analysis period.
The U.S. Market is Estimated at $800.1 Billion in 2021, While China is Forecast to Reach $776.9 Billion by 2026
The Food Service Industry market in the U.S. is estimated at US$800.1 Billion in the year 2021. The country currently accounts for a 25.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$776.9 Billion in the year 2026 trailing a CAGR of 7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$825.7 Billion by the end of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
- Pandemic Impact on Food Service Industry
- Pandemic Brings About Significant Changes in Consumers' Dine Out Behaviors
- Percentage of Consumers in the US Opting for Takeout/ Delivery Options for Food at Restaurants: Mar 20 VS Aug 21
- Global Online Food Delivery Market Breakdown by Platform-to-Consumer Delivery and Restaurant-to-Consumer Delivery for 2017 and 2020
- Healthy Gains in Third Party Online Food Delivery Services & Mobile Apps Drive the Demand
- More Focus on Food Safety
- Contactless Technology Gains Popularity Amid Safety Concerns
- Dining Redefined
- Sustainable' Becomes a Key Word to Attract Customers
- On-the-Go & Healthy Options: Prominent Gainers from COVID-19
- Favored by Consumer Spending, Foodservice Industry Heads towards Stable Growth
- Food Service Industry: An Overview
- Changing Dynamics of Food Service Industry
- Evolution of Food Service Industry
- Types of Foodservice Outlets
- Foodservice Formats Impacting the Restaurant Industry
- Retail Foodservice Challenges
- Big Challenges of Institutional Foodservice
2. FOCUS ON SELECT PLAYERS (Total 200 Featured)
- Applebee's Services, Inc.
- ARAMARK Corporation
- Arby's Restaurant Group, Inc.
- Autogrill S.p.A
- Brinker International, Inc.
- Burger King Holdings, Inc.
- CKE Restaurants, Inc.
- Compass Group PLC
- Darden Restaurants, Inc.
- Delaware North Companies, Inc.
- Denny's Corp.
- Domino's Pizza Inc.
- Eddie Rockets (IRL) Ltd.
- Gate Gourmet Inc
- IHOP Corp.
- International Dairy Queen, Inc.
- Johnsonville Sausage LLC
- JOLLIBEE FOODS CORP.
- LSG Sky Chefs
- McDonald's Corporation
- Mitchells & Butlers Plc
- Quiznos Sub
- Skylark Co., Ltd.
- Sodexo SA
- SONIC Corp.
- Starbucks Corporation
- Wendy's International, Inc.
- Whitbread PLC
- Yum! Brands, Inc
3. MARKET TRENDS & DRIVERS
- Restaurant Operators Continue to Struggle with Sourcing Issues & Shortages Amid the Pandemic
- Healthy Eating Catches up in Foodservice Outlets
- Convenience is the Name of the Game
- Momentum in Plant-based Foods Picks Pace as Covid-19 Prioritizes Health
- Food Service Providers Shrink Menu Size to Remain Buoyant
- Minimizing Food Waste Gains Momentum
- Industry Witnesses a Shift to Non-alcoholism and Drinks with Lower ABV
- Technology Helps Food Service Industry Remain Afloat in Turbulent Times
- Convenience Drives Sales in Quick Service Restaurant Business
- Changing Food Habits and Trend towards Eat-Out Bodes Well
- The Online Food Delivery Edge
- Virtual Restaurants Take-On as Online Ordering Trend Picks Pace
- Popularity of Cloud Kitchens Attracts More Vendors to the Food Service Business
- Smartphone Penetration & Internet Connectivity Fuel Online Food Delivery Services
- Noteworthy Customer Service Trends
- Technology Trends in Restaurants
- Equipment Trends in Food Services Industry
- Foodservice Industry Trends with Potential Influence on Equipment Market
- Electric Equipment Becomes More Popular
- Touchless Equipment Gain Attention amid the Pandemic
- Shrinking Kitchens Call for Labor Reducing Equipment
- Cooking Equipment that is Multi-Functional as well as Visually Appealing
- Multitap Water Dispensers
- Industry witnesses Demand for Onsite Recycling Bins and Composting Bins
- Quick Response Code Takes Place of Physical Menus
- Restaurants Move towards Eco-friendly Disposable Options
- Favorable Consumer Sentiment Towards Outdoor Dining Options to Champion 'Streeteries' Trend Beyond the Pandemic
- Farm-to-table Restaurants Catch up
- Gen Z Consumers to Shape Future Restaurant Trends
- Management Systems for Food Safety Gain Traction
- Automated Equipment to Foray into Food Service Sector
- The Impact of Robotics on Food Service Sector
- IoT Seeks Role in Food Service Industry
- Other Technologies Impacting Food Services
- 3D Printing
- CRISPR
- Personized Food
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/yjgccz
