Dublin, June 13, 2023 (GLOBE NEWSWIRE) -- The "Food Service Industry: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Food Service Industry Market to Reach $5.1 Trillion by 2030
In the changed post COVID-19 business landscape, the global market for Food Service Industry estimated at US$3.4 Trillion in the year 2022, is projected to reach a revised size of US$5.1 Trillion by 2030, growing at a CAGR of 5.4% over the analysis period 2022-2030.
Full Service, one of the segments analyzed in the report, is projected to record a 5.4% CAGR and reach US$1.8 Trillion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Fast Food segment is readjusted to a revised 6.5% CAGR for the next 8-year period.
The U.S. Market is Estimated at $840.8 Billion, While China is Forecast to Grow at 6.8% CAGR
The Food Service Industry market in the U.S. is estimated at US$840.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1 Trillion by the year 2030 trailing a CAGR of 6.8% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.4% respectively over the 2022-2030 period.
Within Europe, Germany is forecast to grow at approximately 4.1% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$745.1 Billion by the year 2030.
Looking Ahead to 2023
Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.
With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers.
Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 614 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.4 Trillion |
| Forecasted Market Value (USD) by 2030 | $5.1 Trillion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- Pandemic Impact on Food Service Industry
- Pandemic Brings About Significant Changes in Consumers' Dine Out Behaviors
- 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 - Global Key Competitors Percentage Market Share in 2022 (E)
- 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
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
- Consumer Preference for Outdoor Seating at Restaurants in the US, by Age Group
- 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
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
For more information about this report visit https://www.researchandmarkets.com/r/b7g3m1
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