NEWARK, Del, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global food service industry size is likely to jump from US$ 3,483,539.5 million in 2023 to US$ 5,704,966.8 million by 2033. This projected expansion is anticipated to result from a modest 5.3% CAGR in the demand for food services over the upcoming decade.
Given the increased disposable incomes and the convenience of fast food, the global market is expanding. Apart from these considerations, the rise of various-format fast food restaurants is also increasing in popularity throughout developing economies globally. Domino's, McDonald's, and KFC remain one of the highly popular brands.
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The food service industry is changing at a quicker rate than ever before, and it is just becoming faster. Much of the pressure stems from continually shifting customer preferences. Different regions also place a strain on the business.
E-commerce is snatching market share from conventional retail outlets, with online food and beverage sales expected to climb by three quarters each year. The labor crisis has resulted in a rise in automation, while customers are becoming increasingly concerned about sustainability and social responsibility as a whole.
The food service industry is really good at combining flavors from around the world with ingredients that come from nearby. They make it all work together smoothly. This means people can enjoy dishes with influences from different countries but still use ingredients that are easy to find in their own area.
Consumers are confronted with bare shelves and restricted options in the new normal. Understandably, food merchants are concerned with customer and staff safety, as well as keeping items on the shelves, which might push the addition of new products to the back burner.
The way everyone around the globe eats is promptly transforming. Busy lives have resulted in an increase in preference for quick and easy packaged food solutions. This includes meal packages, grab-and-go options, and delivery services.
Many people care more about their health now. More and more foods without certain ingredients are available now. There are more options now for people who need to avoid certain foods or have allergies. This means there is a bigger demand for organic, gluten-free, and plant-based foods.
Sales of frozen meals such as pizzas, meats, and vegetables have increased due to their long shelf life and ease of preparation. According to a recent report from the American Frozen Food Institute (AFFI), those increased sales are likely to continue in the coming years. The food truck concept has gained in popularity as millennial shopping, and the desire for mobile eating have increased.
“China's remarkable economic expansion, coupled with a growing focus on food tourism, has led to an unprecedented surge in the desire for dining out and online food delivery services. This powerful combination is poised to propel the China food service industry ahead of the United States in the coming years.” opines a lead analyst at FMI.
Key Takeaways from the Food Service Industry:
- In 2022, the United States firmly established itself as a leader in the food service industry, commanding a substantial 25.5% share of the global market.
- The food service industry in the United Kingdom is positioned for significant expansion, with an estimated CAGR of 4.6% anticipated through 2033.
- The Japan food service industry secured a market share of 3.9% in the year 2022.
- India's notable progress in the food service industry is clearly reflected in its anticipated CAGR of 4.1% over the forecasted period.
- In 2022, Germany showcased a significant 6.9% portion of the global food service industry.
- China is poised for swift ascent in the food service industry, with an estimated CAGR of 10.9% anticipated over the forecasted period.
Key Players and Strategies for Success in the Food Service Industry:
The food service industry has undergone a remarkable transformation, emerging as a dynamic and rapidly expanding sector within the broader food landscape. Here are crucial insights into key competitors and success strategies in the industry:
- Prioritize customer satisfaction and feedback.
- Offer diverse dishes to appeal to a broader customer base.
- Regularly update the menu to reflect changing tastes and trends.
- Utilize digital marketing channels, social media, and influencer collaborations for visibility.
- Stay updated with industry trends such as health-conscious eating and delivery services.
- Collaborate with food delivery platforms for wider reach.
- Personalize experiences to cater to different preferences.
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Food Service Industry Segmentation by Category:
By Type:
- Full-Service Restaurants
- Quick Service Restaurants
- Institutes
- Others
By Service Type:
- Commercial
- Institutional
By Region:
- North America
- Latin America
- Asia Pacific
- Eastern Europe
- Western Europe
- Japan
Recent Developments in the Food Service Industry:
In September 2023, Hyatt Hotels Corporation unveiled an exciting new venture: the Impression Makers Supper Club. This distinctive series of exclusive dinners, presented as part of the Inclusive Collection within the World of Hyatt, is the result of a dynamic collaboration with some of the globe's most talented and forward-thinking chefs.
In May 2023, Tim Hortons®, the Canada-based coffee brand with an illustrious nearly 60-year legacy, revealed its intention to venture into the South Korean market later this year. This expansion is made possible through a master franchise agreement with BKR Co. Ltd., a prominent player in the South Korean QSR industry.
Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in the Food and Beverage Market Domain:
USA Food Service Industry: size is expected to reach US$ 1995.0 billion by 2033. It is anticipated to cross a valuation of around US$ 985.5 billion by 2023. The market is likely to exhibit considerable growth at a CAGR of 7.3% from 2023 to 2033.
Food Preservatives Market: is estimated to attain a market valuation of US$ 2,965.62 million in the year 2023. The market is expected to register a CAGR of 6.8% to reach US$ 5,725.70 million by 2033.
Food Service Equipment Market: size is projected to reach US$ 43.9 Billion. Demand is forecast to surge at a steady 5.6% CAGR, pushing the market valuation to US$ 75.9 Billion by 2032
Food Service Coffee Market: may flourish at a CAGR of 4.0%, from US$ 437.12 billion in 2023 to US$ 647.05 billion in 2033. A US$ 420.31 billion market was predicted for the world in 2022. According to our estimate, the global market grew 3.10% more in 2020 than it did in 2019.
Food Safety Testing Services Market: is presently valued at US$ 15,836.90 million in 2023. Demand for food safety testing services is expected to surge at a 7.0% CAGR between 2023 and 2033, accumulating US$ 30,061.73 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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