Dublin, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The "United States Food Service Market Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
United States Food Service market is expected to reach a value of $1.35 billion by 2028 from $810 million in 2022, growing at a CAGR of 9.1%
Growth driven by several factors such as the increase in purchasing power, rising digitalization, and diversification of multiple cuisines due to increasing immigration across the country.
The food service market in the United States is one of the largest and most dynamic industries in the country and is a major contributor to the nation's economic growth. The food service market consists of a broad variety of establishments that offer food service to the public, such as restaurants, cafeterias, fast-food establishments, catering services, food delivery services, pubs, bars, and institutional food services providers, such as those providing meals to schools, medical facilities, and other large-scale settings.
The food service market is a major contributor to the US economy, employing millions of people in a variety of occupations, including cooks and servers, kitchen personnel, managers, and administrators.
United States Food Service Market Overview
The food service market in the United States includes a diverse array of businesses, from small independent eateries to large restaurant chains and catering companies. In 2022, the market's revenue was humongous.
The food service market caters to different consumer demands and preferences. It can be broadly categorized into several segments, including quick service restaurants (QSR), dining service (hotels and restaurants), pubs, bars, cafe, lounges (PBCL), and others, such as cafeterias and cloud kitchens.
The United States accounted for the largest share of the global food service market in 2022 and is expected to maintain its position over the next few years, based on GDP growth and food consumption trends in the country. Immigration has played a significant role in the expansion of the US food service sector, as the country's cuisine has become increasingly integrated into the fusion of cuisines. The extensive variety of dishes available in American eateries is likely to further expand the US food service market over the next few years.
Market Dynamics
Key Market Drivers:
- Economic Conditions: Economic prosperity leads to higher disposable incomes, resulting in increased spending on dining out and food services. Conversely, economic downturns can affect restaurant sales as consumers cut back on discretionary spending.
- Changing Consumer Preferences: Consumers are becoming more health-conscious, driving demand for healthier menu options, organic ingredients, and transparency in food sourcing. Dietary trends such as plant-based diets and gluten-free options are influencing the market.
Key Market Trends:
- Technology Adoption: Restaurants are embracing digital solutions like online ordering platforms, mobile apps, and contactless payments to enhance customer convenience and operational efficiency.
- Delivery and Takeout Services: The demand for delivery and takeout services is on the rise, accelerated further by the COVID-19 pandemic. Restaurants are partnering with delivery services or establishing in-house delivery capabilities.
- Virtual Kitchens: Virtual kitchens, offering only delivery options, are gaining popularity as they allow restaurants to expand without traditional brick-and-mortar locations.
- Personalization: Restaurants are offering customizable menus and options to allow customers to tailor their meals according to their preferences.
Key Market Challenges:
- Prevalence of Home-Cooked Meals: Some consumers prefer home-cooked meals due to health concerns and cost-effectiveness, posing a challenge to the food service market.
- Health Consciousness: The trend toward healthier eating habits, especially among younger and older generations, may hinder the growth of the food service market.
Key Market Opportunities:
- Digital Marketing: Utilizing social media and digital marketing platforms can help food service establishments establish an online presence, interact with customers, and attract new ones.
- Diverse International Cuisines: Offering a variety of international and fusion cuisines can appeal to customers seeking unique and exotic flavors, expanding the audience.
- Online Marketing Campaigns: Partnerships with influencers and online marketing campaigns can boost restaurant visibility and presence.
- Menu Diversification: Expanding menu options to include a wide range of culinary influences can attract a broader customer base.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 82 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $810 Million |
| Forecasted Market Value (USD) by 2028 | $1351 Million |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | United States |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States food service market.
- Performance Food Group, Inc.
- Compass Group USA, Inc.
- McDonald's USA LLC
- Sodexo, Inc.
- Yum! Brands, Inc.
- ARAMARK Corporation
- Starbucks Corporation
- Brands International, Inc.
- Domino's Pizza, Inc.
- MTY Food Group Inc.
Market Dynamics
Drivers
- Diversification of multiple cuisines
- Increasing purchasing power
- Shift towards convenience
Market Trends & Developments
- Digitalization of the food service market
- Customization and personalization of meals
- Surging marketing tactics
- Expansion of e-commerce channel
- Demand for healthier menu options
Challenges
- High competition
- Prevalence of home-cooked meals
Voice of Customer Analysis
- Respondent Demographics
- By Gender
- By Age
- By Occupation
- Brand Awareness
- Brand Satisfaction
- Frequency of Visit
Report Scope:
United States Food Service Market, By Type:
- Quick Service Restaurants (QSR)
- Dining Service (Hotels, Restaurants)
- Pubs, Bars, Cafe, and Lounges (PBCL)
- Others (Cafeteria, Cloud Kitchen)
United States Food Service Market, By Ownership:
- Chained Outlets
- Independent Outlets
United States Food Service Market, By Region:
- South
- Midwest
- West
- Northeast
For more information about this report visit https://www.researchandmarkets.com/r/py2x83
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