The global food service market size was USD 2,386.0 billion in 2020. The market is projected to grow from USD 2,525.4 billion in 2021 to USD 5,027.9 billion in 2028 at a CAGR of 10.34% during the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Food Service Market, 2021-2028.”
According to our researchers, online food purchasing modes are assisting the regional and small eatable service occupations make their food accessible online and augment their customer base. These programs are said to fortify the foodservice industry during the forecast period.
Report Coverage:
We provide our reports which are directed with a comprehensive examination approach that mainly accentuates on supplying detailed material. Our scholars have applied a data triangulation technique, which further assists us to offer dependable assessments and test the general market circumstances precisely. Further, our analysts have attained admission to various global as well as locally financed records for providing the updated material in order for the sponsors and business professionals to invest only in indispensable zones.
Segmentation:
On the basis of type, the market is branched into full service restaurants, quick service restaurants, institutes, and others. The full service restaurants segment leads the market owing to the accessibility of an extensive variety of eatable products present on the menu.
Based on service type, the market is segregated into commercial and institutional.
In terms of geography, the global market is separated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Rising Demand of Food Services on Institutional Stages to Foster Market Growth
With alterations in the socio-economic situations, foodservice and institutional catering services have also advanced considering the amplified demand for food ingested in hotels and restaurants. Moreover, scientific as well as technological progressions have also aided caterers and edible providers in bulk eatable production in order to restructure their accomplishments, work efficiently, and refine security. Furthermore, the usage of computers has also assisted enormously. With growing immigration, urbanization, as well as globalization, and introduction to several cuisines, the demand for manifold cuisines has elevated. This in turn, will augur the food service market growth during the mentioned time frame.
Regional Insights:
North America held the major food service market share and was valued at USD 934.9 billion in 2020. The rising number of double working houses, rise in flexible income, existence of fast-food chains, and general economic growth of the region are the prime aspects that qualifies this region as one of the biggest markets in the edible service market.
Surging urbanization along with the extension of the middle class population in the Asia Pacific region is driving the sales of the industry.
Europe is anticipated to display a sturdy growth in comparison with the other prime regions.
Competitive Landscape:
Radical Product Launches by Vital Players to Steer Market Growth
The important players in the market employ several tactics to fortify their position in the market as forerunners. Among the plethora of strategies available, one such substantial plan is buying companies to elevate the brand value between consumers. Another crucial strategy is determinedly launching ground-breaking products with an all-inclusive valuation of the market and identifying its target audience.
Industry Developments:
July 2021: Delivery Hero re-presented its processes in Germany, which is Europe’s biggest foodservice market. It commenced its tasks in Berlin through its brand food panda and is intending to extend across Germany in the later part of the year 2021.
List of Key Players Mentioned in the Report:
- McDonald's (Illinois, U.S.)
- Starbucks (Washington, U.S.)
- Marriott International (Maryland, U.S.)
- Subway (Connecticut, U.S.)
- Hyatt Hotels Corporation (Illinois, U.S.)
- Hilton Worldwide (Virginia, U.S.)
- KFC (Kentucky, U.S.)
- Burger King (Florida, U.S.)
- Pizza Hut (Texas, U.S.)
- Domino's (Michigan, U.S.)
Browse In-depth Summary of This Research Insight@
https://www.fortunebusinessinsights.com/food-service-market-106277
