The Food Service Market is anticipated to cross USD 5273.15 Billion by 2028 with 8.95% CAGR.
Any company that prepares and serves meals outside for on-site consumption or takeout delivery is referred to as a food service restaurant. Retailers counter and table servers, and providers are examples of people who work in the food service sector. Due to rising disposable incomes, an increase in the number of working women and the convenience of fast food, the global market for fast food is expanding. In addition to these elements, the expansion of a variety of fast food outlets is becoming increasingly popular in both developed and developing markets around the world, while franchising at establishments like Domino's, McDonald's, and KFC continues to be one of the most common growth methods. The millennial generation is spending more money at quick-service restaurants as a result of their preference for fast cuisine. By fusing the potential for globalization with the strong franchise business model, many multinational corporations may expand their influence in new countries like the Asia Pacific and South America. For instance, SOHO Coffee Co. extended its internet platforms in August 2021 in order to diversify its sales. The U.K. chain's other offerings are being expanded in order to attract more customers and diversify its revenue sources. The market expansion is due, among other things, to the expanding popularity of eating out, the expansion of fast food restaurants, and the rising desire for upscale cuisine. In addition, one of the key reasons propelling the market's expansion is the global food industry's rapid technological progress. Global urbanization, population growth, economic progress, and changing lifestyles are all contributing to the market's expansion. The shifting consumer choices and lifestyles are one of the main market factors. The demand for quick and ready-to-eat meals has increased due to the hectic modern lifestyle and the rise of dual-income homes. The food service business has responded to consumer demand for various and hassle-free dining options by providing a wide variety of cuisines, quick-service options, and delivery services.
According to the research report, “Global Food Service Market Outlook, 2028” published by Bonafide Research, the market is anticipated to cross USD 5273.15 Billion by 2028, increasing from USD 3191.02 Billion in 2022. The market is expected to grow with 8.95% CAGR by 2023-28. The millennial and Gen Z populations' rapid growth has also had a big impact on the food service industry. These younger generations place a premium on experiences and are open to trying out unusual and cutting-edge gastronomic offers. As a result, themed restaurants, fusion cuisines, and experience eating ideas have become more and more popular within the sector. In addition, the desire for healthier food options has increased as the importance of health and wellness has increased. Food options that are wholesome, organic, and sustainable are becoming more and more in demand. Many food service businesses have responded to this trend by introducing healthier menu options, plant-based substitutes, and transparent sourcing procedures in line with the increased environmental and health consciousness. Also, one of the main factors influencing the expansion of the chained foodservice market is rising consumer awareness of QSRs, together with rising demand for fast food and casual dining. Regarding event type, the Retail category comes out on top, followed by Entertainment, with the proliferation of grocery format having a significant impact. Instead, delivery has experienced double-digit consumption mode growth during the past five years. Chained foodservice providers employ self-service kiosks to improve both cost-effectiveness and service speed, which helps them achieve their main goals. In addition, the growing chained foodservice business is being fuelled by urban Millennial' and younger people's general tendency of mingling in cafés. Additionally, the rapid development of infrastructure in rising countries, including brand-new expressways and airports, has made it possible for numerous coffee shops to open up shop. Rapid-service restaurants in the chained industry have had such consistent growth as a result of consumers' growing preference for fast food and other ready-to-eat (RTE) food items.
Asia Pacific region held the major market share in 2022 due to the new innovation and investment by key players in global food service market. Rapidly westernizing dining customs and expansion of the tourism sector, particularly in Singapore, Malaysia, Indonesia, and Australia, are driving the demand for food service equipment in the region. Furthermore, restaurants are incorporating multiple cuisines into their menus owing to an increasing number of customers experimenting with new foods and developing a taste for different cuisines. Additionally, the rising consumption of processed foods is expected to create a soaring demand for these appliances in the Asia Pacific region. The need for food service equipment in the area is being driven by the rapidly westernizing eating habits and growth of the tourist industry, notably in Singapore, Malaysia, Indonesia, and Australia. Additionally, restaurants are including a variety of cuisines on their menus since more and more patrons are trying new meals and acquiring a taste for other cuisines. In addition, it is anticipated that the Asia Pacific area would experience a surge in demand for these appliances because to the growing consumption of processed foods. The Asian foodservice industry will continue growing in 2023. The revival of tourism in Thailand will be the key contributor to this growth. China, the largest market, will grow in 2023. Diverse menu options, along with innovative localized offerings, will help the growth of restaurant operators. Japan, the second-largest foodservice market in Asia will also grow in the coming years as the country eased the COVID-19 restrictions on bars and restaurants throughout the country in March 2022.
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Link to full report: https://www.bonafideresearch.com/product/231018581/global-food-service-market