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Food Service Industry Market Size 2021
Food Service Market Size By Market Sector (Commercial, Non-Commercial), By Market System (Conventional, Centralized, Ready-Prepared, Assembly Server) Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Global Food Service Market on Factors such as increasing demand for ready-to-eat food and growing demand for online food ordering services are contributing to the growth of global Food Service Market.
Global Food Service Market is valued at USD 2201.39 Billion in 2020 and expected to reach USD 2725.89 Billion by 2027 with the CAGR of 3.1% over the forecast period
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Key Players for Global Food Service Market Report:
Globally manufacturers such as Compass Group, Starbucks Corporation, McDonald’s Corporation, Performance Food Group, Darden Restaurants, Yum Brands, Zensho Holdings, Autogrill, Chipotle Mexican Grill, Domino’s, Restaurant Brands International, AVI Food Systems Inc., Ameriqual, Aramark, Atlas Food Systems and Services, Auntie Anne’s Inc., Flying Food Group, Labatt Food Service, Lyons Food Service, Oxford Foods LLC and others are contributing in the market growth.
Food service include a number of businesses, associations, and services that purchase food from farmers, store it in facilities and afterwards distribute it to retailers, convenience stores, supermarkets, cafeterias, government assistance programs, and other organizations. The Food Service system coordinates shipments, keeps meticulous records of food orders, and manages customers. Food is delivered from suppliers, processors, and manufacturers to food service providers such as grocery stores, cooks, food and beverage managers, hospitals, cafeterias, restaurants, nursing homes, and more through the Food Service process. Food distributors also buy directly from manufacturers and often sell directly to food service operators. In the 1940s, food distribution in the United States was largely dependent on small, local farms, but it rapidly expanded to become a massive corporation in the 1960s. The development of chain stores, wholesale cooperatives, and supermarkets were three economic developments that enabled for the growing food distribution between 1910 and 1960. Food distribution can also include goods such as dishes, containers, cookware, and utensils that aid in food consumption. Since most food distributors are self-contained, it's simple for manufacturers and producers to establish a supply chain by simply hiring a distributor who can meet their particular requirements.
Global Food Service Market Segmentation:
By Market Sector:
By Market System:
- Assembly server
The regions covered in this Global Food Service Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Global Food Service is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Asia Pacific is expected to Witness the Fastest Growth in the Global Food Service Market
Also, North America is expected to dominate the global food service market owing to its leading food processing industry and increased use online food deliveries due to the rising influence of Western culture, more number of working women and habits in countries in the region and also the success of several dominating key companies in this region. For instance; according to International Journal of Environmental Research and Public Health; in 2018 USA has recorded food prepared away-from-home accounted for over about 50% of total food expenditure. Traditionally, this food may have been purchased through ‘conventional’ modes of order whereby customers would visit food outlets in person or contact food outlets directly to place orders before collection or delivery
Asia Pacific region is expected to witness the fastest growth in the global Food Service market. The increased disposable income particularly in developing countries, longer work and commute times, increased broadband penetration and improved security of electronic payments as well as an increased number of retailers with an online presence are some of the major factors fostering the growth of Food Service market in this region. For instance; according to British Food Journal, Over 70% of urban Indians eat take-out food once a month or more regularly. In Asia Pacific regions in every three days, McDonald's and Dico's open a new location. Domestic and Asian fast-food chains such as Malan Noodle, Yonghe King, New Asia, and Yoshinoya have been expanding at a slower rate. The number of businesses in the sector has increased, as has their size due to increased demand of food services distributions.