 of 3.8% during 2023-2028){kind=link}
IMARC Group has recently released a new research study titled “Food Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the food service market?
The global food service market size reached US$ 2,880.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,787.4 Billion by 2028, exhibiting a growth rate (CAGR) of 3.8% during 2023-2028. Food service refers to the industry sector that encompasses establishments involved in the preparation, distribution, and serving of food and beverages outside of the home environment. It includes a wide range of businesses, such as food trucks, restaurants, cafes, institutional food services, catering services, and delivery services. Restaurants and cafes are the primary components of the food service industry. They provide a variety of dining experiences, ranging from quick-service establishments to fine dining restaurants. Restaurants can specialize in various cuisines, themes, and price points, catering to diverse customer preferences. Cafes typically offer a more relaxed atmosphere, serving beverages and light meals.
Furthermore, mobile food establishments, like food trucks serve a variety of cuisines and are often located in high-traffic areas or attend events. Food trucks provide convenience and novelty, attracting customers with their unique offerings and the ability to reach different locations. Catering services play a vital role in the food service industry. They provide food and beverage services for special events, corporate gatherings, weddings, conferences, and other occasions.
Caterers offer customized menus, meal planning, and on-site food preparation to meet the specific needs and preferences of clients. Institutional food services cater to schools, hospitals, workplaces, and other establishments where meals are provided to many people. They focus on providing nutritious and balanced meals while adhering to dietary guidelines and regulations. Institutional food services may operate in-house or be outsourced to external catering companies.
Food delivery services provide convenience, expanding dining options for consumers who prefer to enjoy restaurant-quality meals in the comfort of their own homes or workplaces.
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Market Trends and Growth Drivers:
The rising shifts in consumer preferences and lifestyles represent a significant factor driving the market growth across the globe. This is leading to the rise of various food service formats, such as fast-casual, food trucks, delivery services, and specialty cuisines, thus driving the growth of the market. In line with this, rapid urbanization, along with busy lifestyles is contributing to the growth of the market.
The market is also driven by significant technological advancements and the widespread adoption of digitalization has transformed the food service industry. In addition to this, the rising disposable income levels resulting in the increased spending on dining out and food services, including restaurant meals, gourmet experiences, and higher-quality food offerings, which are further facilitating the growth of the market. Apart from this, the expansion of the travel and tourism industry, particularly in popular tourist destinations, is driving the growth of the market.
Moreover, the rising awareness regarding health and wellness due to food service providers incorporating healthier ingredients, allergen-free alternatives, and customizable menu options to cater to health-conscious customers is further facilitating the growth of the market. Other factors, including the rise of online platforms and mobile applications, the easy availability and accessibility to a wide range of cuisines and dining experiences, stringent food safety regulations, and evolving health and safety standards, are creating a positive outlook for the market across the globe.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Sector:
- Commercial
- Non-commercial
Systems:
- Conventional Foodservice System
- Centralized Foodservice System
- Ready Prepared Foodservice System
- Assembly-Serve Foodservice System
Types of Restaurants:
- Fast Food Restaurants
- Full-Service Restaurants
- Limited-Service Restaurants
- Special Food Services Restaurants
Breakup by Report:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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