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Food Service Industry - Global Strategic Business Report

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    Report

  • 614 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 1056045

Global Food Service Industry Market to Reach $5.1 Trillion by 2030

The global market for Food Service Industry estimated at US$3.4 Trillion in the year 2022, is projected to reach a revised size of US$5.1 Trillion by 2030, growing at a CAGR of 5.4% over the analysis period 2022-2030. Full Service, one of the segments analyzed in the report, is projected to record 5.4% CAGR and reach US$1.8 Trillion by the end of the analysis period. Growth in the Fast Food segment is estimated at 6.5% CAGR for the next 8-year period.

The U.S. Market is Estimated at $840.8 Billion, While China is Forecast to Grow at 6.8% CAGR

The Food Service Industry market in the U.S. is estimated at US$840.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1 Trillion by the year 2030 trailing a CAGR of 6.8% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.

Select Competitors (Total 200 Featured)

  • Burrito Bar Franchising Corporation Pty Ltd
  • AdvancePierre Foods, Inc.
  • Burrito Bandidos
  • Aglive
  • Bluebonnet Barbecue Pty Limited
  • Beatrice Companies, Inc.
  • Baby Pizza
  • Autogrill S.p.A.
  • Brinker International Inc.
  • Barista Coffee Company Limited
  • Applebee`s Restaurants LLC
  • Cafe Coffee Day
  • Buenos Aires Restaurant Holdings Limited
  • Broadway Subs
  • Brakebush Brothers, Inc.

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Food Service Industry

What is the estimated value of the Food Service Industry?

The Food Service Industry was estimated to be valued at $3.4 Trillion in 2022.

What is the growth rate of the Food Service Industry?

The growth rate of the Food Service Industry is 5.2%, with an estimated value of $5.1 Trillion by 2030.

What is the forecasted size of the Food Service Industry?

The Food Service Industry is estimated to be worth $5.1 Trillion by 2030.

Who are the key companies in the Food Service Industry?

Key companies in the Food Service Industry include Burrito Bar Franchising Corporation Pty Ltd, AdvancePierre Foods, Inc., Burrito Bandidos, Aglive, Bluebonnet Barbecue Pty Limited, Beatrice Companies, Inc., Baby Pizza, Autogrill S.p.A., Brinker International Inc. and Barista Coffee Company Limited.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Pandemic Impact on Food Service Industry
  • Food Service Industry Hit Hard by the COVID-19 Pandemic: YoY Change (in %) in Number of Daily Seated Diners at Restaurant due to Outbreak during February-July 2020
  • Global Food Services Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Pandemic Brings About Significant Changes in Consumers’ Dine Out Behaviors
  • Percentage of Consumers in the US Opting for Takeout/ Delivery Options for Food at Restaurants: Mar 20 VS Aug 21
  • Global Online Food Delivery Market Breakdown by Platform-to-Consumer Delivery and Restaurant-to-Consumer Delivery for 2017 and 2020
  • Healthy Gains in Third Party Online Food Delivery Services & Mobile Apps Drive the Demand
  • More Focus on Food Safety
  • Contactless Technology Gains Popularity Amid Safety Concerns
  • Dining Redefined
  • Sustainable’ Becomes a Key Word to Attract Customers
  • On-the-Go & Healthy Options: Prominent Gainers from COVID-19
  • Percentage of Consumers in the US Opting for Onsite Food Consumption at Restaurants: Mar 20 VS Aug 21
  • Favored by Consumer Spending, Foodservice Industry Heads towards Stable Growth
  • Food Service Industry - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Food Service Industry: An Overview
  • Changing Dynamics of Food Service Industry
  • Evolution of Food Service Industry
  • Types of Foodservice Outlets
  • Foodservice Formats Impacting the Restaurant Industry
  • Retail Foodservice Challenges
  • Big Challenges of Institutional Foodservice
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Restaurant Operators Continue to Struggle with Sourcing Issues & Shortages Amid the Pandemic
  • Healthy Eating Catches up in Foodservice Outlets
  • U.S Per Store Average Growth in Sales of Health Foods March-June 2020 (In %)
  • Convenience is the Name of the Game
  • Momentum in Plant-based Foods Picks Pace as Covid-19 Prioritizes Health
  • World Market for Protein Alternatives in US$ Million: 2020-2027
  • Food Service Providers Shrink Menu Size to Remain Buoyant
  • Menu Changes at US Restaurants in Response to COVID-19: Q1 2021
  • Minimizing Food Waste Gains Momentum
  • Industry Witnesses a Shift to Non-alcoholism and Drinks with Lower ABV
  • Technology Helps Food Service Industry Remain Afloat in Turbulent Times
  • Application of Technology by Consumers of Food Services: 2020
  • Convenience Drives Sales in Quick Service Restaurant Business
  • Percentage Consumers Interested in Meal Kits from Restaurants: 2021
  • Changing Food Habits and Trend towards Eat-Out Bodes Well
  • The Online Food Delivery Edge
  • Virtual Restaurants Take-On as Online Ordering Trend Picks Pace
  • Popularity of Cloud Kitchens Attracts More Vendors to the Food Service Business
  • Smartphone Penetration & Internet Connectivity Fuel Online Food Delivery Services
  • Global Market for Smartphones in Billions (2016-2021)
  • Noteworthy Customer Service Trends
  • Technology Trends in Restaurants
  • Technology Areas that Require Improvement as per Consumer Survey: 2020
  • Equipment Trends in Food Services Industry
  • Foodservice Industry Trends with Potential Influence on Equipment Market
  • Electric Equipment Becomes More Popular
  • Touchless Equipment Gain Attention amid the Pandemic
  • Shrinking Kitchens Call for Labor Reducing Equipment
  • Cooking Equipment that is Multi-Functional as well as Visually Appealing
  • Multitap Water Dispensers
  • Industry witnesses Demand for Onsite Recycling Bins and Composting Bins
  • Quick Response Code Takes Place of Physical Menus
  • Restaurants Move towards Eco-friendly Disposable Options
  • Favorable Consumer Sentiment Towards Outdoor Dining Options to Champion ‘Streeteries’ Trend Beyond the Pandemic
  • Consumer Preference for Outdoor Seating at Restaurants in the US, by Age Group: 2021
  • Farm-to-table Restaurants Catch up
  • Gen Z Consumers to Shape Future Restaurant Trends
  • Working Age Population by Generation: 2010, 2020, and 2030
  • Social Media Platform Usage by Generation Z on a Daily Basis: 2020
  • Management Systems for Food Safety Gain Traction
  • Automated Equipment to Foray into Food Service Sector
  • The Impact of Robotics on Food Service Sector
  • IoT Seeks Role in Food Service Industry
  • Other Technologies Impacting Food Services
  • 3D Printing
  • CRISPR
  • Personized Food
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Full Service by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Full Service by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 3: World 16-Year Perspective for Full Service by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 4: World Recent Past, Current & Future Analysis for Fast Food by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 5: World Historic Review for Fast Food by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 6: World 16-Year Perspective for Fast Food by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 7: World Recent Past, Current & Future Analysis for Limited Service by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 8: World Historic Review for Limited Service by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 9: World 16-Year Perspective for Limited Service by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for Other Restaurant Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 11: World Historic Review for Other Restaurant Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 12: World 16-Year Perspective for Other Restaurant Types by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 13: World Recent Past, Current & Future Analysis for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 14: World Historic Review for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 15: World 16-Year Perspective for Commercial by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Non-Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 17: World Historic Review for Non-Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 18: World 16-Year Perspective for Non-Commercial by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 19: World Food Service Industry Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
  • TABLE 20: World Recent Past, Current & Future Analysis for Food Service Industry by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2022 through 2030 and % CAGR
  • TABLE 21: World Historic Review for Food Service Industry by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Revenues in US$ Million for Years 2014 through 2021 and % CAGR
  • TABLE 22: World 16-Year Perspective for Food Service Industry by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
III. MARKET ANALYSIS
  • UNITED STATES
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Market Overview
  • Technology- the Way Forward
  • Robust Growth in Online Food Delivery Services
  • Penetration (%) of Online Food Delivery Market in the US by Restaurant-to-Consumer and Platform-to-Consumer Segments for 2017, 2019, 2021 and 2023
  • Breakdown of US Food Expenditure (in %) by At-Home Food and Away from Home Food Segments for 2010-2020
  • Long-term Outlook
  • Number of Employees in Millions in Food Service Industry: Jan 2020 to July 2021
  • CANADA
  • JAPAN
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • CHINA
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Market Overview
  • EUROPE
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Market Overview
  • Foodservice Industry Monthly Losses as % of Regular Revenues in Select European Countries due to COVID-19 Outbreak in 2020
  • FRANCE
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • GERMANY
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • ITALY
  • Market Overview
  • Foodservice Market in Italy by type of Cuisine: 2020
  • UNITED KINGDOM
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Market Overview
  • AUSTRALIA
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
  • INDIA
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • Market Overview
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
  • Food Service Industry Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Burrito Bar Franchising Corporation Pty Ltd
  • AdvancePierre Foods, Inc.
  • Burrito Bandidos
  • Aglive
  • Bluebonnet Barbecue Pty Limited
  • Beatrice Companies, Inc.
  • Baby Pizza
  • Autogrill S.p.A.
  • Brinker International Inc.
  • Barista Coffee Company Limited
  • Applebee`s Restaurants LLC
  • Cafe Coffee Day
  • Buenos Aires Restaurant Holdings Limited
  • Broadway Subs
  • Brakebush Brothers, Inc.