NEW
YORK, June 10, 2024 /PRNewswire/ -- The
global food service market size is estimated to grow by
USD 28.78 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 38.57% during the forecast period. Increasing
demand for food away from home is driving market
growth, with a trend towards increased snacking and
indulgence consumption. However, labor shortages in
foodservice sector poses a challenge. Key market players
include Abela and Co. LLC, Aramark, Chick fil A Inc., Compass Group
Plc, Dominos Pizza Inc., FOOD and LIFE Co. Ltd., Inspire Brands
Inc., Jack in the Box Inc., Jollibee Foods Corp., Little Caesar
Enterprises Inc., McDonald Corp., MOS Food Services Inc., Papa
Johns International Inc., Performance Food Group Co., Restaurant
Brands International Inc., Sodexo SA, Starbucks Corp., Sysco Corp.,
The Wendys Co., and YUM Brands Inc..
![Technavio has announced its latest market research report titled Global food service market 2024-2028 Technavio has announced its latest market research report titled Global food service market 2024-2028](https://mma.prnewswire.com/media/2433445/Technavio_Global_food_service_market_2024_2028.jpg)
Get a detailed analysis on regions, market
segments, customer landscape, and companies - View the
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Service (Conventional,
Centralized, Ready-prepared, and Assembly-serve), Sector
(Commercial and Non-commercial), and Geography (APAC, North
America, Europe, South America, and Middle East and
Africa)
|
Region
Covered
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
Abela and Co. LLC,
Aramark, Chick fil A Inc., Compass Group Plc, Dominos Pizza Inc.,
FOOD and LIFE Co. Ltd., Inspire Brands Inc., Jack in the Box Inc.,
Jollibee Foods Corp., Little Caesar Enterprises Inc., McDonald
Corp., MOS Food Services Inc., Papa Johns International Inc.,
Performance Food Group Co., Restaurant Brands International Inc.,
Sodexo SA, Starbucks Corp., Sysco Corp., The Wendys Co., and YUM
Brands Inc.
|
Key Market Trends Fueling Growth
The food service market in the United
States has experienced a shift in consumer preferences, with
an increase in snacking and on-the-go eating. This trend is driven
by hectic lifestyles and the convenience of snack options. Bakery
products, such as doughnuts and bread, have become popular
breakfast choices.
Vendors offer healthier snack alternatives, including chicken,
lettuce, and green vegetables, using whole wheat or multigrain
bread. Despite the preference for healthier options, the demand for
premium snacks remains strong, with consumers willing to experiment
with new flavors. This trend is expected to continue driving growth
in the global food service market.
The food service market is experiencing significant trends with
the rise of online ordering and delivery services. Outlets are
utilizing technology to improve efficiency and customer experience.
Foods are being customized to cater to various dietary needs and
preferences. Brands are focusing on sustainability and local
sourcing. Consumers are seeking convenience and affordability.
Delivery times are becoming increasingly important. Quality and
hygiene are key concerns. The use of packaging and delivery bags is
also a trend. The industry is competitive, with many players vying
for market share. Consumers are looking for unique offerings and
personalized experiences. The future of food service lies in
innovation and adaptability.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global food service market may experience hindrances in
growth due to labor shortages in the sector. Jobs in the food
service industry are often low-paying and lack career advancement
opportunities, making them less desirable. In countries like the US
and Japan, restaurants face
significant labor shortages. Reasons include job insecurity, lack
of benefits, and an aging workforce.
- Additionally, the UK food service sector is negatively impacted
by Brexit, with many unfilled positions expected during the
forecast period. These labor shortages can significantly impact
restaurant operations, with Japan
reporting a 65.1% shortage of full-time employees in 2022.
Consequently, labor shortages are likely to limit the expansion of
the global food service market.
- The Food Service industry faces several challenges in
delivering optimal customer experiences. One major challenge is
ensuring consistency in order processing and delivery. With the
increasing use of online ordering systems and delivery apps, food
businesses must implement efficient systems to manage orders and
maintain accurate inventory levels.
- Another challenge is maintaining food quality and safety.
Compliance with regulations and ensuring proper storage,
preparation, and handling of food are crucial to maintaining a good
reputation and avoiding health hazards. Additionally, competition
is fierce, requiring businesses to offer unique menus, competitive
pricing, and excellent customer service to stand out. Lastly,
keeping up with technological advancements, such as contactless
ordering and payment, is essential to remain competitive and meet
evolving customer preferences.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
- Service
- 1.1 Conventional
- 1.2 Centralized
- 1.3 Ready-prepared
- 1.4 Assembly-serve
- Sector
- 2.1 Commercial
- 2.2 Non-commercial
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Conventional- In the Food Service Market,
businesses cater to customers' needs by providing quality meals and
excellent service. Establishments focus on menu variety, sanitation
standards, and efficient operations to ensure customer
satisfaction. Competition is strong, so businesses strive to
differentiate through pricing strategies, loyalty programs, and
unique offerings. Marketing efforts aim to attract and retain
customers, while continuous improvement in food quality and service
keeps businesses competitive.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Food Service Market encompasses a wide range of
establishments, including third-party facilities such as child care
centers and institutions. These facilities often require storage,
preparation, and serving solutions for meals. Restaurants, hotels,
cafés, and quick service establishments are significant consumers
in this market. Strategic partnerships between restaurant operators
and hotel chains have expanded food service offerings, providing
full-service dining experiences and online delivery options.
Food delivery services like Deliveroo have further disrupted the
industry, offering convenience and flexibility to consumers. The
distribution of food products is a crucial aspect of the food
service market, ensuring the timely and efficient delivery of
ingredients and finished meals. Overall, the food service market
caters to various service types and establishments, providing
essential solutions for the food industry.
Market Research Overview
The Food Service Market encompasses a wide range of
establishments that prepare and serve food to consumers outside of
the home. This includes restaurants, cafeterias, schools,
hospitals, and other institutions. The market is driven by various
factors such as increasing consumer preferences for convenience and
diversity in food choices, growing urbanization, and changing
demographic trends.
The market is segmented based on various criteria including type
of food service, size of the establishment, and geography.
Technological advancements have also played a significant role in
the food service industry, with innovations in areas such as online
ordering, contactless delivery, and automation streamlining
operations and enhancing the customer experience. The future of the
food service market looks promising, with continued growth expected
due to these trends and others.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Service
-
- Conventional
- Centralized
- Ready-prepared
- Assembly-serve
- Sector
-
- Commercial
- Non-commercial
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio