The Market For Food Away From Home Is Experiencing Growth Due To Rise In Popularity Of Various Cuisines

The Food Away From Home Market size was valued at $4.3 trillion in 2021, and is estimated to reach $5848.7 billion by 2031, growing at a CAGR of 2.3% from 2022 to 2031. The rise in popularity of dining out culture has significantly propelled the growth of the global food away from home market demand in the past decade. The eating-out culture is the major factor behind the significant growth of quick-service restaurants and popular fast-food chains in developed and developing nations.

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In addition, the market for food away from home is experiencing growth due to rise in popularity of various cuisines. People all around the world are now aware of other cuisines because of globalization and the free flow of information via the internet. Globally, Chinese and Thai cuisine has been very popular.

Key Players Are:

Chipotle Mexican Grill, Sysco Corporation, Yum Brands, Inc., Darden Concepts, Inc., Restaurant Brands International, Inc., Zensho Holdings Co., Ltd., SSP Group Plc, Jubilant FoodWorks Limited, Burger King Corporation, Cloud Kitchens, Bid Corporation, Aramark, SATS Ltd., Compass Group PLC, and Sodexo are the major companies profiled in the food away from home (FAFH) market report. These manufacturers are constantly engaged in various developmental strategies such as partnerships, mergers, acquisitions, and new product launches to gain a competitive edge and exploit the prevailing food away from home market opportunity.

Regional Analysis:

A major element in the rise of the FAFH market in Asia-Pacific is the increased demand for fast food items like burgers, sandwiches, and pizza among others in developing nations like China, India, and Australia. The primary reason for this is the region's evolving lifestyle. The industry is expanding as a result of a number of small and midsize food manufacturing companies increasing their investments in developing countries. The regional fast-food market is primarily being driven by the high population density, consumer tastes and preferences, and the growing number of fast-food restaurants and trucks.

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As per the food away from home market trends, based on the application, the restaurants segment dominated the market in 2021, accounting for 73.5% of food away from home market share. This is largely attributable to the enormous penetration of full-service and limited-service restaurants around the world. The growth of the restaurant sector in the market has been greatly encouraged by the rise in popularity of the dining-out culture and the rising participation of women in the workforce.

Key findings of the study

-> The global food away from home market size was valued at $4,266.3 billion in 2021 and is estimated to reach $5,848.7 billion by 2031, growing at a CAGR of 2.3% from 2022 to 2031.

-> By delivery model, the home delivery segment is estimated to witness the fastest growth, registering a CAGR of 3.5% during the forecast period.

-> By application, the restaurants segment was valued at $3,136.4 billion in 2021.

-> By region, the U.S. was the most prominent market in North America in 2021 and is projected to reach $1,126.8 billion by 2031, growing at a CAGR of 1.9% during the forecast period.

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By type of occasion, the market was dominated by the freestanding segment in 2021. The proliferation of fast-food restaurants, rising disposable income, rising urbanization, and rising acceptance of online meal delivery services among the populace are the primary factors expected to propel the standalone segment's growth in the near future.

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