Press release
Food Service Market Report 2024: Global Industry Trends and Future Growth
Food Service Market Report
The new report published by The Business Research Company, titled Food Service Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the food service market size has grown rapidly in recent years. It will grow from $2,348.94 billion in 2023 to $2,593.76 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The food service market size is expected to see rapid growth in the next few years. It will grow to $3,888.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
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What Is Driving The Growth Of The Global Food Service Market?
Rising Demand For Convenience Foods In Food Service
The increasing demand for convenience foods is expected to propel the growth of the food service market going forward. Convenience foods are pre-packaged or pre-prepared foods designed for quick and easy consumption with minimal preparation time, which are typically ready-to-eat or require simple steps such as heating or mixing, catering to busy lifestyles. The growing demand for convenience foods is due to busy lifestyles, lack of time for cooking, and the desire for quick, easy meal solutions. Food services offer quick, ready-to-eat meal options that cater to busy lifestyles through efficient takeout and delivery services, making accessing high-quality meals effortless and time-saving. For instance, in March 2022, according to Blue Diamond Almond, a US-based organization, the ready-to-eat meal segment in the US generated $46,916 million in revenue in 2022, with a 0.83% compound annual increase anticipated by 2026. Therefore, the increasing demand for convenience foods drives the food service market.
What Is The Key Trend In The Global Food Service Market?
Food Service Giants Leverage AI For Personalized Meal Planning And Recipe Solutions
Major companies operating in the food service market are developing advanced solutions such as AI-powered, personalized food and recipe solutions to individual preferences and dietary needs and streamlining meal planning and preparation processes. AI-powered, personalized food and recipe solutions aim to make meal planning, cooking, and eating healthier and more enjoyable by leveraging technology to cater to individual needs and preferences. For instance, in August 2023, Samsung Electronics, a South Korea-based electronics company, launched a new AI-powered, personalized food service and recipe platform. It uses advanced Food AI to suggest meals based on user preferences and food seasonality. It offers over 160,000 recipes, acting as a personalized assistant to help users discover new dishes, create tailored meal plans, and order ingredients online. The app can personalize recipes to match users' dietary requirements, nutritional goals, and available ingredients.
How Is The Global Food Service Market Segmented?
The food service market covered in this report is segmented -
1) By Type: Full Service Restaurants, Quick Service Restaurants, Institutes, Other Types
2) By Systems: Conventional Foodservice System, Centralized Foodservice System, Ready Prepared Foodservice System, Assembly-Serve Foodservice System
3) By Sector: Commercial, Non-Commercial
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How Is The Competitive Landscape Of The Global Food Service Market?
Major companies operating in the food service market are Sysco Corporation, Compass Group, McDonald's Corporation, Sodexo SA, Marriott International, General Mills Inc., Domino's Pizza Inc., Aramark Corporation, Kellogg Company , Darden Restaurants Inc., Chipotle Mexican Grill Inc., Tim Hortons Inc, Yum! Brands Inc., KFC Corporation, Restaurant Brands International Inc., Elior Group, Jollibee Foods Corporation, Papa John's International Inc., Wendy's Company, Whitbread PLC, Supermac's Holdings Ltd., Dunkin' Brands Group Inc., Amoy Food Limited
Contents Of The Global Food Service Market
1. Executive Summary
2. Food Service Market Report Structure
3. Food Service Market Trends And Strategies
4. Food Service Market - Macro Economic Scenario
5. Food Service Market Size And Growth
…..
27. Food Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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