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Restaurant Takeout Market 2024: Comprehensive Share and Size Analysis
Restaurant Takeout Global Market Report 2024
According to The Business Research Company's, the restaurant takeout market size has grown strongly in recent years. It will grow from $2,465.96 billion in 2023 to $2,681.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to growing geriatric population, expansion of fast-food chains, rising preference of ready to eat meals, increased internet usage worldwide, and increasing smartphone usage.
The restaurant takeout market size is expected to see strong growth in the next few years. It will grow to $3,819.24 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to increasing demand for convenience food, increasing popularity of delivery services, increasing use of mobile apps for ordering, increased consumption of dietary food, and increasing plant-based products. Major trends in the forecast period include advancements in technology, integration of artificial intelligence (AI)-based solutions, integrating with table-top tablets, innovative processing technology, and integrating digital payment options.
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Market Drivers and Trends:
The increased demand for convenience foods is expected to propel the growth of the restaurant takeout market going forward. Convenience foods are pre-packaged or pre-prepared items designed for quick and easy consumption with minimal time preparation cater to busy lifestyles by offering ready-to-eat meals or simple heat-and-serve options. The increased demand for convenience foods is due to busy lifestyles, lack of time for cooking, and the desire for quick, easy meal solutions. Restaurant takeout helps meet the increased demand for convenience foods by providing quick, ready-to-eat meal options, saving busy individuals time and effort, and offering quality dining experiences without needing home cooking. For instance, in March 2022, according to Blue Diamond Almond, a US-based organization, the ready-to-eat meal segment revenue in 2022 was $46,916 million and is expected to increase by 0.83% compound annual till 2026. Therefore, the increased demand for convenience foods drives the restaurant takeout market.
Major companies operating in the restaurant takeout market are focused on developing innovative solutions, such as Smart Links, to simplify the ordering process, provide personalized recommendations, and drive customer engagement. Smart Links provides restaurants with free, customized links that they can easily share on social media platforms such as WhatsApp, Instagram, and Facebook. For instance, in April 2024, Swiggy, an India-based food ordering company, launched a new tool, Smart Links, to help restaurants of all sizes improve their online visibility and drive more orders. This enables restaurants to drive orders through their online presence and engage with a broader audience. Smart Links is a powerful tool designed to help restaurants boost their online presence and drive more orders through personalized links and valuable insights
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Panda Restaurant Group; Starbucks Corporation; Uber Technologies Inc.; KFC Corporation; DoorDash Inc.; Domino's Pizza Group PLC; Panera Bread Company; Grubhub Inc.; First Watch Restaurants Group; Manchu Wok Inc.; Huddle House Inc.; Denny's Corporation; Bob Evans Farms Inc.; HuHot Mongolian Grill LLC; Another Broken Egg of America Franchising LLC; The Original Pancake House Company; Mama Fu's Franchise Group LLC; Biscuitville Fresh Southern; Spaghetti Warehouse Inc.; Caviar
Restaurant Takeout Market 2024 Key Insights:
• The restaurant takeout market size is expected to grow to $3,819.24 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Convenience Foods Fuel Rise Of Restaurant Takeout Industry
• Advancements In Technology Drive Restaurant Takeout Growth
• North America was the largest region in the restaurant takeout market in 2023
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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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