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Community Food Services Global Market Poised for Significant Growth, Projected to Reach $489.95 Billion at a CAGR of 5.6% By 2028 | Feeding America, City Harvest, Equal Heart, GIICA LLC
Community Food Services Global Market
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According to The Business Research Company's, The community food services market size has grown strongly in recent years. It will grow from $372.56 billion in 2023 to $394.27 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to food insecurity, donor support, hunger relief initiatives, government assistance.
The community food services market size is expected to see strong growth in the next few years. It will grow to $489.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to economic disparities, nutrition and health education, digital engagement and donor platforms, mobile food services. Major trends in the forecast period include gleaning and food recovery, community gardens and urban agriculture, youth and adolescent nutrition, sustainable food sourcing, technology for food access.
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Market Drivers and Trends:
The increasing crowdfunding is projected to boost the demand for the community food services market. Crowdfunding is a method of raising capital from individual investors, customers, and the general public through crowdfunding and social media platforms. For instance, JustGiving, a UK-based online fund-raising platform raised about $7,705.8 to provide emergency food for vulnerable, elderly, and low-income people during the COVID-19 crisis. This has led to a greater supply for the industry's food aid and social services, enabling industry organizations to meet the demand for food services. Thus, the growth in crowdfunding is expected to act as a major driver for the growth of the community food services market.
The launch of various programs to serve community food service requirements is becoming an emerging trend in the community food services market. For instance, in 2023, the Summer Food Service Program provides free meals to children during the summer months when school is not in session. The program will include a permanent, non-congregate meal service option for eligible rural communities. This program helps to reduce food insecurity among children and ensures that they have access to nutritious meals during the summer months.
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Major Key Players of the Market:
Feeding America, City Harvest, Equal Heart, Volunteers Of American Co., A.D. Food Service, Gratzi Catering, CRS Employment Services, Feedmore Western New York, GIICA LLC, Chata Technologies Inc., Second Harvest Food Bank Of Greater New Orleans & Acadiana, Good Shepherd Food Bank, Good Fortune Restaurant, The Meals on Wheels Association of America, Meals on Wheels Ministry, The Dohmen Company Foundation, The Salvation Army International Trust, United Nations International Children's Emergency Fund, Sanctuary Management Ltd., World Food Programme, Food Finders Food Bank, Common Ground, The Meals on Wheels Association of America, CRS Employment Services, A.D. Food Service, Feedmore Western New York
Community Food Services Market 2024 Key Insights:
• The community food services market size is expected to see strong growth in the next few years. It will grow to $489.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• The Role Of Crowdfunding In Fuelling Growth Of The Community Food Services Market
• Launch Of Programs To Address Community Food Service Requirements
• Western Europe was the largest region in the community food services market in 2023
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