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Food Away From Home Market Report Size And Forecast 2024-2033
Food Away From Home Market Report
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According to The Business Research Company's, The food away from home market size has grown steadily in recent years. It will grow from $4,436.76 billion in 2023 to $4,639.81 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to fast food industry expansion, cultural shifts, women's workforce participation, urbanization and demographic changes.
The food away from home market size is expected to see steady growth in the next few years. It will grow to $5,564.43 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to regulatory environment, economic conditions, culinary exploration, rise of online food delivery and hectic work schedule. Major trends in the forecast period include contactless and digital ordering, ghost kitchens and virtual brands, sustainability and eco-friendly practices, technology integration and plant-based and alternative protein.
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Market Drivers and Trends:
The growing expansion of fast-food restaurants is expected to propel the growth of the food-away-from-home market going forward. Fast-food restaurants, also referred to as fast food outlets, are a type of restaurant that serves quickly prepared and pre-cooked meals with limited table service. The rise of fast-food restaurants is driven by demand for convenient and diverse dining options, busy lifestyles, and evolving taste preferences. Fast-food restaurants, offering quick and affordable meal options, attract busy individuals and cost-conscious consumers with their value meals and promotions. For instance, in 2024, according to Aviko, a Netherlands-based food company, the UK fast food industry rose from 20.61 billion in 2022 to 22.04 billion in 2023. The number of UK consumers who ate in fast-food restaurants increased to 45% in 2023. Therefore, the growing expansion of fast-food restaurants is driving the growth of the food-away-from-home market.
Major companies operating in the food away from home market are focused on developing next-generation technology, such as an AI-first strategy to enhance efficiency and empower their workforce across their fast-food restaurant chains. The AI-first strategy is a business strategy that prioritizes the integration and optimization of artificial intelligence across all parts of a fast-food chain's operations in order to increase efficiency, reduce costs, and provide better customer experiences. For instance, in April 2024, Yum! Brands, a US-based fast food corporation, introduced the SuperApp platform. It is an AI-first strategy smartphone app for restaurant managers that is presently used by over 8,700 Pizza Hut and KFC restaurants. The app enables restaurant staff to ask operational queries, such as how to adjust oven temperatures and receive responses via a generative AI chatbot. This eliminates the need for traditional training manuals. Employees use the SuperApp to manage their work schedules as well as order goods and supplies, which helps restaurants run smoothly.
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Major Key Players of the Market:
Starbucks Corporation, Compass Group PLC, Sodexo, McDonald's, Aramark, Subway IP LLC, Darden Concepts Inc., Chipotle Mexican Grill, Yum Brands, Restaurant Brands International Inc., Zensho Holdings Co. Ltd., Whataburger, Domino's Pizza, Panda Restaurant Group Inc., Brinker International Inc., Greene King, SATS Ltd., Burger King Company LLC, Papa John's International Inc., Shake Shack, Jubilant FoodWorks
Food Away From Home Market 2024 Key Insights:
• The food away from home market size is expected to see steady growth in the next few years. It will grow to $5,564.43 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Expansion Of Fast-Food Restaurants Driving Growth In Food-Away-From-Home Market
• Enhancing Operational Efficiency And Empowering Workforce Through AI-First Strategy In Fast Food Chains
• North America was the largest region in the food away from home market in 2023
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