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Food Services And Drinking Places Market Research 2024 - Outlook, Overview And Forecast To 2033
Food Services And Drinking Places Market Research
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According to The Business Research Company's, The food services and drinking places market size has grown rapidly in recent years. It will grow from $2,440.30 billion in 2023 to $2,684.74 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to rising disposable income, changing consumer lifestyles, increased tourism, growing diversity in cuisine preferences, and the proliferation of food service chains.
The food services and drinking places market size is expected to see rapid growth in the next few years. It will grow to $3,970.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to increasing health consciousness, the rise of plant-based diets, technological innovations in ordering and delivery, demand for unique dining experiences, and sustainability initiatives. Major trends in the forecast period include the adoption of contactless payment systems, integration of AI for customer service, expansion of food delivery platforms, emphasis on zero-waste practices, and growth in alcohol-free beverage options.
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Market Drivers and Trends:
The increasing number of food courts and malls is expected to propel the growth of the food services and drinking places market going forward. Food courts and food malls refer to designated areas within shopping malls or complexes that feature a variety of food and beverage vendors, providing a communal dining space for patrons. The increase in food courts and malls is due to rising consumer demand for diverse dining options and convenient meal experiences in one location. Food services and drinking places are used as food courts and malls to provide diverse dining and beverage options in a centralized location, enhancing convenience and variety for customers. For instance, in March 2023, according to SingStat, a Singapore-based government organization, all food and beverage service industries experienced year-on-year sales growth, with food caterers seeing the highest increase at 80.1%, restaurants growing by 16.4%, and sales for cafes, food courts, other eating places, and fast-food outlets rising by 13.2% and 11.1%, respectively. On a seasonally adjusted month-over-month basis, restaurant sales increased by 5.7% and food caterers by 2.5%. Therefore, the increasing number of food courts and malls is driving the growth of the food services and drinking places market.
Major companies operating in the food services and drinking places market are focused on developing innovative solutions, such as a one-stop-shop restaurant service hub, to streamline their operations, enhance customer experiences, and support the seamless integration of various services. A one-stop-shop restaurant service hub refers to a comprehensive service center that offers a wide range of services and amenities related to the restaurant industry. This concept aims to provide restaurant owners, managers, and staff with everything they need to operate their business efficiently, from supplies and equipment to professional services and support. For instance, in July 2024, Zomato, an India-based food delivery and restaurant discovery company, launched a one-stop-shop service hub for quick service restaurants (QSRs). It is a one-stop solution in India designed to streamline restaurant operations by connecting them with suitable vendors. The hub assists with Food Safety and Standards Authority of India (FSSAI) registration, goods and services tax (GST) registration, and trademark registration and aims to provide a full-stack solution for restaurant owners. Future services will include point-of-sale (POS) integrations and hygiene audits to support restaurants at every stage of their business journey.
Key Benefits for Stakeholders:
• 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.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• 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.
Major Key Players of the Market:
Sysco Corporation, Performance Food Group, US Foods Holding Corp., Starbucks Corporation, Compass Group plc, Sodexo Group, McDonald's Corporation, Subway IP LLC, Gordon Food Service, Chipotle Mexican Grill Inc., Elior Group SA, Ben E. Keith Company, Shamrock Foods Company, Delaware North, Chefs' Warehouse, Reinhart Foodservice LLC, Metz Culinary Management Inc., AVI Foodsystems Inc., Thompson Hospitality Corporation, Guckenheimer (ISS), Valley Services Inc., Creative Dining Services, Guest Services Inc., Bon Appétit Management Company, Centerplate Inc., Unidine Corporation, Brock & Company Inc.
Food Services And Drinking Places Market 2024 Key Insights:
• The food services and drinking places market size is expected to see rapid growth in the next few years. It will grow to $3,970.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Growth in Food Courts and Malls Drives Food Services And Drinking Places Market
• Innovative Technologies Streamline Operations In The Food Services Market
• North America was the largest region in the food services and drinking places 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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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