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Food And Beverage Services Global Market Report 2024 Market Size, Industry Forecast, Insights 2024-20323
Food And Beverage Services Global Market R
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According to The Business Research Company's, The food and beverage services market size has grown strongly in recent years. It will grow from $3715.91 billion in 2023 to $3903.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to changing consumer preferences, economic trends, urbanization and lifestyle changes, globalization of food culture, regulatory changes.
The food and beverage services market size is expected to see strong growth in the next few years. It will grow to $4880.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to sustainability practices, virtual and ghost kitchens, culinary innovation and fusion, health-conscious dining, cultural and local influences. Major trends in the forecast period include digitalization and contactless services, technology integration, digital ordering and delivery, rise of ghost kitchens, technology integration in restaurants, personalization and customization.
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Market Drivers and Trends:
The food and beverage services market is expected to benefit from the rising digitalization of food services. Consumers are increasingly preferring to order food online for home delivery. For instance, according to KPMG, the average spend per person per year on food takeaways in the UK was $721 in 2021. Additionally, Nottingham claimed the title of the UK's takeaway hub, boasting an average expenditure of £1,097 per individual in 2021. Major companies providing food delivery services include Deliveroo, Just Eat, and Uber Eats. This trend is likely to continue in the forecast period and will drive the food and beverage services market going forward.
Modernizing technologies in restaurants improves customer satisfaction, thereby boosting restaurant sales. Establishments in the industry are introducing self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment, and digital entertainment such as gaming. For instance, in April 2023, PepsiCo, a US-based food company, launched the Greenhouse Accelerator Program. The program aims to support emerging Hispanic-owned food and beverage small businesses. It identifies and uplifts emerging Hispanic-owned food and beverage start-ups. This is done by providing mentorship, funding, and other resources to help startups grow and succeed in the industry. The program selects ten finalists to participate in a six-month business mentoring program and receive a $20,000 grant to accelerate their businesses.
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:
JELD-WEN Inc., Georgia-Pacific LLC, Builders FirstSource Inc., LIXIL Group, Stora Enso Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., UFP Industries Inc., Universal Forest Products lnc., Boise Cascade Company, Celulosa Arauco y Constitución Company, Louisiana-Pacific Corporation, Resolute Forest Products Inc., UPM-Kymmene Corporation, Interfor Corporation, NCI Building Systems Inc., Metsä Group, Rayonier Advanced Materials lnc., Cavco Industries Inc., Norbord Inc., Western Forest Products Inc., Canfor Corporation, PotlatchDeltic Corporation, Cefla s.c., Nature Home Holding Company Limited, Sappi Limited, Roseburg Forest Products Co., Masonite International Corporation, Barberán S.A., Tolko Industries Ltd., Hampton Affiliates lnc., Conifex Timber Inc., Stella-Jones Inc., CanWel Building Materials Group Ltd.
Food And Beverage Services Market 2024 Key Insights:
• The food and beverage services market size is expected to see strong growth in the next few years. It will grow to $4880.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Digital Transformation Fuels Expansion In The Food And Beverage Services Industry
• The Impact Of Modern Technology On Restaurant Sales And Customer Experience
• Asia-Pacific was the largest region in the food and beverage services 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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