Press release
Key Strategic Developments and Emerging Changes Shaping the Food Away From Home Market Landscape
Food Away From Home Market
Food Away From Home Market Size and Growth Outlook
The food away from home market is projected to experience consistent expansion over the coming years, reaching a value of $5952.18 billion by 2030. This growth will occur at a compound annual growth rate (CAGR) of 4.2%. Key factors contributing to this surge include the widespread adoption of food delivery apps, the rise of cloud kitchens, increasing consumer demand for tailored dining experiences, and a growing focus on sustainable and ethical eating practices. Additionally, the rising use of digital payment methods in food services supports this upward trajectory. Dominant trends shaping the market include the growing popularity of online food ordering platforms, heightened demand for convenient dining options, expansion of chain restaurants, emphasis on immersive dining experiences, and the broadening reach of delivery and takeaway services.
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Top Companies Steering the Food Away From Home Market
Several prominent corporations are leading the food away from home segment. These include 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, and Jubilant FoodWorks.
A significant development in this space occurred in May 2024, when Canada-based Restaurant Brands International Inc. acquired Carrols Restaurant Group, Inc. for $1.0 billion. This acquisition strengthens RBI's presence in the US fast-food hamburger and chicken segments. Planned upgrades and refranchising efforts are expected to boost RBI's brand visibility and franchisee relations. Carrols operates over 1,000 Burger King and Popeyes outlets across the United States, offering extensive food away from home services.
Emerging Technology Trends in Food Away From Home
Leading companies in the food away from home market are increasingly prioritizing next-generation technologies, with a particular focus on AI-driven strategies to enhance operational efficiency and empower their workforce. An "AI-first" strategy is being adopted to optimize all aspects of fast-food chain management, aiming to lower costs and improve customer experiences.
For example, in April 2024, Yum! Brands launched the SuperApp platform, an AI-first smartphone application currently used in over 8,700 Pizza Hut and KFC restaurants. This app helps restaurant staff by providing instant answers to operational questions, such as adjusting oven settings, through a generative AI chatbot, effectively replacing traditional training manuals. Employees also use the app to coordinate schedules and manage orders for supplies, streamlining restaurant operations.
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Detailed Segmentation of the Food Away From Home Market
This market is categorized into several key segments to better understand consumer behavior and business models:
1) Type of Occasion: Entertainment, Travel, Retail, Freestanding
2) Ownership Type: Independent, Chains
3) Delivery Model: Dine-In, Takeaway, Home Delivery
4) Application Areas: Restaurants, Schools and Colleges, Hotels and Motels, Retail Stores and Vending, Other Applications
Further subdivisions include:
- Entertainment: theater dining, concert and event catering, amusement park food services, sports venue concessions, cinema food and beverage services
- Travel: airport food services, railway station food outlets, highway rest stop dining, onboard catering for airlines, trains, cruises, hotel restaurants
- Retail: food courts, in-store cafes, supermarket and grocery deli counters, convenience store food services, specialty retail cafes such as bookstore cafes
- Freestanding: casual dining restaurants, fine dining restaurants, fast food outlets, food trucks and street vendors, coffee shops and cafés
These segmented insights provide a comprehensive picture of the various channels and dining occasions fueling growth in the food away from home market globally.
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