The global foodservice market was valued at USD3093.96 billion in 2020, and it is estimated to advance with a CAGR of 4.72% in the forecast period, to reach USD3978.83 billion by the end of 2026. Some of the major factors propeling the growth of the market include continuous change in consumer taste, increasing innovation in existing products, rapid urbanization, attractive packaging of the food offered, hectic lifestyle, changing routine, and availability of different flavors.
Technological advancement is another key factor driving the market growth, globally. Majority of foodservice companies are using restaurant management software for the smooth functioning of their operations. This software alerts the restaurant manager about the delivery status of food, food wastage, etc. This software also serves as a handbook that needs to be followed by all chefs to refer to recipes. This software removes all the obstacles faced in the smooth running of food services and hence results in increased customer satisfaction, thereby contributing to the growth of the global food service market.
The foodservice industry is now, not only about tastes, but it is the research and development of functional and sustainable food products. Moreover, people have become more aware of the functional and anti-aging food products, so the prime focus of the foodservice industry is to cater to the demands related to products, which are good for anti-aging of skin, mind, muscle tissue, etc. Even the products like pasta, bread, or coffee are no longer considered only as a convenience products but have evolved into true luxury items as a result of variants.
The global foodservice market is categorized on the basis of type into dining services, QSR, PBCL, and others. Among them the QSR segment is projected to grow at the fastest rate in the forecast period. QSR is an industry given term for fast food restaurant chains such as Subway, McDonald’s, Burger King, KFC, Taco Bell, Wendy’s, etc. The factors such as greater convenience, time saving, increased price consciousness and value-seeking consumer behavior, etc. have led to the rise in demand for QSRs. Furthermore, most QSRs, in addition to serving sit-down meals, also provide a variety of other services, such as take-out, drive-thru, and home delivery, that are ideally adapted to today’s lifestyle. All such factors are expected to propel the growth of the QSR segment in the forecast period.
In terms of region, Asia-Pacific is the one, which is expected to maintain the first position in terms of market share. It is also expected to contribute to almost 40% of the total market of 2026, followed by North America and Europe.
Today, the foodservice market has become an attractive destination for investments and several large multinational companies are entering this market. Some of the major companies are Compass Group PLC, McDonald’s Corporation, Performance Food Group Company, Sodexo Group, Aramark Corporation, Restaurant Brands International Inc., Yum! Brands, Inc., Domino’s Pizza, Inc., Inspire Brands, Inc., and Starbucks Corporation.
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022–2026
Objective of the Study:
- To analyze the historical growth rate in market size of global foodservice market from 2016 to 2020.
- To estimate and forecast the market size of global foodservice market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast global foodservice market based on by type, by ownership, by company, and by region.
- To identify dominant region or segment in the global foodservice market.
- To identify drivers and challenges for global foodservice market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global foodservice market.
- To identify and analyze the profile of leading players operating in global foodservice market.
- To identify key sustainable strategies adopted by market players in global foodservice market.
Key Target Audience:
- Service providers, distributors, and end-users
- Market research and consulting firms
- Government bodies such as regulating authorities and policymakers.
- Organizations, forums, and alliances related to foodservice.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global foodservice market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Foodservice Market, By Type:
o Dining Services
o Quick Service Restaurants (QSR)
o Pubs, Bars, Cafe and Lounges (PBCL)
o Others (Cafeteria, Ghost Kitchens, Catering and Vending Companies)
- Global Foodservice Market, By Ownership:
o Independent Outlets
o Chained Outlets
- Global Foodservice Market, By Region:
Middle East and Africa
Company Profiles: Detailed analysis of the major companies present in global foodservice market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).