Market Research Report
Food Service Industry
|Food Service Industry|
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 614 Pages
Delivery time: 1-2 business days
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Global Food Service Industry Market to Reach US$4.1 Trillion by the Year 2026
Foodservice involves making, serving and selling of ready-to-consume foods and drinks or providing catering services to public or private end consumers either by in-house or external operators. As such, foodservice accounts for about 45%-50% of total spending on food in the US, while the percentage in lesser-developed markets can be in the range of 10%-15% or less of total spending on food. The main contributors to growth in the industry include socio-economic conditions, such as high disposable income, busy and increased mobile life, rise in outsourcing of non-core activities by companies and market expansion into new areas such as transport and retail. Some other factors that can influence the market include tourism, immigration, food variety, access to food service places and technological advancements as in Internet through online ordering. A major growth of food service industry is expected as food service operators are encouraged to invest more in eco-friendly and energy efficient equipment to meet the changing needs. Though the ongoing COVID-19 pandemic has affected operations in the overall food service industry including that of fast food facilities and QSRs, long term prospects remain positive, presenting considerable opportunities for the food service market.
Amid the COVID-19 crisis, the global market for Food Service Industry estimated at US$3 Trillion in the year 2020, is projected to reach a revised size of US$4.1 Trillion by 2026, growing at a CAGR of 5.4% over the analysis period. Full Service, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$1.5 Trillion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fast Food segment is readjusted to a revised 6.5% CAGR for the next 7-year period. This segment currently accounts for a 28.1% share of the global Food Service Industry market. Full service restaurants (FSRs) are joining the takeaway bandwagon. An increasing number of FSRs are offering takeaway options. Moreover, restaurants are developing new menus for takeaways rather than serving the dine-in menu in the takeaway segment. Quick Service Restaurants (QSRs), also known as fast food restaurants, are establishments that are involved in serving fast food and have minimal table services. The convenience and economical foods and time and cost savings are fueling growth in the QSRs market. The rapid growth of the online delivery and home delivery markets, driven by growing consumer desire for home delivery of foods, is also driving growth.
The U.S. Market is Estimated at $800.1 Billion in 2021, While China is Forecast to Reach $776.9 Billion by 2026
The Food Service Industry market in the U.S. is estimated at US$800.1 Billion in the year 2021. The country currently accounts for a 25.1% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$776.9 Billion in the year 2026 trailing a CAGR of 7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$825.7 Billion by the end of the analysis period.
Limited Service Segment to Reach $864.6 Billion by 2026
In the global Limited Service segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$517.9 Billion in the year 2020 will reach a projected size of US$664.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$116.9 Billion by the year 2026, while Latin America will expand at a 4% CAGR through the analysis period.
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