Published on: August 02, 2024
The food service market size is expected to increase at a CAGR of 5.66% between 2023 and 2028. With the rising demand for takeout and restaurant meals, as well as the rapid expansion of the fast-food market, the industry is experiencing a growth in mobile foodservice options. There is also a trend towards increased snacking and indulgence consumption, which is fueling demand for convenient food options.
The food service market encompasses a diverse landscape of foodservice operators catering to evolving consumer needs and behaviors. It includes off-premise dining and digital ordering along with restaurant dining, and develops innovative culinary trends driven by consumer preferences and technological integration.
Service formats include businesses such as cafes, bakeries, fast-food establishments, and home meal replacement (HMR) providers. Each one caters to specific consumer demographics and preferences, from health-conscious consumers to those seeking convenience and novel dining experiences.
Key trends shaping the food service market include the rise of off-premise dining accelerated by the pandemic, as well as the integration of social media-driven menus and influencer recommendations. Innovations in adult beverage offerings, tackling food waste, and advancements in technology like robots and artificial intelligence are transforming operational efficiencies and consumer experiences.
One driver of the food service market is the convenience-driven demand for online ordering and delivery services, enhanced by technological platforms and mobile applications. Consumer preferences for healthier food options, including vegan and gluten-free choices, also fuel market growth. Additionally, the adaptation to new norms post-pandemic, emphasizing hygiene and safety measures, influences consumer trust and engagement.
Challenges in the food service market include managing labor costs amidst technological advancements such as robotics and AI, as well as adapting to regulatory changes and consumer expectations for sustainable practices and food safety. The need to innovate while maintaining operational efficiency in the face of economic fluctuations also presents ongoing challenges.
APAC is projected to account for 50% of the global market’s growth by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market. Changing consumer lifestyles in APAC, driven by increased employment and income levels, are boosting the demand for convenient options. Urbanization is intensifying reliance on fast food due to time constraints, while the evolving eating habits of working women further contribute to the region's market growth.
Technavio's food service industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our food service industry reports include:
In order to provide you with a comprehensive view of the food service industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
Develop a deeper understanding of the food service industry with Technavio’s comprehensive market research reports. We provide the latest information on key industry dynamics, including global and regional market forecasts, internal and external pressure points, the vendor landscape, and more.
Our in-depth knowledge of the food service industry is built on decades of experience and a global network of industry experts. We know the importance of having a strong foundation on which to base important decisions, and with over 500 analysts located around the world, we deliver actionable insights for every segment of the market.
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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