Wednesday, May 18, 2022

Global Food Service Industry Market Report 2021-2026 – Favorable consumer sentiment towards outdoor food options to ‘streets’ trend beyond pandemic

DUBLIN, January 25, 2022 (Globe Newswire) — Added to the report “The Food Services Industry – Global Market Trajectory and Analytics” of ResearchAndMarkets.com Presentation.

Global food service industry market to reach US$ 4.1 trillion by 2026

Amid the COVID-19 crisis, the global market for the food service industry is estimated at US$3 trillion in the year 2020, 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 services, one of the segments analyzed in the report, is projected to grow at a CAGR of 5.5% to reach US$1.5 trillion by the end of the analysis period.

Foodservice includes making, serving and selling ready-to-consume food and drinks or providing catering services to public or private end consumers, either in-house or by external operators. As such, food accounts for about 45%–50% of total spending on food in the US, while in less developed markets the percentage can be 10%–15% or less of total spending on food.

The main contributors to the growth of the industry include socio-economic conditions, such as higher disposable income, busy and increased mobile life, increase in outsourcing of non-core activities by companies and expansion of the market into new sectors such as transportation and retail. Some other factors that may influence the market include tourism, immigration, food diversity, access to food service locations and technological advancements in the Internet through online ordering.

A major growth of the 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. Although the ongoing COVID-19 pandemic has impacted operations in the overall food service industry, including fast food facilities and QSR, the long-term prospects remain positive, presenting considerable opportunities for the food service market.

After a thorough analysis of the business impacts of the pandemic and its induced economic crisis, the growth in the fast food segment has been adjusted at a revised 6.5% CAGR for the next 7 year period. The segment currently holds 28.1% share in the global food service industry market. Full-service restaurants (FSRs) are joining the takeaway bandwagon. An increasing number of FSRs are offering takeaway options.

In addition, restaurants in the takeaway segment are developing new menus for takeaways instead of serving dine-in menus. Quick service restaurants (QSRs), also known as fast food restaurants, are establishments that are involved in serving fast food and have minimal table services. Convenience and affordable foods and time and cost savings are driving the growth in the QSRs market. The rapid growth of the online delivery and home delivery markets, driven by increasing consumer desire for home delivery of food items, is also driving growth.

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Limited services segment to reach $864.6 billion by 2026

In the Global Limited Services segment, USA, Canada, Japan, China and Europe will drive an estimated 3.4% CAGR for this segment. These regional markets with a combined market size of US$517.9 billion in the year 2020 will reach an estimated size of US$664.2 billion by the end of the analysis period.

China will continue to be among the fastest growers in this group of regional markets. Led by countries such as Australia, India and South Korea, the market in Asia-Pacific is projected to reach US$ 116.9 billion by the year 2026, while Latin America will expand at a CAGR of 4% during the analysis period.

The US market is projected to reach $800.1 billion in 2021, while China is projected to reach $776.9 billion by 2026

The food service industry market in the US is estimated to be US$800.1 billion in the year 2021. The country currently accounts for 25.1% of the global market. China, the world’s second largest economy, is projected to reach an estimated market size of US$776.9 billion in the year 2026, trailing a CAGR of 7% through the analysis period.

Other notable geographic markets are Japan and Canada, each projected to grow at 4.1% and 4.3%, respectively, during the analyzed period. Within Europe, Germany is projected to grow at a CAGR of approximately 4.2% while the rest of the European market (as defined in the study) will reach US$825.7 billion by the end of the analysis period.

Major topics covered:

I. Methodology

Second. executive Summary

1. Market Overview

  • Impact of Covid-19 and an emerging global recession

  • 2020: the year of disruption and change

  • As the race between viruses and vaccines intensifies, where is the world economy headed in 2021?

  • Pandemic impact on the food service industry

  • Pandemic drives significant changes in consumer eating behavior

  • Percentage of consumers in the US opting for takeout/delivery options for dining at restaurants: March 20 vs. August 21

  • Global online food delivery market breakdown by platform-to-consumer delivery and restaurant-to-consumer delivery for 2017 and 2020

  • Healthy profits drive demand in third party online food delivery services and mobile apps

  • More focus on food security

  • Contactless technology gains popularity amid security concerns

  • redefining food

  • ‘Sustainable’ becomes a key word to attract customers

  • Healthy options on the go: Key beneficiaries from COVID-19

  • On the consumer spending side, the food service industry is poised for steady growth

  • Food Service Industry: An Overview

  • The changing dynamics of the food service industry

  • development of the food service industry

  • Types of Foodservice Outlets

  • Food Service Formats Affecting the Restaurant Industry

  • Retail Food Service Challenges

  • The big challenges of institutional food service

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2. Focus on Selected Players (total 200 featured)

  • Applebee’s Services, Inc.

  • Arammark Corporation

  • Arby’s Restaurant Group, Inc.

  • Autogrill Spa

  • Brinker International, Inc.

  • Burger King Holdings, Inc.

  • CKE Restaurants, Inc.

  • Compass Group PLC

  • Darden Restaurants, Inc.

  • Delaware Answer Companies, Inc.

  • Denny’s Corp.

  • Domino’s Pizza Inc.

  • Eddie Rockets (IRL) Limited

  • Get Gourmet Inc.

  • IHOP Corp.

  • International Dairy Queen, Inc.

  • Johnsonville Sausage LLC

  • Jollybee Foods Corp.

  • lsg sky chef

  • McDonald’s Corporation

  • Mitchell & Butler Plc

  • Quiznos Sub

  • Skylark Co., Ltd.

  • Sodexo SA

  • Sonic Corp.

  • Starbucks Corporation

  • Wendy’s International, Inc.

  • Whitebread PLC

  • yum! Brands, Inc.

3. Market Trends and Drivers

  • Restaurant operators struggle with sourcing issues and shortages amid pandemic

  • Foodservice grabs healthy food at outlets

  • Convenience is the name of the game

  • Momentum in plant-based foods as Covid-19 puts momentum, health a priority

  • Shrink Menu Size to Keep Food Service Providers Delighted

  • Reducing food waste gains momentum

  • The industry saw a shift to nonalcoholics and beverages with lower ABVs.

  • Technology helps keep the food service industry afloat in turbulent times

  • Convenience Drives Sales in the Quick Service Restaurant Business

  • Changes in eating habits and trends in eating habits

  • Online Food Delivery Edge

  • Take-on momentum as virtual restaurant online ordering trend picks up

  • The popularity of cloud kitchens attracts more vendors to the food service business

  • Smartphone penetration and internet connectivity fuel online food delivery services

  • Notable Customer Service Trends

  • Technology Trends in Restaurants

  • Equipment Trends in the Food Service Industry

  • Food service industry trends with potential impact on the appliance market

  • Electric appliance becomes more popular

  • Touchless devices gain attention amid pandemic

  • Shrinking kitchen calls for labor-reducing appliances

  • Cooking tools that are multifunctional as well as attractive in appearance

  • multitap water dispenser

  • Industry Sees Demand For Onsite Recycling Bins And Composting Bins

  • Quick response code replaces physical menu

  • Restaurants move to eco-friendly disposable options

  • Favorable consumer sentiment toward outdoor dining options to champion the ‘streetries’ trend beyond pandemic

  • Farm-to-Table Restaurant Catch Up

  • Gen Z consumers will shape the restaurant trends of the future

  • Management System for Traction of Food Security Benefits

  • Automated equipment for entering the food service sector

  • The impact of robotics on the food service sector

  • IoT seeks role in food service industry

  • Other technologies affecting food services

  • 3d printing

  • CRISPR

  • personal meals

4. Global Market Perspectives

III. regional market analysis

Fourth. competition

For more information about this report, visit https://www.researchandmarkets.com/r/yjgccz

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
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