The global food service industry size is likely to jump from US$ 3,483,539.5 million in 2023 to US$ 5,704,966.8 million by 2033. This projected expansion is anticipated to expand at a 5.3% CAGR in the demand for food services over the upcoming decade.
Convenience, rising purchasing power, and the emergence of a variety of fast food formats are driving the growth of the global fast food business, which is led by well-known names like KFC, McDonald’s, and Domino’s. Nonetheless, the sector is under strain due to quick changes brought about by shifting customer preferences and difficulties in different places. Food and beverage sales on the internet are expected to skyrocket, which will have an impact on traditional retail. At the same time, worries about labour shortages, sustainability, and social responsibility are driving calls for more automation.
Because fast food is more convenient and individuals have more money to spend, the global market is expanding. Apart from these variables, globally, different-format fast-food outlets are proliferating in developing nations. The brands KFC, McDonald’s, and Domino’s are still quite well-known.
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The food service industry is changing faster than it has in the past, and this trend is only anticipated to pick up steam. The strain is mostly caused by the ever-evolving tastes of the customers. The company is further hindered by several geographical locations.
It is projected that the sales of food and beverages through online channels will rise by three quarters every year, causing traditional retail establishments to lose market share. The labour crisis and customers’ worries about sustainability and social responsibility have led to a rise in automation.
The food service industry is really good at combining flavors from around the world with ingredients that come from nearby. They make it all work together smoothly. This means people can enjoy dishes with influences from different countries but still use ingredients that are easy to find in their own area.
Consumers are confronted with bare shelves and restricted options in the new normal. Understandably, food merchants are concerned with customer and staff safety, as well as keeping items on the shelves, which might push the addition of new products to the back burner.
The way everyone around the globe eats is promptly transforming. Busy lives have resulted in an increase in preference for quick and easy packaged food solutions. This includes meal packages, grab-and-go options, and delivery services.
Many people care more about their health now. More and more foods without certain ingredients are available now. There are more options now for people who need to avoid certain foods or have allergies. This means a bigger demand for organic, gluten-free, and plant-based foods exists.
Sales of frozen meals such as pizzas, meats, and vegetables have increased due to their long shelf life and ease of preparation. According to a recent report from the American Frozen Food Institute (AFFI), those increased sales will likely continue in the coming years. The food truck concept has gained in popularity as millennial shopping and the desire for mobile eating have increased.
Key Takeaways from the Food Service Industry:
- In 2022, the United States firmly established itself as a leader in the food service industry, commanding a substantial 25.5% share of the global market.
- The food service industry in the United Kingdom is positioned for significant expansion, with an estimated CAGR of 4.6% anticipated through 2033.
- The Japanese food service industry secured a market share of 3.9% in 2022.
- India’s notable progress in the food service industry is reflected in its anticipated CAGR of 4.1% over the forecasted period.
- In 2022, Germany showcased a significant 6.9% portion of the global food service industry.
- China is poised for swift ascent in the food service industry, with an estimated CAGR of 10.9% through 2033.
“China’s remarkable economic expansion, coupled with a growing focus on food tourism, has led to an unprecedented surge in the desire for dining out and online food delivery services. This powerful combination is poised to propel the China food service industry ahead of the United States in the coming years.” opines a lead analyst at FMI.
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Key Players and Strategies for Success in the Food Service Industry
The food service industry has undergone a remarkable transformation, emerging as a dynamic and rapidly expanding sector within the broader food landscape. Here are crucial insights into key competitors and success strategies in the industry:
- Prioritize customer satisfaction and feedback.
- Offer diverse dishes to appeal to a broader customer base.
- Regularly update the menu to reflect changing tastes and trends.
- Utilize digital marketing channels, social media, and influencer collaborations for visibility.
- Stay updated with industry trends such as health-conscious eating and delivery services.
- Collaborate with food delivery platforms for wider reach.
- Personalize experiences to cater to different preferences.
Recent Developments in the Food Service Industry
- In September 2023, Hyatt Hotels Corporation unveiled an exciting new venture: the Impression Makers Supper Club. This distinctive series of exclusive dinners, presented as part of the Inclusive Collection within the World of Hyatt, results from a dynamic collaboration with some of the globe’s most talented and forward-thinking chefs.
- In May 2023, Tim Hortons®, the Canada-based coffee brand with an illustrious nearly 60-year legacy, revealed its intention to venture into the South Korean market later this year. This expansion is made possible through a master franchise agreement with BKR Co. Ltd., a prominent South Korean QSR industry player.
Key Players in the Food Service Industry
- Aramark Corporation
- Compass Group North America
- Doctor’s Associates Inc.
- Seven & I Holdings Co. Ltd.
- Sodexo
- McDonald’s
- Starbucks
- Yum! Brands Inc.
- Darden Restaurants Inc.
- Restaurant Brands International Inc.
- The Wendy’s Company
- Bloomin’ Brands Inc.
- Papa John’s International Inc.
- Chipotle Mexican Grill Inc.
- Domino’s
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Food Service Industry Segmentation by Category
By Type
- Full-Service Restaurants
- Quick Service Restaurants
- Institutes
- Others
By Service Type
- Commercial
- Institutional
By Region
- North America
- Latin America
- Asia Pacific
- Eastern Europe
- Western Europe
- Japan
