Global Food Service Market Size to Grow by USD 4431.5 Billion | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends | Vantage Market Research

·10 min read
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Vantage Market Research, The North Star for the Working World

WASHINGTON, May 24, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Food Service Market finds that increasing demand for packaging/ready to eat foods, rapid growth in the working population, and increasing demand for newer food options have accelerated the growth of the Food Service Market over projected years. In addition, the sudden growth in online food ordering platforms after the outbreak of COVID-19 plays a vital role in the growth of the Food Service Market. However, increasing concern towards unhealthy, ready to eat packaged food is hindering the growth of the Food Service Market during forecast period.

The total Global Food Service Market is estimated to reach USD 4,431.5 Billion by the year 2028. The Global Market revenue stood at a value USD 2,515.2 Billion in the year 2021 and is forecast to grow exhibiting a Compound Annual Growth Rate (CAGR) of 9.9%, states Vantage Market Research, in a report, titled “Food Service Market Size, Share & Trends Analysis Report by Type (Full Service Restaurants, Quick Service Restaurants, Institutes, Others), by Service Type (Commercial, Institutional), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Market Dynamics:

Drivers:

Growing Working Population Propels the Market Demand

Due to the changing lifestyle of people, there is a huge increase in the ready to eat food. This changing people's habits also increases the innovative service demand. In this regard, various food delivery platforms such as restaurants, cafes, hotels and dining offer innovative Food Service Markets to the customers. According to the Organisation for Economic Co-operation and Development (OECD), in 2020, the working age population has been increased by 64.8% in the USA. Thus, the large working population is the key reason for the growth of the Food Service Market in coming years. In addition, an increasing number of food items & newer food dishes and safe home delivery facilities are influencing the rapid growth of the Food Service Market in projected years.

Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Food Service market is predicted to grow at a CAGR of roughly 9.9% during the forecast period.

  • The Food Service market was estimated to be worth roughly USD 2,515.2Billion in 2021 and is expected to reach USD 4,431.5 Billion by 2028; based on primary research.

  • On the basis of region, Asia Pacific is projected to dominate the worldwide Food Service market.

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Segmentation of the Global Food Service Market:

  • Type

    • Full Service Restaurants

    • Quick Service Restaurants

    • Institutes

    • Others

  • Service Type

    • Commercial

    • Institutional

  • Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/food-service-market-1552

Rapid Increase in Online Food Ordering Platform Increases the Market Demand

The outbreak of the COVID-19 pandemic affected various industries across the globe. The food industry is no exception. Thus, in order to tackle the problem related to the food industry, various industry players offer new and creative business models such as online food ordering platforms. These platforms offer food dishes online with all safety precautions in order to increase their productivity. Since after the outbreak of the pandemic, many working people have been fascinated with online purchasing, from grocery to online food ordering. Thus, the huge growth in online food ordering platforms is augmenting the growth of the Food Service Market during the projected year.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the food industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin America

    5. Middle East & Africa

  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021

  3. Key Strategies Undertaken by Companies to Tackle COVID-19

  4. Long Term Dynamics

  5. Short Term Dynamics

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The Report on Food Service Market Highlights:

  • Assessment of the Market

  • Premium Insights

  • Competitive Landscape

  • COVID Impact Analysis

  • Historic Data, Estimates and Forecast

  • Company Profiles

  • Global and Regional Dynamics

Regional Analysis:

North America Dominates the Market

North America accounted for maximum growth for Food Service Market in 2021. This surge is majorly accounted owing to the increasing number of working households, overall economic growth, increasing disposable income, and large presence of junk eatable chains in this region. The U.S. is the key contributor in the regional market growth owing to the large presence of outside eating consumers.

Asia Pacific is expected to witness the fastest growth for Food Service Market during the forecast period. Factors such as, increasing number of young populations, changing trends towards different cultures & cuisines, changing outside food eating habits, and increasing number of restaurants are accelerated the growth of Food Service Market in this region. In addition, notable services provided by various food joints to the customers also increases the Food Service Market demand in this region.

List of Prominent Players in the Food Service Market:

  • McDonald's (Illinois - United States)

  • Starbucks (Washington - U.S.)

  • Marriott International (Maryland - U.S.)

  • Subway (Connecticut - U.S.)

  • Hyatt Hotels Corporation (Illinois - U.S.)

  • Hilton Worldwide (Virginia - U.S.)

  • KFC (Kentucky - U.S.)

  • Burger King (Florida - U.S.)

  • Pizza Hut (Texas - U.S.)

  • Domino's (Michigan - U.S.)

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Food Service Market Size, Share & Trends Analysis Report by Type (Full Service Restaurants, Quick Service Restaurants, Institutes, Others), by Service Type (Commercial, Institutional), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/food-service-market-402686

Recent Developments:

February, 2021: KFC India launched an all-new range of Value Burgers with a variety of veg and chicken burgers to choose from.

December, 2020: Domino's Pizza launched India's first plant-protein-based product - 'The Unthinkable Pizza'. The pizza is made from plant-based proteins.

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?

  • Which are the top five players of the Food Service Market?

  • How will the Food Service Market change in the upcoming six years?

  • Which application and product will take a lion’s share of the Food Service Market?

  • What is the Food Service market drivers and restrictions?

  • What will be the CAGR and size of the Food Service Market throughout the forecast period?

This report titled “Food Service Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Parameter

Details

Market Size Provided for Years

2016-2028

Base Year

2021

Historic Years

2016-2020

Forecast Years

2022-2028

Segments Covered

  • Type

    • Full Service Restaurants

    • Quick Service Restaurants

    • Institutes

    • Others

  • Service Type

    • Commercial

    • Institutional

  • Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

Region & Counties Covered

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K

    • France

    • Germany

    • Italy

    • Spain

    • Rest Of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • South East Asia

    • Rest Of Asia Pacific

  • Latin America

    • Brazil

    • Argentina

    • Rest Of Latin America

  • Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest Of Middle East & Africa

Companies Covered

  • McDonald's (Illinois - United States)

  • Starbucks (Washington - U.S.)

  • Marriott International (Maryland - U.S.)

  • Subway (Connecticut - U.S.)

  • Hyatt Hotels Corporation (Illinois - U.S.)

  • Hilton Worldwide (Virginia - U.S.)

  • KFC (Kentucky - U.S.)

  • Burger King (Florida - U.S.)

  • Pizza Hut (Texas - U.S.)

  • Domino's (Michigan - U.S.)

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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