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Food Service Market to Have a CAGR of 10.79% during the Forecast Period, 2023-2030; Rising Fast Food Consumption among Millennials to Boost Market Progress

June 15, 2023 | Food & Beverages

The global food service market size is projected to display robust growth by reaching USD 5,423.59 billion by 2030. Fortune Business Insights™ in its report titled “Food Service Market Size, Share & COVID-19 Impact Analysis, By Type (Full Service Restaurants, Quick Service Restaurants, Institutes, and Others), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 2,395.03 billion and is expected to reach USD 2,646.99 billion in 2023. The market is expected to witness a strong CAGR of 10.79% during 2023-2030. Expansion of different formats of fast food restaurants is gaining popularity across major and emerging markets globally while franchising such as Domino’s, McDonald’s, and KFC remains one of the most popular growth models. The preference of the majority of the millennial population towards fast food consumption and the increase in spending on quick-service restaurants is increasing.


Heavy Restrictions Were Imposed On Dine-In Food Services Leading to Closure of Hotels and Restaurants


The COVID-19 pandemic impacted several industries due to government regulations and restrictions such as lockdowns and border closures. Additionally, supply chains were disrupted as borders closed and due to restricted travel. Heavy restrictions were imposed on dine-in food services due to which hotels and restaurants were closed. Moreover, many consumers were reluctant to dine out which led to a reduction in expenditure and visits to restaurants fell dramatically during the pandemic.


Pizza Hut Partnered with Hindustan Unilever to Add Kwality Wall’s Ice Cream and Desserts


In August 2021, Pizza Hut partnered with Hindustan Unilever to add the FMCG firm Kwality Wall’s ice cream and desserts to its dine-in, delivery, and takeaway menu in India. With this partnership, Pizza Hut expects to increase its average order value by 10% with the inclusion of Kwality Wall’s ice cream and desserts. Partnership amongst the key market players is expected to drive market share.  The expansions through partnerships and new product development are expected to offer beneficial opportunities for the growth of the food service during the forecast period.


Trend for the Consumption of Vegan Food Products To Propel Market Improvement


The trend for the consumption of vegan food products is anticipated to drive food service market growth. Veganism has grown in popularity and it is visible in the fast food sector as demand for vegan alternatives for burgers, sandwiches, and bread is increasing. In February 2021, Yum! Brands, Inc. and Beyond Meat Inc. entered into a strategic partnership to sell their plant-based chicken products in the U.S. Products such as Beyond Fried Chicken were made available to consumers across Taco Bell KFC, and Pizza Hut restaurants for a limited period of time.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/food-service-market-106277


Seasonal Cuisines Offered by the Market Players to Drive Market Share


Key players in the market have been taking advantage of and capitalizing on seasonal cuisines and expanding their product offerings. For example, In January 2021, Starbucks introduced new food and beverages for consumers, especially for the winter season in the U.S. The new products include portabella mushroom sous vide egg bites, earth cake pop, honey almond milk flat white, and red velvet loaf. Consumers were able to order these products using the Starbucks app and pick them up from a drive-through, in-store, or curbside pickup.


Key Industry Development



  • March 2022: Starbucks Corporation partnered with Grab, one of the leading companies of South East Asia, to expand its consumer service by serving consumers in countries such as the Philippines, Thailand, Singapore, Malaysia, Indonesia, and Vietnam.


List of Key Companies Profiled in the Market Report:



  • McDonald’s (U.S.)

  • Starbucks (U.S.)

  • Restaurant Brands International Inc. (Canada)

  • Costa Limited (U.K.)

  • Tim Hortons (Canada)

  • Dominos (U.S.)

  • KFC Corporation (U.S.)

  • Supermac’s (Ireland)

  • Jollibee (Philippines)

  • Baskin Robbins (U.S.)


Further Report Findings



  • The market in Asia Pacific stood at USD 944.71 billion in 2022 to have hold largest part in the food service market share due to increasing demand from consumers for dine-in and full-service restaurants. The demand comes from countries, Australia, Japan, and South Korea. The region is also set to have the highest CAGR as well.

  • North America is expected to have considerable market growth with an increasing number of quick-service restaurants in the region

  • Europe is also set to have noteworthy growth due to growth in the hospitality industry. The growth of the industry is due to the rising trend of eating out and a busier lifestyle, increasing the demand for prepared food items.


Table of Segmentation













































   ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 10.79% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type



  • Full Service Restaurants

  • Quick Service Restaurants

  • Institutes

  • Others  



North America (By Type, Service Type, and Country)



  • U.S. (By Type)

  • Canada (By Type)

  • Mexico (By Type)


Europe (By Type, Product, Material, and Country)



  • Germany (By Type)

  • U.K. (By Type)

  • France (By Type)

  • Italy (By Type)

  • Spain (By Type)

  • Rest of Europe (By Type)


Asia Pacific (By Type, Product, Material, and Country)



  • China (By Type)

  • India (By Type)

  • Japan (By Type)

  • Pakistan (By Type)

  • South Korea (By Type)

  • Australia (By Type)

  • Rest of Asia Pacific (By Type)


South America (By Type, Product, Material, and Country)



  • Brazil (By Type)

  • Argentina (By Type)

  • Rest of South America (By Type)


Middle East and Africa (By Type, Product, Material, and Country)



  • South Africa (By Type)

  • Saudi Arabia (By Type)

  • UAE (By Type)

  • Rest of Middle East & Africa (By Type)


Global Food Service Market
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  • 2019-2021
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