Food Service Market: 50% Growth to Stem from APAC, Report Highlights AI-Powered Market Evolution – Technavio

NEW YORK, Dec. 12, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global food service market size is estimated to grow by USD 1.07 trillion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.66% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. Asia
4. Rest of World

1. APAC – APAC is estimated to contribute 50%. To the growth of the global market. The Food Service Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. 

The APAC region emerged as the largest geographical segment of the global food service market in 2023, accounting for a significant market share. This trend is projected to continue, with APAC expected to grow faster than the overall market during the forecast period 2024-2028. The region’s dominance can be attributed to the rising employment and income levels, leading to changing consumer lifestyles. The increasing number of time-pressed consumers and the convenience factor are driving the demand for quick and easy food options. Additionally, urbanization is fueling the dependency on fast food as consumers find less time for cooking.

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Segmentation Overview

1. Service 

• 1.1 Conventional
• 1.2 Centralized
• 1.3 Ready-prepared
• 1.4 Assembly-serve

Sector 

• 2.1 Commercial
• 2.2 Non-commercial

Geography 

• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

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1.1 Fastest growing segment:

The conventional food service system is a time-tested approach used by many vendors in the food industry. In this system, ingredients are prepared and served on the same premises, ensuring customers freshly made meals tailored to their preferences. Depending on the food type, it is kept heated or chilled until served. This system is widely used in schools, universities, restaurants, and cafeterias, where consumers value freshly prepared food and flexible menu options. Skilled labor is employed to produce the food, and the conventional system’s high-quality offerings continue to attract customers. The preference for freshly prepared meals in dining establishments is expected to fuel the growth of the conventional segment in the global food service market during the forecast period.

Research Analysis

The Food Service Market encompasses a wide range of establishments and services, including child care centers, restaurants, hotels, cafés, and more. Third-party providers play a crucial role in the industry, offering services such as storage, preparation, and serving to help businesses streamline their operations. Facilities must adhere to strict health and safety regulations for food handling and preparation. Distribution is another essential component, with both traditional and online options available. Restaurant operators and hotel chains partner with food delivery services like Deliveroo and strategic partnerships such as McDelivery to expand their reach. Service types vary, with full-service restaurants offering a more extensive menu and table service, while quick service restaurants focus on speed and convenience. Institutes and educational institutions also contribute significantly to the market.

Market Overview

The food service market encompasses a wide range of establishments and services, including third-party providers for storage, preparation, and serving in various facilities such as child care centers, restaurants, hotels, cafes, and more. Distribution plays a crucial role in ensuring the timely delivery of ingredients and finished meals. Urban areas with high population density and rising incomes have seen significant growth in the food service industry, driven by changing consumer lifestyles, digitization, and the increasing popularity of online delivery options. The market caters to various cuisines and dietary trends, such as veganism, which has led to the rise of vegan fast food and specialized food courts and malls. The industry is influenced by factors such as productivity, safety, technology, employment, health, hygiene, and e-commerce systems. Strategic partnerships between restaurant operators, hotel chains, independent business owners, and food delivery services like Deliveroo and McDelivery have become commonplace. The market is diverse, with offerings ranging from full-service restaurants to quick service establishments, and includes institutes, retailers, providers, and franchising opportunities. The hospitality sector, including the HRI sector and tourist spending, also plays a significant role in the food service market’s financial growth. The quality of food, punctuality of delivery, and plastic packaging are key concerns for consumers, while the rising trend of out-of-home food consumption and the influence of foreign investment and border closures continue to shape the industry landscape.

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Key Topics Covered:

 1 Executive Summary

 2 Market Landscape

 3 Market Sizing

 4 Historic Market Size

 5 Five Forces Analysis

 6 Market Segmentation

 7 Customer Landscape

 8 Geographic Landscape

 9 Drivers, Challenges, and Trends

10 Venodr Landscape

11 Vendor Analysis

11.1 McDonald’s

11.2 Starbucks

11.3 Restaurant Brands International Inc

11.4 Costa Limited

11.5 Tim Hortons

11.6 Dominos

11.7 KFC Corporation

11.8 Supermac’s

11.9 Jollibee

11.10 Baskin Robbins

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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