Food Service Market Size, Share, Growth Analysis, By Type(Full-Service Restaurants, Quick-Service Restaurants, And Others), By Service Type(Commercial and Non-Commercial), By Region - Industry Forecast 2024-2031

Food Service Market size was valued at USD 2323.29 billion in 2019 and is poised to grow from USD 2540.05 billion in 2023 to USD 5194.6 billion by 2031, growing at a CAGR of 10.76% in the forecast period (2024-2031).

The food service industry is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, NBA Africa and KFC Africa today signed a marketing alliance via which they would work together on many campaigns. As a result of the collaboration, KFC Africa and NBA Africa will roll out co-branded product campaigns, limited-edition giveaways of merchandise, and limited-edition KFC x NBA promotions. Basketball fans will have the chance to win tickets to NBA games in person in the United States as well as free access to NBA League Pass, the league's premium live game subscription service, as well as other prizes. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'McDonald's ', 'Subway', 'Compass Group', 'Sodexo', 'Aramark', 'Elior Group', 'Sysco Corporation', 'Marriott International', 'Yum! Brands Inc.', 'Domino's Pizza Inc.', 'Restaurant Brands International Inc.', 'Whitbread PLC', 'Starbucks Corporation', 'Brinker International Inc.', 'Darden Restaurants Inc.', 'Bloomin' Brands Inc.', 'Chipotle Mexican Grill Inc.', 'Papa John's International Inc.', 'Wendy's Company', 'Dunkin' Brands Group Inc.'

Due to the increased demand for lunch and dinners eaten outside the house, food service and institutional catering services have changed as a result of socioeconomic developments. The advent of science and technology has also assisted caterers and large-scale food manufacturers to organize their operations, increasing productivity, and enhancing safety. Additionally, the usage of computers has made a significant contribution. The desire for numerous cuisines has grown as a result of rising migration, urbanization, and globalization as well as more exposure to different cuisines.

The global spread of e-commerce systems is being fueled by financial growth, rising disposable income, rising food consumption, and rising internet penetration. Now that consumers have more discretionary cash, electronic payment methods are more reliable, and the number of providers and the size of their delivery networks is occasionally growing, consumers are adopting online services more and more. The way customers and suppliers engage has altered as a result of the rise of online delivery platforms and the acceptance of these services by consumers in developing nations, particularly during COVID pandemics.

In 2021, the largest share for the food service industry was held by North America. The area is one of the greatest markets in this business due to a rising number of homes with two working adults, a rise in disposable income, the existence of fast-food chains, and regional economic growth in general. Data suggests that real median wages for full-time, year-round employees rose 6.9 percent from 2019 estimates in 2020. Men working full-time, year-round saw an increase in median wages of 5.6 percent and 6.5 percent ($61,417) and ($50,982), respectively.