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

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.

Following this, the projection period is likely to have the highest growth rate in the Asia-Pacific region. The rise of the middle class and rising urbanization in the Asia Pacific area are driving this industry's sales growth. For example, many Indian cities in 2018 have a population of between 300,000 and 1 million people. There are just five urban areas with a population of 20 million or more, compared to 120 medium-sized cities of a similar size. Up to 2030, India's seven major cities will continue to grow. The population of Delhi, the capital of India, is expected to rise by roughly a third over the course of the next ten years, to 38.9 million people. There are 461 million people living in urban areas. This number is increasing by 2.3% annually. Cities are predicted to contribute 75% of India's national revenue by 2031. This rise in urbanization will boost the growth of the global food service industry during the forecast period.

In comparison to the other areas, Europe is anticipated to see consistent development. Restaurants, specialty coffee shops, hotels and resorts, quick-service restaurants, amusement parks, pubs, staff catering, education, health care, custodial (police, fire stations, and prisons), and welfare (meals on wheels, daycare centers, and other similar institutions) are some of the major food service institutions in Europe. The presence of a large number of food service outlets in the region will help in maintaining its share during the forecast period in the global food service market.