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).

Food service refers to either a formal contract that stipulates those meals will be routinely provided by a third party or the storage, preparation, serving and cleanup of food meant for consumption in a facility. It also covers the distribution of consumable prepared foods, including those that the child care center prepares on site and that it purchases from authorized restaurants. Over the past several years, there has been a steady increase in the innovation of new services offered at restaurants, hotels, cafés, and other places where people go to eat. Restaurant operators, hotel chains, and independent business owners are concentrating on growing their businesses in every manner possible, adding online delivery options, and catching up with the trend of food delivery to homes.

For example, in order to expand their current relationship and provide customers and McDonald's franchisees the convenience and value of McDelivery through the Deliveroo platform in markets across the world, McDonald's and Deliveroo have come to an agreement on a new, long-term worldwide strategic partnership. The collaboration between McDonald's and Deliveroo will help the McDelivery company expand and promote both businesses' dedication to a seamless customer experience. Through this alliance, McDelivery will be made more accessible through the Deliveroo platform in new areas while also solidifying the relationship between the two firms in their current territories.

US Food Service Market is poised to grow at a sustainable CAGR for the next forecast year.