According to IMARC Group’s latest report, titled “Food Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 2,750 Billion in 2021. Food service refers to the sale of beverages and foods that are prepared for takeaways, immediate consumption, or home delivery. It can be classified into the commercial and non-commercial segments, including fast-food restaurants, nightclubs, catering, outlets operating inside the premises of infirmaries, schools, organizations, etc. Food service can also be segmented in terms of the system of operation, such as conventional systems, centralized systems, ready-prepared systems, etc. It ensures a nutritious and real-time food supply and proves highly convenient for people who have a fast lifestyle. Consequently, food services are extensively used in various establishments, including education, hospitals, government, etc., and by the general consumers.
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The increasing number of working professionals and the escalating need for customized food menus in education institutions, administration offices, healthcare facilities, etc., are among the key factors driving the food service market. Furthermore, the growing demand for hassle-free and hygienic foods among the Gen-Y population is also positively influencing the market growth. Besides this, the expanding number of cafés and restaurants that provide a great socializing space for teenagers, young employees, and families is acting as another significant growth-inducing factor. Moreover, the development of online food delivery channels and the launch of gluten-free products, home-style cooked meals, low-fat beverages, etc., are anticipated to stimulate the food service market in the coming years. Looking forward, IMARC Group expects the food service market to reach US$ 3,629 Billion by 2027, exhibiting a CAGR of 3.85% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Segmentation:
Breakup by Sector:
- Commercial
- Non-commercial
Breakup by Systems:
- Conventional Foodservice System
- Centralized Foodservice System
- Ready Prepared Foodservice System
- Assembly-Serve Foodservice System
Breakup by Types of Restaurants:
- Fast Food Restaurants
- Full-Service Restaurants
- Limited-Service Restaurants
- Special Food Services Restaurants
Breakup Region:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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