According to IMARC Group’s latest report, titled “Food Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global food service market reached a value of US$ 2,334 Billion in 2020. Food service represents the sale of food and beverages that are primarily prepared for immediate consumption or for takeaways and home deliveries. It includes commercial and non-commercial outlets, such as cafeterias in schools and hospitals, fine dining restaurants, etc. Food service majorly includes ready-prepared systems, where the food is prepared onsite and kept frozen until required, and assembly-serve systems, where pre-prepared foods are purchased, stored, assembled, and served to the consumer. This system offers convenience, a wide variety of food options, professional management, etc.
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The escalating demand for customized food menu options is one of the significant factors driving the food service market. Furthermore, consumers are being offered numerous alternatives to customize their meals as per their taste, dietary, and budget preferences, which is propelling the market growth. Besides this, the shifting preferences of working individuals towards hassle-free, nutritious, and hygienic food items that are readily available across diverse distribution channels are catalyzing the product demand. In addition to this, the rising penetration of commercial restaurants and cafés owing to the emerging trend of casual dining is further augmenting the growth of the food service market. Additionally, several other factors, including the increasing number of working women, inflating disposable incomes, improving distribution channels, etc., are expected to fuel the food service market in the coming years. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026.
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.
Breakup by Sector:
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
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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