The global food service market revenue, valued at USD 3,236.92 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 7.78% from 2024 to 2032. It is expected to reach USD 3,486.58 billion in 2024 and USD 6,348.75 billion by 2032. Key factors driving this growth include rising disposable incomes, changing consumer behaviors—especially among millennials—and the growing number of cafes, restaurants, and fast-food chains. Additionally, the increasing popularity of online meal delivery services and a greater demand for processed meals are expected to further fuel the market's expansion over the forecast period.
List of Key Players Profiled in the Market Report
Information Source: https://www.fortunebusinessinsights.com/food-service-market-106277
Segments:
Full-Service Restaurants Segment to Gain Traction Through 2029
The food service market is segmented into quick service restaurants, full-service restaurants, institutions, and other categories. Full-service restaurants hold the largest market share due to the diverse range of food offerings on their menus. The growing popularity of family vacations is driving the expansion of full-service restaurants, which is expected to fuel the segment's growth in the coming years.
Commercial Food Service Segment to Gain Traction Over 2022-2029
The food service market is also divided into commercial and institutional services. The commercial segment is expected to experience significant growth throughout the forecast period, driven by the increasing number of food trucks, food chains, cafes, restaurants, and online food delivery services. This category includes quick-service restaurants, full-service restaurants, and dining-out or takeout services, all of which are expected to contribute to the segment's expansion.