Global Food Service Industry Market Report 2021-2026 - Favorable Consumer Sentiment Towards Outdoor Dining Options to Champion 'Streeteries' Trend Beyond the Pandemic

Dublin, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The "Food Service Industry - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Food Service Industry Market to Reach US$4.1 Trillion by the Year 2026

Amid the COVID-19 crisis, the global market for Food Service Industry estimated at US$3 Trillion in the year 2020, is projected to reach a revised size of US$4.1 Trillion by 2026, growing at a CAGR of 5.4% over the analysis period. Full Service, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$1.5 Trillion by the end of the analysis period.

Foodservice involves making, serving and selling of ready-to-consume foods and drinks or providing catering services to public or private end consumers either by in-house or external operators. As such, foodservice accounts for about 45%-50% of total spending on food in the US, while the percentage in lesser-developed markets can be in the range of 10%-15% or less of total spending on food.

The main contributors to growth in the industry include socio-economic conditions, such as high disposable income, busy and increased mobile life, rise in outsourcing of non-core activities by companies and market expansion into new areas such as transport and retail. Some other factors that can influence the market include tourism, immigration, food variety, access to food service places and technological advancements as in Internet through online ordering.

A major growth of food service industry is expected as food service operators are encouraged to invest more in eco-friendly and energy efficient equipment to meet the changing needs. Though the ongoing COVID-19 pandemic has affected operations in the overall food service industry including that of fast food facilities and QSRs, long term prospects remain positive, presenting considerable opportunities for the food service market.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fast Food segment is readjusted to a revised 6.5% CAGR for the next 7-year period. This segment currently accounts for a 28.1% share of the global Food Service Industry market. Full service restaurants (FSRs) are joining the takeaway bandwagon. An increasing number of FSRs are offering takeaway options.

Moreover, restaurants are developing new menus for takeaways rather than serving the dine-in menu in the takeaway segment. Quick Service Restaurants (QSRs), also known as fast food restaurants, are establishments that are involved in serving fast food and have minimal table services. The convenience and economical foods and time and cost savings are fueling growth in the QSRs market. The rapid growth of the online delivery and home delivery markets, driven by growing consumer desire for home delivery of foods, is also driving growth.

Limited Service Segment to Reach $864.6 Billion by 2026

In the global Limited Service segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$517.9 Billion in the year 2020 will reach a projected size of US$664.2 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$116.9 Billion by the year 2026, while Latin America will expand at a 4% CAGR through the analysis period.

The U.S. Market is Estimated at $800.1 Billion in 2021, While China is Forecast to Reach $776.9 Billion by 2026

The Food Service Industry market in the U.S. is estimated at US$800.1 Billion in the year 2021. The country currently accounts for a 25.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$776.9 Billion in the year 2026 trailing a CAGR of 7% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$825.7 Billion by the end of the analysis period.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of Covid-19 and a Looming Global Recession
2020: A Year of Disruption & Transformation
As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
Pandemic Impact on Food Service Industry
Pandemic Brings About Significant Changes in Consumers' Dine Out Behaviors
Percentage of Consumers in the US Opting for Takeout/ Delivery Options for Food at Restaurants: Mar 20 VS Aug 21
Global Online Food Delivery Market Breakdown by Platform-to-Consumer Delivery and Restaurant-to-Consumer Delivery for 2017 and 2020
Healthy Gains in Third Party Online Food Delivery Services & Mobile Apps Drive the Demand
More Focus on Food Safety
Contactless Technology Gains Popularity Amid Safety Concerns
Dining Redefined
Sustainable' Becomes a Key Word to Attract Customers
On-the-Go & Healthy Options: Prominent Gainers from COVID-19
Favored by Consumer Spending, Foodservice Industry Heads towards Stable Growth
Food Service Industry: An Overview
Changing Dynamics of Food Service Industry
Evolution of Food Service Industry
Types of Foodservice Outlets
Foodservice Formats Impacting the Restaurant Industry
Retail Foodservice Challenges
Big Challenges of Institutional Foodservice

2. FOCUS ON SELECT PLAYERS (Total 200 Featured)

Applebee's Services, Inc.
ARAMARK Corporation
Arby's Restaurant Group, Inc.
Autogrill S.p.A
Brinker International, Inc.
Burger King Holdings, Inc.
CKE Restaurants, Inc.
Compass Group PLC
Darden Restaurants, Inc.
Delaware North Companies, Inc.
Denny's Corp.
Domino's Pizza Inc.
Eddie Rockets (IRL) Ltd.
Gate Gourmet Inc
IHOP Corp.
International Dairy Queen, Inc.
Johnsonville Sausage LLC
JOLLIBEE FOODS CORP.
LSG Sky Chefs
McDonald's Corporation
Mitchells & Butlers Plc
Quiznos Sub
Skylark Co., Ltd.
Sodexo SA
SONIC Corp.
Starbucks Corporation
Wendy's International, Inc.
Whitbread PLC
Yum! Brands, Inc

3. MARKET TRENDS & DRIVERS

Restaurant Operators Continue to Struggle with Sourcing Issues & Shortages Amid the Pandemic
Healthy Eating Catches up in Foodservice Outlets
Convenience is the Name of the Game
Momentum in Plant-based Foods Picks Pace as Covid-19 Prioritizes Health
Food Service Providers Shrink Menu Size to Remain Buoyant
Minimizing Food Waste Gains Momentum
Industry Witnesses a Shift to Non-alcoholism and Drinks with Lower ABV
Technology Helps Food Service Industry Remain Afloat in Turbulent Times
Convenience Drives Sales in Quick Service Restaurant Business
Changing Food Habits and Trend towards Eat-Out Bodes Well
The Online Food Delivery Edge
Virtual Restaurants Take-On as Online Ordering Trend Picks Pace
Popularity of Cloud Kitchens Attracts More Vendors to the Food Service Business
Smartphone Penetration & Internet Connectivity Fuel Online Food Delivery Services
Noteworthy Customer Service Trends
Technology Trends in Restaurants
Equipment Trends in Food Services Industry
Foodservice Industry Trends with Potential Influence on Equipment Market
Electric Equipment Becomes More Popular
Touchless Equipment Gain Attention amid the Pandemic
Shrinking Kitchens Call for Labor Reducing Equipment
Cooking Equipment that is Multi-Functional as well as Visually Appealing
Multitap Water Dispensers
Industry witnesses Demand for Onsite Recycling Bins and Composting Bins
Quick Response Code Takes Place of Physical Menus
Restaurants Move towards Eco-friendly Disposable Options
Favorable Consumer Sentiment Towards Outdoor Dining Options to Champion 'Streeteries' Trend Beyond the Pandemic
Farm-to-table Restaurants Catch up
Gen Z Consumers to Shape Future Restaurant Trends
Management Systems for Food Safety Gain Traction
Automated Equipment to Foray into Food Service Sector
The Impact of Robotics on Food Service Sector
IoT Seeks Role in Food Service Industry
Other Technologies Impacting Food Services
3D Printing
CRISPR
Personized Food

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/yjgccz

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