The busy lifestyle of most individuals living in cities has resulted in an increase in demand for ready-to-eat meals thus making the food service industry grow.

Westford, USA, Oct. 07, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global food service market will reach a value of $5194.6 Billion by 2031, with a CAGR of 10.76% during the forecast period (2024-2031). Society is becoming more and more urbanized and the availability of more restaurants, cafes and other food outlets within one metropolitan region drives demand for food services. The busy lifestyle of most individuals living in cities has resulted in an increase in demand for ready-to-eat meals thus making the food service industry grow. Also, markets have expanded as food services have become less of a challenge to find with focus on technology such as digital payments for purchases, order delivery applications, and online ordering.

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Food Service Market Overview:

Full-Service Restaurants to Hold Significant Growth due to Growing Trend of Socializing Around Meals

Due to increasing consumer preoccupation with distinctive and memorable dining experiences, and socializing around meals, full-service restaurants are changing the global food service industry. As disposable incomes rise, the consumers are now more inclined to eat out in premium dining establishments hence the increase in such establishments. Furthermore, this expansion is supported by development in the quality of food and a variety of menus which improve the satisfaction of customers.

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Commercial Service Type to Lead the Market due to Increasing Consumer Preference for Convenience and Speed

Commercial service types, including quick-service restaurants and cafes, dominate the global food service market due to the increasing consumer preference for convenience and speed. With the increase of urbanization and the ever-busy lifestyle of many consumers, most of the people prefer eating meals that are quick and easy to access. This change is responsible for the expansion of the commercial services sector, which has also been enhanced by technological advancement, especially in delivery and online ordering systems.

North America to Dominate the Food Service Market due to Strong Culture of Dining Out

The food service industry around the world is dominated by North America which has an opportunity fueled by high standards of living and great dining out culture. Given the rapid change in consumer preferences towards experience rather than just food, and convenience of food service associated fast casual and delivery options have become more popular. This aspect is also coherent with the high level of technology embedded within ordering and payment systems.

Food Service Market Insight

Drivers:

1. Expansion of Restaurants Franchising

2. Younger Generations Prioritize Unique Dining Options

3. Platforms like Instagram Promote Food Experiences

Restraints:

1. Increasing Prices of Raw Ingredients

2. Changing Consumer Preferences

3. Supply Chain Issues Leading to Ingredient Shortages

Prominent Players in Food Service Market

• McDonald's Corporation (USA)

• Starbucks Corporation (USA)

• Yum! Brands, Inc. (USA)

• Restaurant Brands International Inc. (Canada)

• Darden Restaurants, Inc. (USA)

• Chipotle Mexican Grill, Inc. (USA)

• Domino's Pizza, Inc. (USA)

• Wendy's Company (USA)

• Papa John’s International, Inc. (USA)

• Sodexo S.A. (France)

• Compass Group PLC (UK)

• Whitbread PLC (UK)

• Jollibee Foods Corporation (Philippines)

• Dunkin' Brands Group, Inc. (USA)

• InterContinental Hotels Group PLC (UK)

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Key Questions Answered in Food Service Market Report

• What is the projected value of the global food service market by 2031, according to SkyQuest?

• Which region is expected to dominate the food service industry due to a strong culture of dining out?

• What are some key market drivers for the growth of full-service restaurants in the food service industry?

This report provides the following insights:

Analysis of key drivers (Increased consumer spending power encourages dining out, exploring diverse cuisines, fast and convenient meal solutions), restraints (Reduced profit margins for food service operators, recessionary periods can lead to decreased consumer spending, difficulty in finding skilled labor), opportunities (Implementing eco-friendly food practices, expanding plant-based menu offerings, offering healthier meal options), and challenges (Fluctuations in the current economy, shifting toward home cooking and meal prepping) influencing the growth of food service market.

• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the food service market.

• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the food service industry.

• Market Development: Comprehensive information on lucrative emerging regions

• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market

• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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