Global Food Service Market Is Projected To Grow At The CAGR Of 4.1% During The Forecast Period 2016-2024

By Goldstein Market Intelligence || 2018-03-09 12:50:21 AM

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Digitalization of Food Delivery System: Key Driver for Food Service Market Growth

According to Goldstein Research, “Changing lifestyles and high inclination of consumers towards technology to modernize and organize their lives are creating platforms for market players to provide innovative and convenient services to the users. Strengthening of food delivery systems with the help of digital technology is creating lucrative channels for users with an ample number of options. Moreover, increasing attraction of consumers for sophisticated dining experience is supporting the growth of food services market across the globe.

Global Food Service Market Outlook 2024

Global food service market is segmented on the basis of food service system types and restaurants types. Restaurants type segment is further categorized into fast food restaurants, full-service restaurants and limited service restaurants and special food services. Fast food restaurants and full-service restaurants together dominate the global foodservice market and accounted for over 76% of overall food service sales in 2016. Changing demand and offerings by market players are fuelling the food service market growth. As per National Restaurant Association

Global food service market is anticipated to reach over USD 4.4 trillion by the end of 2024, registering a healthy growth over the forecast period. Rising number employments provided by food service industry are also contributing to the expansion of food service business. Over 7.4 billion employments were provided by food service industry in 2016 across the globe. Full service restaurants and limited-service restaurants are accounted for the maximum share of the employment in leisure and hospitality sector.

Fast Food: A new trend in Food Service Industry

Nowadays, teenage population are more inclined towards fast food and thus becoming one of the key drivers for the fast food services business. Market players are also increasingly spending on the improvement of their food services and are customizing the food menus to enhance the consumer experience. A rapid expansion of fast food business also developing the food services business and expected to become the dominant food criteria in the near future.

Global Food Service Market

This report contains a detailed overview of the global foodservice market in terms of market segmentation by food service system types and restaurants types. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.

Global food service market in terms also provides competitive outlook of some of the major players of global food service market in terms which includes profiling of companies such as Aramark Corporation, Guest Services, Sodexo, Compass Group North America, McDonald's, Domino's, Starbucks, Restaurant Brands International, AVI Foodsystems, Gordon Food Service, Papa John's, Carl's Jr., Del Taco Restaurants, Arby's Restaurant Group, Autogrill Group, Performance Food Group, Reinhart Foodservice, Sysco Corporation, Food Services America, Shamrock Foods Company, Yum! Brands Inc, Labatt Food Service, Cheney Brothers, Inc., Glazier Foods and U.S. Foods. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents comprehensive synopsis on the global food service market in terms that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

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