Asia-Pacific Food Service Market Size, Share, Trends, Demand & Industry Growth Analysis, Regional Outlook, And Forecast 2016-2024

Asia Pacific Food Service Market 

Market Overview

Food service or catering service industry includes all firms that engage in serving meals which are prepared outside homes such as restaurants, school and hospital cafeterias, and catering outlets. Mobile food service such as food trucks industry is also growing in developing countries on the back of rising penetration of quick service restaurants. Globally, restaurant industry sales reached USD 781.2 billion in 2017, a 4.5% growth as compared to the sales of USD 766.4 billion in 2016. While restaurant operators are optimistic about the future growth and sustainability of their business, challenges related to government regulatory and rising labors costs are creating a huge pressure on the industry players. In United States, recruitment and retention of employees is becoming a major challenge for the restaurant players. However, technology implementation helps the food service industry players to grow significantly, but the process is not without barriers. High cost investment for advanced infrastructure still remains a significant challenge for the food chain operators.     

Goldstein Research analyst forecast that global food service industry size is expected to reach USD 4.5 trillion by 2024 out of which APAC is anticipated to hold the market share of nearly 40% and expanding at a CAGR of 5.3% over the forecast years. Positive growth in travel and tourism industry on the back of economic stability in developed countries leads to the expansion of hospitality and food industry in these regions. With the increasing number of quick service restaurant chains, organized food junctions and food points, the pressure on the hospitality industry has increased related to the quality and service. Global restaurant industry revenue reached USD 781.2 billion in 2017 from USD 379.0 billion in 2000, almost double growth in 17 years. 

Covered In This Asia Pacific Food Service Market Report            

The report covers the present ground scenario and the future growth prospects of the Asia Pacific food service market for 2016-2024 along with the new product launches, collaborations, and acquisitions by the market players. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe. We have forecast the global food service industry on the basis of factors such as mentioned below:-

• Current Market Trends
• Historical Revenue Growth (2012-2016)
• Opportunities in Major Markets
• Expansion of Industry Players
• Spending Power of Consumers
• Consumer Preferences through Survey Analysis

Asia Pacific Food Service Industry Segmentation

By Places Type

• Eating & Drinking Places
  • Full Service Restaurants
  • Quick Service Restaurants
  • Food Junctions
  • Cafeterias/buffets
  • Bars/ Clubs/Lounges
• By Managed Food Service
  • Industrial Premises
  • Commercial and Office Premises
  • Hospital & Nursing Homes
  • Educational Premises (Colleges, Universities, Schools)
  • In-transit Food Service (Airlines, Trains)
  • Sports Centers/Malls

Based on Geography

• China Food Service Market {Market Share (%), Market Size(USD Billion)}
• India Food Service Market {Market Share (%), Market Size(USD Billion)}
• Japan Food Service Market{Market Share (%), Market Size(USD Billion)}
• Singapore Food Service Market{Market Share (%), Market Size(USD Billion)}
• South Korea Food Service Market {Market Share (%), Market Size(USD Billion)}
• Thailand Food Service Market {Market Share (%), Market Size(USD Billion)}
• Malaysia Food Service Market {Market Share (%), Market Size(USD Billion)}
• Indonesia Food Service Market {Market Share (%), Market Size(USD Billion)}
• Australia Food Service Market {Market Share (%), Market Size(USD Billion)}
• New Zealand Food Service Market {Market Share (%), Market Size(USD Billion)}
• Rest of Asia Food Service Market {Market Share (%), Market Size(USD Billion)}

Asia-pacific (APAC) Food Service Industry Trends, Share, & Key Players

On the basis of places type, full service restaurants had the highest market share of 36.0% in 2017 and register the CAGR of 4.3% over the forecast period. On the other hand, the market share of quick service restaurants is growing steadily at a rate of 31.90% on the back of urbanization and hectic lifestyle of the population living in metro cities. The rising trend of mobile restaurants such as food trucks are also contributing to the positive growth of quick service restaurants. While the government is creating a complex regulatory landscape, restaurant operators are focusing more towards the quality of food and services. Various food service industry players are focusing towards digital media marketing and other innovative tactics to bring the exceptional quality under the spotlight. Moreover, the concept of customization to personalization is one of the major factors which help the industry players to generate more revenue from the fitness freaks and diet concern consumers.   

Asia Pacific Food Service Industry Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the Asia Pacific food service market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. ASIA PACIFIC food service market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our Asia Pacific Food Service Industry Report comprises of the following companies as the key players: McDonald’s, Restaurant Brands International, Seven & i Holdings, Starbucks and Yum China Holdings.

Other high-flying vendors in the market are: Barista Coffee, Coffee Beanery, Coffee Day Enterprises, Dicos, Domino’s Pizza, Doutor Coffee Shop, Ediya Coffee, Gloria Jean’s Coffees, Jollibee Foods, J.CO DONUTS & COFFEE, Krispy Kreme Doughnuts, Mad Over Donuts, Mister Donut, MOS Food Services, Mr. Lee, Speciality Restaurants, Subway and Tully’s Coffee.

Rising number of cafeteria serving alcohols and eatables are gaining traction among the youth for parties and get together. Food service industry players are inclining towards the renovation of traditional cafeterias & lounges, eventually making them a theme based facility which attracts more customers as compared to the older ones. Moreover, restaurant and food chain operators are making their presence on online portals to expand their reach and increase the growth of their revenue. Online portals such as UBER Eats, Zomato, Swiggy and others are helping the food service industry players to increase the number of delivery and takeaway orders.

According to the survey analysis, in urban places, 52.2% of consumers prefer to take delivery of food at their place through online ordering. Enhanced connectivity services and penetration of smart phones in major economies is one of the key aspects which push the consumer towards online ordering of food and beverages. Consumers these days are flabbergasted by their lifestyle compulsions and have limited time to prepare food so they search out for convenient food. Quick service restaurants provide working population with convenience and food of their choice at their doorstep.

Fluctuating price of the raw materials such as meat, grains, sugar, and dairy products is one of the major challenges for the food service industry players. On the other hand, new market entrants are giving a tough competition to the existing players on the back of enhanced business models and innovative food menu. The new players are focusing towards digital channels to reach the consumers and primarily focused on brand building. Federal authorities are also tightening their regulatory landscape in order to ensure the quality of food and services provided by the restaurant operators.  

Based on geography, China dominated the Asia Pacific food service industry with the market share of 31.2% in 2016 owing to increase number of restaurants and western culture of cafeterias and lounges. Moreover, China is being the largest consumer market in 2017 and it is expected to maintain its dominance over the forecast period due to large population and consumer spending power. Leisure travel activities in China is growing significantly, resulting the expansion of the hospitality industry. Singapore is growing steadily with a market share of 23.1% owing to rise in personal disposal income and lifestyle changes. On the other hand, India is the most opportunistic market rising with a CAGR of 9.0% with the increase in food service applications such as Swiggy, Food Panda etc. Swiggy has expanded to nearly 5,000 restaurants with an estimated delivery time of 30 minutes. Indian food service market is growing 2.0% every year.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Food Service Market Report

• What is the total market size by 2024 and what would be the expected growth rate of market?
• What is the revenue of food service industry in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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