Global Food Service Industry trends Analysis, Market Overview, Size, Research and Forecast 2016-2024

Global Food Service Market

Market Overview

Rapid expansion of travel business is contributing in strengthening of the food service market across the globe. Vendors are now more focused towards operating food and beverages outlets across railways and airports. This is giving an edge to the food service business players to gain the contracts and maintain their strong dominance in the market. However, increasing minimum wage rates are becoming a major obstruction for the expansion for the food service industry.

In 2017, as per Bureau of Labor Statistics, over 66% of the workers who are getting minimum wage or less are employed in food & beverage industry, mainly for service jobs. The chances of closing restaurants are increased by approximately 14% if there is a hike of USD 1 in their minimum wage. Although, increment in minimum wage is expected to turn out in a positive manner for the employees, but it will also increase the pressure on the food service industry to provide efficient and innovative services to the consumers.

Market Segmentation

Global Food Service Market is segmented on the following basis:

Based on System Type

• Conventional Food Service System
• Centralized Food Service System
• Ready Prepared Food Service System
• Assembly Food Service System

Based on Types of Restaurants

• Fast Food Restaurants
• Full Service Restaurants
• Limited Service Restaurants
• Special Food Services Restaurants

Based on Geography

• North America (U.S. & Canada) {Market Size (USD Trillion), Growth Analysis (%) and Market Share (%)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) {Market Size (USD Trillion), Growth Analysis (%) and Market Share (%)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Trillion), Growth Analysis (%) and Market Share (%)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Trillion), Growth Analysis (%) and Market Share (%)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Trillion), Growth Analysis (%) and Market Share (%)}
• Rest of World {Market Size (USD Trillion), Growth Analysis (%) and Market Share (%)}

Market Size and Forecast (2016-2024)

According to Goldstein Research, global food service market is projected to grow at the CAGR of 4.1% during the forecast period. Global food service market valued USD 3.20 trillion in 2016. With the rising concerns of consumers over total number of calorie intake, demand for healthy meals and fresh quality food is also increasing. This is propelling the growth of food service market across the globe.

Food services market is expected to witness steady growth in North America region during the forecast period. Saturation and stagnation in the food business in matured market such as the U.S. is creating stable growth of North America food service market.

However, Asia-Pacific region is likely to dominate the global food service market over the forecast period. Rising economic development in emerging markets with increasing number of food outlets in the region are contributing in the growth of Asia-Pacific food service market. Asia-Pacific food service market valued USD 1.1 trillion in 2016 and is expected to witness robust growth during the forecast period.

Market Drivers and Challenges

Changing food habits and preferences of consumers are pressurizing the market to innovate and customize their food menus as per the demand for consumers. Different priorities such as fresh and natural food with high nutrient content, adventurous meals with authentic and sophisticated services from users are creating market competitiveness for providing high value oriented food services to the consumers and thereby are expected to contribute in the expansion of food service business across the globe. Moreover, online food services and home delivery system provides the convenience to the users and thus increasing the business for market players. Rising number of independent restaurants and food outlets are also expanding the food service market. In 2016, in food service industry, over USD 200 trillion sales were contributed by independent restaurants. However, increase in number of independent restaurants is also becoming a threat for existing market players and leading food chains.

Key Market Players

• Aramark Corporation
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis
• 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
• U.S. Foods

Scope Background

Market Synopsis

Market Segmentation

The Global Food Service Market is segmented as follows:

• By Food Service System Type (Market Size, Demand Analysis and Growth Analysis)
• By Restaurant Type (Market Size, Demand Analysis and Growth Analysis)

By Region

· North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}

• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors

• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks