Food Service Market Demand, Business SWOT Analysis, Segmentation and Forecast 2023-2028

IMARC Group has recently released a new research study titled "Food Service Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028", the global food service market size reached US$ 2,880.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,787.4 Billion by 2028, exhibiting a growth rate (CAGR) of 3.8% during 2023-2028.

Food Service Market Outlook:

Food service represents the catering facilities provided by the food and beverage (F&B) enterprises, wherein meals are prepared out of the home for delivery, dining, and takeaways. They are extensively categorized into commercial and institutional types. The commercial ones are various fine-dining establishments, such as bars, nightclubs, fast-food restaurants, and hotels. In contrast, institutional ones are identified as entities that provide meals at universities, healthcare, and military camps. Food service assists in delivering quality cuisines through supply channels, offering convenience, saving time, providing an enhanced customer experience, and generating profitable revenue. As a result, these outlets find widespread applications in fast-food, limited services, special meals, and full-service restaurants. 

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Food Service Market Trends:

The escalating demand for customized and innovative menu options designed according to the taste, budget, and diet preferences of consumers is among the primary factors driving the food service market. Besides this, the establishment of several commercial spaces, including cafes, restaurants, and quick-service restaurants (QSRs), is further augmenting the market growth.

Moreover, the shifting inclination of the millennials toward the ready-to-eat (RTE), hassle-free, nutritious, hygienic, and on-the-go foods and beverages, on account of the hectic work schedules and the rising availability of healthier fast-food alternatives, are also catalyzing the global market.

Apart from this, the growing popularity of e-commerce and online shopping outlets for ordering meals and drinks is acting as another significant growth-inducing factor. Furthermore, the increasing disposable incomes of individuals, the expanding distribution channels, and the introduction of low-fat beverages, gluten-free products, etc., are anticipated to propel the food service market over the forecasted period. 

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Food Service Market Report Segmentation:

The report has categorized the market based on sector, systems and types of restaurants.

Breakup by Sector:

• Commercial
• Non-commercial

Breakup by Systems:

• Conventional Foodservice System
• Centralized Foodservice System
• Ready Prepared Foodservice System
• Assembly-Serve Foodservice System

Breakup by Types of Restaurants:

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

Geographical Analysis: 

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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