Global Food Service Market | Insights, Drivers & Future Growth
What is the projected growth rate (CAGR) of the Food Service Market from 2024 to 2031, and what is the market value expected to change by 2031?
Global Food Service Market reached US$ 2116.92 billion in 2023 and is expected to reach US$ 4513.21 billion by 2031, growing with a CAGR of 9.82% during the forecast period 2024-2031.
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What is Food Service Market ?
Food service refers to the preparation, delivery, and serving of food and beverages outside the home through channels such as restaurants, cafés, catering services, hotels, quick-service outlets, and institutional cafeterias. It encompasses a wide range of operations focused on convenience, quality, and customer experience.
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Conclusion
Driven by urbanization, changing lifestyles, and the rise of online delivery platforms, the food service market is undergoing rapid transformation. With growing emphasis on digitalization, sustainability, and healthier menu offerings, the sector continues to expand as a vital component of the global hospitality and consumer economy.
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Top Key Companies:
Compass Group India, Sodexo, US FOODS, INC., Saval Foodservice, Shamrock Foods, Food Services, Inc., Gordon Food Service, A & A Food Service, and Creed Foodservice.
Market Segments:
By Type of Service: Quick Service Restaurants, Full-Service Restaurants, Cafés and Bars, Others
By Sector: Commercial, Non-commercial
By Type of Establishment: Independent Outlets, Chain Restaurants, Franchises
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