Global Foodservice Market to Reach Over USD3978.83 Billion By 2026
Change in consumer lifestyle coupled
with rise in online food delivery services to drive the global foodservice
market during the forecast period.
According to TechSci Research
report, “Global
Foodservice
Market By Type (Dining Services, QSR Quick Service Restaurants (QSR), Pubs,
Bars, Cafe and Lounges (PBCL), and Others), By Ownership (Independent Outlets
vs. Chained Outlets), By Region, Competition, Forecast & Opportunities,
2026”, the global foodservice market is projected
to grow from USD3093.96 billion in 2020 to USD3978.83 billion in 2026, growing
at a CAGR of 4.72%. The growth is expected as the companies are rearranging
their operations to recover the loss that occurred because of COVID-19, which
led to the tentative shutdown of commercial activities to maintain the social
distancing which resulted in operational challenges and a huge loss to the
foodservice industry. However, it is expected that the foodservice market will
recover from the loss across the forecast period as it is an unpredicted event,
and it could not be defined through the ongoing weakness in the foodservice
market or the global economy.
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To remain
competitive in the market, food service companies across the globe are entering
into strategic alliances and improving their product line and hence, developing
an edge over their competitors. In the year 2018, Starbucks Corporation formed
a global coffee alliance with Nestlé S.A. to accelerate and grow the global
reach of Starbucks brand in consumer packaged goods and foodservices. With a
shared commitment to ethical and sustainable sourcing of coffee, this strategic
alliance between Starbucks and Nestlé S.A. will transform, expand and elevate
both, at the home and away-from-home coffee and related categories around the
world.
Moreover, another
trend observed across the world is the decline in the volume of cash
transactions. Online transactions and card payments are rising due to
convenience for both consumers and foodservice companies. Due to digitization,
the person who takes orders in the restaurant can directly tap or swipe to add
items and then subsequently send orders to the kitchen in less time without
leaving the floor. All the food service companies across the globe are
accepting online transactions to provide a better customer experience by
offering discounts to retain customers. Thus, leading to the increasing demand
for food services across the globe.
Furthermore,
the launch of low-fat drinks, gluten-free products, on-the-go foodservice and
online platforms, as well as attractive packaging, are all contributing to the
market's development. Even the factors such as the increasing number of working
women, decline in the practice of preparing homemade food, increasing
disposable income, improving distribution channels, etc. are also catalyzing
the growth of the foodservice market.
Many
restaurants have recently begun introducing modern technology like tablets on
their tabletops to automate the process of ordering food. For example, Chili’s,
an American casual dining restaurant chain overhauled its in-store ordering
system by adding more than 45000 tablets across its 823 stores.
Technology-driven solutions and facilities are becoming more popular in bars
and nightclubs. Self-ordering touchscreen kiosks, smartphone applications for
personalized orders and fast payment, and digital entertainment such as gaming
are all being introduced by companies in the sector.
Asia-Pacific was the highest revenue generating region in the global
foodservice market in 2020. Furthermore, the region is estimated to remain the
most dominating region in the forecast period as well, owing to the factors
such as increased internet connectivity, modern and changing lifestyles and
preferences, increasing disposable income of middle income group, etc. The
growth of the region is attributed to the high population density, growing
industrialization and increasing food joints and restaurants in the region.
Furthermore, the countries in the region like India, Japan, South Korea,
Australia, etc. exhibit huge growth potential owing to the presence of large
urban agglomerations, which results in the increasing demand for foodservices.
Moreover, improving lifestyles and rising purchasing power and growing per
capita income in the region, due to growing working population are further
leading to the higher demand for foodservices in the region.
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The global foodservice market is
competitive with the presence and minimal market share of domestic companies in
countries such as China and India. Above all other aspects, the launching of a
new product has become the most critical strategy, due to the rapidly changing
nature, taste, and preferences of the consumers. Also, businesses have embraced
growth through mergers and acquisitions by multinational companies, which has
proven to be successful in making their presence stronger. Some of the leading
players in the market are Compass Group PLC, McDonald's Corporation,
Performance Food Group Company, Sodexo Group, Aramark Corporation, Restaurant
Brands International Inc., Yum! Brands, Inc., Inspire Brands, Inc., Domino's Pizza, Inc., and Starbucks Corporation.
Major foodservice companies are expanding their businesses to meet the rising
demand across North America, Europe, Asia-Pacific, Middle East & Africa,
and South America.
“The global foodservice market is
anticipated to grow over 4.72% CAGR during the next five years due to growing
consumer base and increasing disposable income. Moreover, technological
up-gradation and growing demand for ready-to-eat foods are further anticipated
to positively influence the growth of the market through 2026,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Global
Foodservice Market By Type (Dining Services, QSR Quick Service Restaurants
(QSR), Pubs, Bars, Cafe and Lounges (PBCL), and Others), By Ownership
(Independent Outlets vs. Chained Outlets), By Region, Competition, Forecast
& Opportunities, 2026” has
evaluated the future growth potential of the global foodservice market and
provides statistics and information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global foodservice market.
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