The global cafeteria market is
anticipated to register growth at an impressive CAGR in the forecast period,
2023-2027. The market growth can be attributed to the rising number of quick-service
restaurants and increasing demand for fast food and ready-to-eat products. Owing
to rapid urbanization coupled with the western influence, consumers are
increasingly shifting towards fast food. Moreover, the growing working
population across the globe prefers readily available food items, which is supporting
the market growth. In addition, the rising disposable income of the consumers
has resulted in growing spending on foods of different cuisines and flavors.
Furthermore, social media is influencing consumers to explore new cafeterias
that seem aesthetically appealing and have good food reviews. In coming years,
more such influence is expected to aid the growth of the global cafeteria
market.
Growing Trend of Ordering Food Online
Fuels the Market Growth
With the rising penetration of online
food delivery platforms, and availability of reliable electronic payment
systems, consumers are increasingly opting for online food delivery services.
The online food delivery platforms offer a wide range of menus of various cuisines,
provides several discount and cashback offers, and allows the tracking of food
order, which seems lucrative for customers to order food from different
cafeterias. During the COVID-19 outbreak, the cafeteria market in the online
delivery segment witnessed a robust growth, primarily because online delivery
allowed consumers to access prepared meals and enabled business owners to
continue operating their business in the tough times. Moreover, in the era of
digitalization, consumers are shifting from conventional ordering methods to
online methods of ordering food. With the increasing adoption of this trend,
the global cafeteria market is anticipated to grow a rapid pace.
Increased Spending on Outside Food to
Boost Market Growth
The rise of dual income household due to
increasing working women population across the globe is acting as one of the
major factors for consumers to spend more food from outside. Moreover, people
who migrate from one city to other for job purposes depend significantly on
eating outlets for at least one meal of the day. Additionally, with the growing
presence of local food outlets and cafes, the millennial population is
gradually shifting towards the quick food serving cafeterias from the
conventional family restaurants. Besides, increasing younger population who are
more enticed to such food joints and increasing tourism are some of the factors
augmenting the global cafeteria market growth.