Global Food Service Market to Gain Growth Momentum and Generate Revenue of $4,676.91 billion by 2028 | The Market is Ripe for Consolidation
Global food service market was valued at USD 2,325 billion in 2021, and it is expected to reach a value of USD 4,676.91 billion by 2028, at a CAGR of more than 10.5% over the forecast period (2022-2028).
Westford, USA, Dec. 16, 2022 (GLOBE NEWSWIRE) — The restaurant industry is evolving. Consumer tastes are changing, and new technologies are emerging that are transforming the way restaurants operate. In order to stay ahead of the curve, restaurant operators need to understand these changes and how they will impact their businesses. SkyQuest has released a new report that analyses the food service market and provides insights into the latest trends. The report, “Foodservice in 2028: Trends and Implications for Operators,” examines five key areas that will shape the future of the market:
- Economic environment
- Consumer demographics and preferences
- Technology
- The competitive landscape
- Industry Consolidation
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The food service market report highlights several megatrends that are already having an impact on the food service industry and notes that these trends will only become more pronounced in the years to come. Some of these megatrends include:
- Continued rise of digital ordering and delivery platforms such as UberEats and GrubHub
- Growth of “ghost kitchens” which are food preparation facilities that are used exclusively for delivery orders
- Shift towards healthier eating habits, with consumers becoming more interested in plant-based proteins, organic ingredients, and locally sourced food
- Increase in competition from non-traditional players such as supermarkets and convenience stores who are expanding their foodservice offerings
However, certain segments within the food service market are still growing at a healthy clip. For example, the quick-service restaurant segment is expected to grow by 10.3% annually throughout forecast period, while full-service restaurants are projected to grow by 7.3% during the same timeframe. SkyQuest attributes this slowdown in growth to a few factors, including increased competition from other segments such as convenience stores and grocery stores, which are offering more prepared meals; health and wellness concerns, which have led consumers to seek out healthier dining options; and limited disposable income, as consumers have been hit with higher taxes and healthcare costs.
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Food Service Market is Ripe For Consolidation
SkyQuest’s analysis of food service market suggests that the sector is ripe for consolidation. In particular, the industry is highly fragmented, with the top 50 companies accounting for only 30% of sales. This fragmentation, combined with rising consumer demand for convenience and healthy eating options, provides an opportunity for larger companies to consolidate the market through mergers and acquisitions. The report also highlights some of the challenges faced by the food service market, such as labor cost pressures, rising commodity prices, and health concerns. Despite these challenges, SkyQuest remains optimistic about the industry’s long-term prospects and sees consolidation as a key driver of growth in the years ahead.
The quick-service restaurant (QSR) segment continues to be the largest and fastest-growing part of the food service market, accounting for more than half of the market’s value and growing at a rate of 10.3% in 2022. In addition, competition in the QSR segment is intensifying, with new players entering the market and established brands expanding their footprints. This is putting pressure on margins, which are expected to decline slightly by 2028. On the other hand, full-service restaurants (FSRs) are projected to grow at a slower pace than QSRs over the next few years, but they still represent a significant opportunity for expansion, especially in emerging markets.
Looking at specific regions, the report finds that Europe and North America are currently the largest food service market, accounting for 36% and 30% of global sales respectively. However, SkyQuest predicts that Asia Pacific will become the most important region for the market over the next few years, with sales in the region expected to grow at a rate of 9.8% per year between now and 2028.
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India Food Service Market to Generate Over $81 Billion by 2028
The Indian food service market is expected to generate over $81 billion by 2028. The growth of the market is driven by the increasing number of working population, rising disposable incomes, and changing lifestyle patterns. The market in India can be classified into three segments: full-service restaurants, quick-service restaurants, and street vendors. Full-service restaurants are further sub-segmented into casual dining restaurants and fine dining restaurants. Quick-service restaurants include fast food outlets, cafeterias, and pizza delivery/takeaway. Street vendors consist of stalls and carts selling various items such as snacks, drinks, ice cream, fruits, and vegetables.
The majority of the growth in the Indian food service market will come from the quick-service restaurant segment which is expected to grow at a CAGR of 11% during the forecast period. The street vendor segment is expected to expand at a CAGR of 10%. The number of eating out occasions is also rising, as more people are working longer hours and have less time to cook at home.
Overall, the organized food service sector is expected to grow at a CAGR of 12%, while the unorganized sector is projected to grow at a CAGR of 10% during the forecast period. The growth in the organized sector can be attributed to the expansion of major players in the food service market, who are investing in new outlets and upgrading their existing restaurants. The unorganized sector comprises small roadside cafes and eateries, which are popular among budget-conscious consumers.
The key players in the Indian market include Aditya Birla Group, Jubilant Foodworks Limited, McDonald’s India Pvt. Ltd., Sagar Ratna Restaurants Pvt. Ltd., Specialty Restaurants Ltd., Yum! Brands India Pvt. Ltd., and others.
Top Players in the Global Food Service Market
- McDonald’s (Illinois, United States)
- Starbucks (Washington, U.S.)
- Marriott International (Maryland, U.S.)
- Subway (Connecticut, U.S.)
- Hyatt Hotels Corporation (Illinois, U.S.)
- Hilton Worldwide (Virginia, U.S.)
- KFC (Kentucky, U.S.)
- Burger King (Florida, U.S.)
- Pizza Hut (Texas, U.S.)
- Domino’s (Michigan, U.S.)
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