Food and Beverage Services Global Market Report 2024

The food and beverage services market size has grown strongly in recent years. It will grow from $3715.91 billion in 2023 to $3903.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth observed in the historical period can be attributed to several factors, including changing consumer preferences, economic trends, urbanization, shifts in lifestyle, the globalization of food culture, and changes in regulations governing the food and beverage industry.

The food and beverage services market size is expected to see strong growth in the next few years. It will grow to $4880.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. Forecasted growth is driven by sustainability, virtual/ghost kitchens, culinary innovation, health-conscious dining, and cultural influences. Major trends include digitalization, contactless services, technology integration, digital ordering/delivery, ghost kitchens' rise, restaurant tech advancements, and personalized services.

The food and beverage services market is poised to benefit from the increasing digitalization of food services, with consumers showing a growing preference for ordering food online for home delivery. Notably, KPMG reports that in the UK, the average annual expenditure per person on food takeaways reached $721 in 2021. Nottingham, in particular, claimed the distinction of being the UK's takeaway hub, with an average individual expenditure of £1,097 in 2021. Key players in the food delivery services sector, including Deliveroo, Just Eat, and Uber Eats, have been pivotal in facilitating this trend. The rise in digital food ordering is expected to persist in the forecast period, continuing to drive the food and beverage services market.

The increasing popularity of plant-based foods is anticipated to contribute significantly to the growth of the food and beverage services market. Plant-based foods, derived primarily or entirely from plant sources such as vegetables, fruits, grains, nuts, seeds, and legumes, have gained substantial traction. Food and beverage services play a crucial role in promoting, preparing, and distributing plant-based food offerings. According to the Plant Based Foods Association, a US-based agency, retail sales of plant-based foods experienced a notable 6.2% growth in 2021, setting a record year for expansion and bringing the total market value for plant-based foods to an all-time high of $7.4 billion. This surge in the popularity of plant-based foods is identified as a driving force behind the growth of the food and beverage services market.

The outbreak of the COVID-19 disease significantly restrained the food and beverage services market in 2020, as global governments imposed restrictions on domestic and international travel, leading to diminished demand for services provided by these establishments. The infectious nature of COVID-19, characterized by flu-such as symptoms such as fever, cough, and difficulty breathing, originated in Wuhan, Hubei province, China, in 2019, and has since spread globally, impacting regions including Western Europe, North America, and Asia. National governments implemented measures to contain transmission, resulting in a substantial decline in economic activity and the enforcement of lockdowns. The repercussions of the outbreak negatively affected businesses throughout 2020 and into 2021. However, there is an expectation that the food and beverage services market will rebound from this shock over the forecast period, considering it a "black swan" event unrelated to persistent or fundamental weaknesses in the market or the global economy.

Establishments in the food and beverage services industry are adopting modernizing technologies to enhance customer satisfaction and boost restaurant sales. This involves the implementation of self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payments, as well as digital entertainment options such as gaming. As an illustrative example, in April 2023, PepsiCo, a US-based food company, launched the Greenhouse Accelerator Program. This program is designed to support emerging Hispanic-owned small businesses in the food and beverage sector. It identifies and uplifts such startups by offering mentorship, funding, and other resources to aid in their growth and success in the industry. The program selects ten finalists to participate in a six-month business mentoring initiative, providing each with a $20,000 grant to expedite their business development. This initiative exemplifies the industry's commitment to embracing innovation and fostering the growth of emerging businesses in the evolving landscape.

Prominent companies in the food and beverage services market are increasingly emphasizing the implementation of personalized order experiences as a strategic move to solidify their positions in the market. Personalized order experiences involve tailoring the process through which customers place orders for products or services to align with their individual preferences and needs. As an example of this trend, in September 2022, Iris Software Inc., a US-based software company, introduced its F&B Order and Pay solution. This solution comprises a series of configurable modules designed to enhance the digital experience for both restaurant guests and staff. The platform incorporates various features that empower guests to efficiently order and pay for food and beverages, streamlining the process and making it more convenient for staff. With this platform, guests can easily browse, select items, place orders, and complete payments, contributing to a more personalized and efficient dining experience.

Major companies operating in the food and beverage services market report are JELD-WEN Inc., Georgia-Pacific LLC, Builders FirstSource Inc., LIXIL Group, Stora Enso Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., UFP Industries Inc., Universal Forest Products lnc., Boise Cascade Company, Celulosa Arauco y Constitución Company, Louisiana-Pacific Corporation, Resolute Forest Products Inc., UPM-Kymmene Corporation, Interfor Corporation, NCI Building Systems Inc., Metsä Group, Rayonier Advanced Materials lnc., Cavco Industries Inc., Norbord Inc., Western Forest Products Inc., Canfor Corporation, PotlatchDeltic Corporation, Cefla s.c., Nature Home Holding Company Limited, Sappi Limited, Roseburg Forest Products Co., Masonite International Corporation, Barberán S.A., Tolko Industries Ltd., Hampton Affiliates lnc., Conifex Timber Inc., Stella-Jones Inc., CanWel Building Materials Group Ltd.

Asia-Pacific was the largest region in the food and beverage services market in 2023. North America was the second largest region in the food and beverage services market. The regions covered in the food and beverage services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the food and beverage services market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

Primary types of food and beverage services include restaurants, mobile food services, bars, cafes, catering services, and food contractors. Catering services encompass providing food service at various locations, such as hotels, hospitals, pubs, airlines, cruise ships, parks, filming studios, entertainment venues, or event locations. These services are owned by chain markets and standalone establishments, offering a range of pricing from high-end to low-end. Delivery of these services is facilitated through both online and offline channels.

The food and beverage services market research report is one of a series of new reports that provides food and beverage services market statistics, including food and beverage services industry global market size, regional shares, competitors with a food and beverage services market share, detailed food and beverage services market segments, market trends and opportunities, and any further data you may need to thrive in the food and beverage services industry. This food and beverage services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The food and beverage services market includes revenues earned by entities by providing meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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