Food and Beverage Services Market Report 2025

The food and beverage services market size has grown strongly in recent years. It will grow from $3.98 trillion in 2024 to $4.22 trillion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to changing consumer preferences, economic trends, urbanization and lifestyle changes, globalization of food culture, regulatory changes.

The food and beverage services market size is expected to see strong growth in the next few years. It will grow to $5.29 trillion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to sustainability practices, virtual and ghost kitchens, culinary innovation and fusion, health-conscious dining, cultural and local influences. Major trends in the forecast period include digitalization and contactless services, technology integration, digital ordering and delivery, rise of ghost kitchens, technology integration in restaurants, personalization and customization.

The food and beverage services market is poised to benefit from the increasing digitalization of food services. Online ordering platforms, mobile applications, and digital payment systems simplify the ordering process, minimize wait times, and enhance customer experiences. Additionally, digital tools facilitate personalized marketing, fostering customer engagement and loyalty. More consumers are choosing to order food online for home delivery. For example, in July 2024, The Bank of America Corporation, a US-based investment bank, projected that the quick-serve restaurant sector would reach $316 billion in 2024, marking a 7.1% increase from 2023. This trend is expected to persist during the forecast period, driving growth in the food and beverage services market.

The rising popularity of plant-based foods is anticipated to drive the growth of the food and beverage services market in the future. Plant-based foods are those primarily or entirely sourced from plants, including vegetables, fruits, grains, nuts, seeds, and legumes. Food and beverage services play a crucial role in promoting, preparing, and distributing plant-based foods. For instance, according to Plantbasedfoods.org, a nonprofit organization dedicated to promoting plant-based foods, dollar sales of plant-based foods in the US grew by 6.6% to reach $8 billion in 2022. Therefore, the increasing popularity of plant-based foods is contributing to the growth of the food and beverage services market.

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 include McDonald's Corporation, Starbucks Corporation, The Coca-Cola Company, PepsiCo Inc., Yum! Brands Inc., Subway IP LLC, Domino's Pizza Inc., Restaurant Brands International Inc., Chipotle Mexican Grill Inc., Dunkin' Brands Group Inc., Inspire Brands Inc., Jollibee Foods Corporation, Papa John's International Inc., Chick-fil-A Inc., The Wendy's Company, Aramark Corporation, Sodexo S.A., Darden Restaurants Inc., Compass Group PLC, Panera Bread Company, Brinker International Inc., Bloomin' Brands Inc., Wingstop Inc., Shake Shack Inc., Krispy Kreme Inc., Little Caesars Enterprises Inc., Buffalo Wild Wings Inc., The Cheesecake Factory Incorporated, Marriott International Inc., Hilton Worldwide Holdings Inc.

Asia-Pacific was the largest region in the food and beverage services market in 2024. 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.

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.

Food and beverage service involves preparing, presenting, and serving meals and drinks to consumers, offering diverse forms and cuisines.

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 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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