Food Away From Home Market Report 2024

The food away from home market size has grown steadily in recent years. It will grow from $4.43 trillion in 2023 to $4.63 trillion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed in the historical period can be attributed to several factors, including the expansion of the fast food industry, cultural transformations, increased participation of women in the workforce, urbanization, and demographic shifts.

The food away from home market size is expected to see steady growth in the next few years. It will grow to $5.56 trillion in 2028 at a compound annual growth rate (CAGR) of 4.7%. Anticipated growth in the forecast period is driven by factors such as regulatory developments, economic conditions, culinary innovation, the proliferation of online food delivery services, and busy work schedules. Key trends expected in this period include the adoption of contactless and digital ordering systems, the emergence of ghost kitchens and virtual brands, a focus on sustainability and eco-friendly practices, increased integration of technology in food services, and the rise of plant-based and alternative protein options.

The food-away-from-home market is set to grow significantly, driven by the expanding presence of fast-food restaurants. These establishments, known for their quick service and pre-cooked meals, cater to consumers seeking convenient dining options amidst busy schedules and changing taste preferences. The rise in fast-food outlets reflects a demand for affordable dining experiences, with value meals and promotions appealing to cost-conscious individuals. For instance, in 2023, the UK fast food industry saw substantial growth, reaching £22.04 billion, up from £20.61 billion in 2022, with 45% of UK consumers opting to eat at fast-food restaurants.

Leading companies in the food-away-from-home market are prioritizing technological advancements, such as adopting an "AI-first" strategy, to boost operational efficiency and empower their workforce across fast-food chains. This strategy involves integrating artificial intelligence comprehensively into operations to streamline processes, reduce costs, and improve customer interactions. For example, Yum! Brands introduced the SuperApp platform in April 2024, tailored for restaurant managers at Pizza Hut and KFC locations. This AI-powered smartphone app allows staff to seek operational guidance via a generative AI chatbot, eliminating the need for traditional training manuals. Additionally, employees can manage schedules and order supplies through the app, enhancing overall restaurant management.

In May 2024, Restaurant Brands International Inc., based in Canada, acquired Carrols Restaurant Group, Inc. for $1 billion, expanding its market presence in the fast-food hamburger and chicken sectors in the United States. This acquisition aims to strengthen RBI's brand portfolio and franchise relationships through planned refurbishments and refranchising efforts. Carrols Restaurant Group Inc., known for operating over 1,000 Burger King and Popeyes locations, significantly enhances RBI's position in the competitive food-away-from-home market.

Major companies operating in the food away from home market are Starbucks Corporation, Compass Group PLC, Sodexo, McDonald's, Aramark, Subway IP LLC, Darden Concepts Inc., Chipotle Mexican Grill, Yum Brands, Restaurant Brands International Inc., Zensho Holdings Co. Ltd., Whataburger, Domino's Pizza, Panda Restaurant Group Inc., Brinker International Inc., Greene King, SATS Ltd., Burger King Company LLC, Papa John's International Inc., Shake Shack, Jubilant FoodWorks.

North America was the largest region in the food away from home market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food away from home market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the food away from home market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Food away from home encompasses meals prepared and consumed outside one's residence, typically in restaurants, cafes, or similar dining establishments. The primary goals of dining out include convenience, social interaction, and enjoyment, allowing individuals to explore new cuisines, socialize with others, and savor professionally prepared meals without the need to cook themselves.

The main categories of food away from home occasions include entertainment, travel, retail, and freestanding. Entertainment involves dining experiences associated with leisure activities such as movies, concerts, or sporting events. Ownership types range from independent establishments to chain restaurants, offering various service models including dine-in, take-away, and home delivery. These venues serve a wide range of sectors including restaurants, educational institutions, hotels, retail outlets, and vending services.

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

The food away from home market includes revenues earned by entities by providing services such as meal preparation, dining experience, menu variety, and buffet service. 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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