Foodservice Channel Market Report 2024

This Foodservice Channel market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The foodservice channel market size has grown exponentially in recent years. It will grow from $786.38 billion in 2023 to $962.1 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth during the historic period can be attributed to the increase in online ordering, the growing popularity of alcoholic beverages, the rise in ready-to-eat food products, the expansion of vegan products, and the increase in tourism.

The foodservice channel market size is expected to see exponential growth in the next few years. It will grow to $2.17 trillion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth during the forecast period can be attributed to the rising number of food courts, increased snacking and indulgence consumption, growing preference for fast food, higher disposable income, and greater demand for convenience foods. Key trends expected in this period include the development of autonomous delivery systems, the introduction of innovative food preparation methods, the integration of digital payment solutions, advancements in kitchen automation technology, and new technologies in tableware.

The growth in online food ordering is expected to drive the expansion of the foodservice channel market moving forward. Online food ordering refers to the digital process where consumers select and purchase meals via websites or mobile apps from restaurants or food delivery services. This method facilitates convenient, direct ordering and payment without the need to visit the establishment in person. The rise in online food ordering is attributed to increased consumer demand for convenience and efficiency, bolstered by widespread smartphone usage and improved internet access, as well as a preference for quick and easy meal solutions. The foodservice channel supports this trend by offering a diverse range of restaurant and delivery options accessible through digital platforms, which streamline the ordering process and enhance the consumer experience. For example, in March 2024, HotelTechreport, a US-based platform specializing in hotel technology, reported that the proportion of American consumers ordering food through meal delivery apps increased from 15% in 2021 to 25% in 2023. Thus, the rise in online food ordering is fueling the growth of the foodservice channel market.

Key players in the foodservice channel market are concentrating on developing innovative platforms, such as the food and beverage (F&B) solutions platform, to provide tailored solutions for efficient inventory management, menu planning, and supply chain optimization. The F&B Solutions platform is designed to cater to evolving consumer preferences and diverse customer needs. For instance, in January 2024, Ofi, a Singapore-based company specializing in sustainable food ingredients, introduced F&B Solutions. This platform aims to address the needs of global and regional customers across various sectors, including fast-moving consumer goods (FMCG), retail, and quick-service restaurants (QSR). The platform emphasizes co-creation and innovative product development, aligning with the needs of foodservice operators seeking to enhance their offerings and adapt to changing consumer trends.

In July 2024, Darden Restaurants, a US-based casual dining restaurant provider, acquired Chuy's Holdings Inc. for an undisclosed amount. This acquisition expands Darden Restaurants' portfolio by adding Chuy's Tex-Mex cuisine and vibrant dining experience to its collection of brands. Chuy's Holdings Inc. is a US-based company operating full-service restaurants.

Major companies operating in the foodservice channel market are McDonald's Corporation, Darden Restaurants Inc., Chipotle Mexican Grill Inc., Yum! Brands Inc., Restaurant Brands International Inc., Panera Bread Company, Domino's Pizza Inc., Bloomin' Brands Inc., Texas Roadhouse Inc., Brinker International Inc., Zaxby's Franchising Inc., Wendy's Company, BJ's Restaurants Inc., Shake Shack Inc., Cheesecake Factory Incorporated, First Watch Restaurant Group Inc., White Castle System Inc., Cava Group Inc., Noodles & Company, El Pollo Loco Holdings Inc., Sweetgreen Inc., Wingstop Inc., Fogo de Chão Inc., Dunkin' Brands Group Inc.

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

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

The food service channel is the network responsible for distributing and delivering food and beverage products to various establishments, playing a crucial role in maintaining the efficient supply and quality of these products within the food service industry. This channel is vital to the overall food industry by offering diverse dining options and convenience to consumers while also driving economic activity in the hospitality sector.

The main types of food service channels include accommodation, leisure, mobile operators, pubs, clubs, bars, restaurants, retail, travel, and workplace. Accommodation encompasses lodging establishments such as hotels, motels, resorts, and bed-and-breakfasts. The services offered can be categorized into commercial and non-commercial types, with systems including the conventional food service system, centralized food service system, ready-prepared food service system, and assembly-serve food service system.

The foodservice channel market research report is one of a series of new reports that provides foodservice channel market statistics, including foodservice channel industry global market size, regional shares, competitors with a foodservice channel market share, detailed foodservice channel market segments, market trends, and opportunities, and any further data you may need to thrive in the foodservice channel industry. This food service channel 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 foodservice channel market includes revenues earned by entities by full-service restaurants, cafes, and catering services. 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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