Food Services and Drinking Places Market Report 2024

This Food Services And Drinking Places 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 food services and drinking places market size has grown rapidly in recent years. It will grow from $2.44 trillion in 2023 to $2.68 trillion in 2024 at a compound annual growth rate (CAGR) of 10%. The growth during the historic period can be attributed to increasing disposable income, evolving consumer lifestyles, a rise in tourism, expanding diversity in cuisine preferences, and the widespread establishment of food service chains.

The food services and drinking places market size is expected to see rapid growth in the next few years. It will grow to $3.97 trillion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth during the forecast period can be attributed to heightened health consciousness, the increasing popularity of plant-based diets, technological advancements in ordering and delivery, a growing demand for unique dining experiences, and a focus on sustainability. Key trends include the adoption of contactless payment systems, the integration of AI in customer service, the expansion of food delivery platforms, a strong emphasis on zero-waste practices, and an increase in alcohol-free beverage options.

The growing number of food courts and malls is anticipated to drive the growth of the food services and drinking places market in the future. Food courts and food malls are designated areas within shopping centers or complexes that host a variety of food and beverage vendors, providing a communal dining space for visitors. This increase is driven by rising consumer demand for diverse dining options and the convenience of having multiple meal choices in one location. Food services and drinking places cater to these needs by offering a range of dining and beverage options in a centralized setting, improving convenience and variety for customers. For example, in March 2023, SingStat, a Singapore-based government organization, reported year-on-year sales growth across all food and beverage service industries. Food caterers saw the highest growth at 80.1%, restaurants grew by 16.4%, and sales for cafes, food courts, other eating places, and fast-food outlets increased by 13.2% and 11.1%, respectively. On a seasonally adjusted month-over-month basis, restaurant sales rose by 5.7% and food caterers by 2.5%. Thus, the increasing number of food courts and malls is fueling the growth of the food services and drinking places market.

Major companies in the food services and drinking places market are focusing on innovative solutions, such as one-stop-shop restaurant service hubs, to streamline operations, enhance customer experiences, and support the integration of various services. A one-stop-shop restaurant service hub provides a comprehensive range of services and amenities for the restaurant industry, helping restaurant owners, managers, and staff operate efficiently by offering supplies, equipment, and professional support. For instance, in July 2024, Zomato, an India-based food delivery and restaurant discovery company, launched a one-stop-shop service hub for quick service restaurants (QSRs) in India. This hub aims to streamline restaurant operations by connecting them with suitable vendors and assisting with Food Safety and Standards Authority of India (FSSAI) registration, goods and services tax (GST) registration, and trademark registration. Future services will include point-of-sale (POS) integrations and hygiene audits to support restaurants throughout their business journey.

In April 2024, Compass Group plc, a UK-based food service company, acquired CH&Co for £475 million ($607 million). This acquisition is intended to expand Compass Group’s presence in the food services sector, enhance its service offerings, diversify its portfolio, and strengthen its market position by leveraging CH&Co's expertise in catering and food services. CH&Co Catering Group Limited is a UK-based company operating in the food services and drinking places sector.

Major companies operating in the food services and drinking places market are Sysco Corporation, Performance Food Group, US Foods Holding Corp., Starbucks Corporation, Compass Group plc, Sodexo Group, McDonald's Corporation, Subway IP LLC, Gordon Food Service, Chipotle Mexican Grill Inc., Elior Group SA, Ben E. Keith Company, Shamrock Foods Company, Delaware North, Chefs' Warehouse, Reinhart Foodservice LLC, Metz Culinary Management Inc., AVI Foodsystems Inc., Thompson Hospitality Corporation, Guckenheimer (ISS), Valley Services Inc., Creative Dining Services, Guest Services Inc., Bon Appétit Management Company, Centerplate Inc., Unidine Corporation, Brock & Company Inc.

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

The countries covered in the food services and drinking places market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Food services and drinking places are establishments that prepare and serve meals and beverages for consumption. This sector includes various businesses that differ in service style, menu offerings, and overall customer experience. These establishments offer dining and drinking experiences in settings such as restaurants, cafes, bars, and catering services.

The primary types of food services and drinking places are restaurants and mobile food services, bars and cafes, catering services, and food contractors. Restaurants and mobile food services involve businesses that provide food either at a fixed location or through a mobile setup. They serve customers by offering a wide range of dining and beverage options. Pricing can vary from high-end to economy, and services are available both online and offline. Ownership may be either chain-based or standalone.

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

The food services and drinking places market includes revenues earned by entities by providing services such as fast-food services, food delivery and takeout, food trucks, and event planning and management. 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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