The global food service market was valued at USD 2,395.06 billion in 2021, and it is expected to reach USD 5,423.65 billion by 2030 and grow at a CAGR of 10.83% over the forecast period.
Preparing, serving, and distributing food and beverages to customers is known as “food service,” a broad term. It encompasses a wide range of companies and venues where clients can obtain food, whether they eat there, take it with them, or have it delivered. Menu planning, food preparation, cooking, presentation, customer service, and food safety and hygiene laws are just a few aspects of food service.
Takeaway, delivery, and smartphone orders were among the convenient meal options that customers were increasingly seeking. The business was changing due to the increased usage of meal delivery services and online ordering platforms. As people’s understanding of health and well-being has grown, so has their desire for healthier menu options such as plant-based and organic meals.
To accommodate these tastes, restaurants and food service companies have made adjustments. In order to enhance customer experiences and streamline operations, the restaurant service industry used technology. It covers using point-of-sale systems, self-service kiosks, and mobile ordering apps. More specialty restaurants and fusion food ideas have appeared as a result of the popularity of various ethnic and different cuisines continuing to rise.
Consumers were growing more aware of sustainability and environmental challenges. As a result, there was a rise in demand for environmentally friendly packaging, more sustainably sourced food, and less food waste.
Health and safety precautions were a big deal in the food service sector in light of the COVID-19 epidemic. To reassure clients, several businesses set stringent cleanliness and hygiene standards. The rise of the food service sector was influenced by economic factors such as consumer confidence, employment rates, and disposable income levels.
Taking advantage of the rising demand for international cuisine and global consumer trends, several restaurant chains were expanding into other countries. Virtual restaurants and cloud kitchens, which mostly catered to delivery and takeaway, were growing in popularity.
The food service industry underwent tremendous upheaval throughout the Industrial Revolution. Numerous restaurants and cafés catering to people with diverse interests and budgets proliferated due to urbanization and the rise of the working class. Meal carriages on trains were popular in the 19th century and provided customers with a distinctive meal experience while traveling. Chain restaurants like Howard Johnson’s and White Castle, which standardized menu items and service quality, first appeared in the late 19th and early 20th centuries.
Both World Wars I and II significantly impacted the food service industry. Innovations in mass food manufacturing and distribution emerged swiftly as a result of the military’s requirement to feed a large number of soldiers. This experience encouraged the creation of fast-food franchises like McDonald’s and Burger King after World War II.
Fusion cuisine and a larger range of eating alternatives have resulted from blending cuisines from other cultures due to increasing travel and globalization. The restaurant service sector has changed as a result of the internet and cell phones. Modern restaurants frequently offer computerized menus, applications for meal delivery, and online ordering. There is an emphasis on obtaining locally farmed and sustainable products, and many restaurants now offer healthier menu selections.
One of the important reasons driving the market’s expansion is the rise in regulatory standards for food safety across the world’s food service sector. Public health concerns are being raised, and high-profile fraud scandals and food safety problems are eroding industry trust. Because of this, governments throughout the world are enacting increasingly stringent and intricate laws for quality standards, oversight, and penalties.
In 2021, the market share for the global food service industry was dominated by the Asia Pacific region. As a result of its enormous scale, the food service sector in the Asia Pacific region is crucial to the possibilities for the area’s economic development. The Asia Pacific region’s market is expanding as a result of several important causes, including an expanding population, the embrace of Western culture, and fast urbanization.
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