Foodservice is a kind of catering service or food offering made outside the domestic structure, open to the public. There are a number of companies in this business offering exceptional services in the sector. However, it is also called the catering industry or business offerings facilitating packaged food services or real-time food services. Also, this sector includes different kinds of restaurants like special foods service restaurants, limited-service restaurants, full-service restaurants, quick-service restaurants, and others. The global foodservice market is expected to reach a CAGR of 3.1% by 2028.
The growing number of commercial spaces like restaurants and cafes as a place to spend time and socialize with people along with food consumption is steering the growth of the global foodservice market. The growing working-class population, particularly the millennials, is inducing the habit of outings and altering food consumption, which in turn is also likely to complement the growth of the market. The exclusion of home cooking as a household activity and adoption of a fast-paced modern lifestyle is further augmenting the demand for ready to eat food products that are non-traditional and are a combination of different ingredients with exceptional taste, are likely to support the growth of the market globally. The growing inclusion of new dishes in the menu along with the emerging trend of home delivery service will positively trace the trajectory of the global market.
The global foodservice market can be segmented into system, sector, and region.
By system, the market can be segmented into assembly serve, ready-prepared, centralized, and conventional systems.
By sector, the market can be segmented into the non-commercial and commercial sectors.
North America accounts for the largest share in the global foodservice market due to the growing number of restaurants along with the presence of a huge customer base in the region.
However, Asia Pacific is likely to emerge as a significant region in the global market due to the growing amalgamation of different cuisines and cultures along with the increasing adoption of western culture in the region. In addition, rapid urbanization, growing disposable income of the people, and growing women working population are also likely to promulgate the growth of the regional market over the forecast period.
Some of the significant players in the global foodservice market are Herfy, Pizza Hut, Burger King, Al-Beck, Domino’s Pizza, dr. CAFE COFFEE, The Organic Café, Taza, Shawaya House, KFC, Kudo, McDonald’s, and Dajen. To cite, Burger King in 2020 started selling the Rebel Whopper in the UK. It is a meat-free version of its flagship burger after its rebranding as plant-based whopper.