The global food service market revenue was valued at USD 3,486.58 billion in 2024 and is anticipated to increase from USD 4,027.61 billion in 2025 to USD 6,810.86 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.79% over the forecast period. The U.S. food service market is expected to grow substantially, and it is projected to reach USD 1,767.54 billion by 2030. Additionally, the market size in the U.S. is forecasted to hit USD 1.71 billion by 2032, driven by the expanding number of fast food outlets and rising consumer expenditure on fast food. In 2024, Asia Pacific led the global food service market, holding a 45.71% share.
Food service establishments include any enterprise that prepares and serves food for consumption on the premises, for takeaway, or via delivery. This sector comprises food service retailers, counter and table service providers, and other related businesses. The global market is witnessing a surge in fast food consumption, attributed to higher household incomes, an increasing number of working women, and the convenience offered by fast food services.
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Segments:
By Type, Full Service Restaurants Segment Expected to Gain Momentum Through 2029
Based on type, the market is categorized into quick service restaurants, full service restaurants, institutes, and others. Among these, full service restaurants represent the largest market share, supported by the extensive variety of food items they offer. The growing popularity of family dining experiences is contributing to the rise in the number of these establishments, thereby accelerating segment growth.
By Service Type, Commercial Food Service Segment to Witness Strong Growth Between 2022–2029
By service type, the market is divided into commercial and institutional segments. The commercial segment is anticipated to dominate during the forecast period, fueled by the proliferation of food chains, cafes, restaurants, food trucks, and increased online food ordering. This segment encompasses quick service and full service restaurants, as well as dining out and takeaway services.
Report Coverage:
The report includes:
Drivers & Restraints:
Growth in Fast Food Chains and Quick-Service Restaurants to Drive Market Expansion
The expansion of the food service market is largely influenced by rising disposable incomes and an increasing number of dual-income households. A growing millennial population and the heightened appeal of fast food chains are key growth factors. The rapid expansion of fast food outlets into emerging markets is expected to drive significant industry growth.