In 2024, the global food service market was valued at USD 3,486.58 billion. It is projected to grow from USD 4,027.61 billion in 2025 to USD 6,810.86 billion by 2032, recording a compound annual growth rate (CAGR) of 7.79% during the forecast period. The United States is expected to see notable expansion in its food service sector, reaching approximately USD 1,767.54 billion by 2030 and USD 1.71 billion by 2032, driven by a rising number of fast food establishments and increased consumer spending on quick-service meals. Asia Pacific held the largest market share in 2024, accounting for 45.71% of global revenue.
Food service refers to a broad range of businesses that prepare and serve food for on-site dining, takeaway, or delivery. This includes table-service restaurants, counter-service operations, and other food providers. Market growth is largely influenced by a surge in fast food consumption, fueled by higher income levels, growing numbers of working women, and the convenience of ready-to-eat options.
Information Source: https://www.fortunebusinessinsights.com/food-service-market-106277
Market Segmentation
By Type: Full-Service Restaurants to Witness Significant Growth by 2029
The market is segmented into quick service restaurants, full service restaurants, institutional services, and others. Full-service dining is anticipated to grow steadily due to the popularity of family-oriented dining experiences and varied menu options.
By Service Type: Commercial Segment to Dominate
Service categories include commercial and institutional food services. The commercial segment is projected to lead the market, supported by the increasing presence of cafés, food trucks, and restaurants, along with the growing demand for digital food ordering platforms. This category includes both full-service and quick-service establishments.
Report Highlights
This report offers:
Market Drivers and Challenges
Surging Demand for Fast Food and Quick-Service Formats Driving Market Expansion
The growing preference for convenient, on-the-go meals—especially among working professionals and dual-income households—is accelerating the market. Millennials’ inclination toward fast food and the global expansion of quick-service chains into developing markets are also contributing to this growth.
However, some challenges, such as residual impacts from the COVID-19 pandemic, may continue to affect certain market segments.