The global food service market was valued at USD 3,486.58 billion in 2024. It is expected to rise from USD 4,027.61 billion in 2025 to USD 6,810.86 billion by 2032, indicating a compound annual growth rate (CAGR) of 7.79% during the forecast period. The United States food service industry is anticipated to witness notable growth, potentially reaching a value of USD 1,767.54 billion by 2030. Furthermore, the market in the U.S. is expected to attain an estimated value of USD 1.71 billion by 2032, primarily driven by the increasing number of fast food outlets and greater consumer spending on fast food products. Asia Pacific led the market in 2024, accounting for a 45.71% share.
A food service establishment refers to any commercial entity that prepares and serves food for dine-in, takeaway, or delivery. This sector encompasses food retail vendors, table and counter service operators, and other food service providers. The global food service market is growing rapidly due to increasing fast food consumption, driven by higher household incomes, a rising population of working women, and the convenience associated with fast food options.
Information Source: https://www.fortunebusinessinsights.com/food-service-market-106277
Segments:
By Type, Full Service Restaurants Segment Expected to Gain Momentum Through 2029
The market is segmented into quick service restaurants, full service restaurants, institutional, and others. Among these, full service restaurants dominate due to the broad menu options they provide. The rising trend of family-oriented dining is contributing to an increase in these types of establishments, fueling the segment's growth.
By Service Type, Commercial Food Service Segment to Witness Strong Growth Between 2022–2029
The service type segment includes commercial and institutional categories. The commercial segment is projected to maintain dominance throughout the forecast period, supported by the growing number of food chains, cafés, restaurants, food trucks, and a surge in online food ordering. This category covers both full and quick service dining, including eat-in and takeaway services.
Report Coverage:
The report covers:
Drivers & Restraints:
Growth in Fast Food Chains and Quick-Service Restaurants to Drive Market Expansion
Market expansion is mainly driven by growing disposable income levels and a higher percentage of dual-income families. The growing millennial demographic and strong demand for fast food establishments are significant factors. The spread of fast food chains into developing markets is also expected to significantly boost industry growth.