The global food service market reached a valuation of USD 3,486.58 billion in 2024 and is projected to increase from USD 4,027.61 billion in 2025 to USD 6,810.86 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.79% throughout the forecast period. The U.S. food service sector is expected to show significant growth, potentially reaching USD 1,767.54 billion by 2030 and USD 1.71 billion by 2032, fueled by a surge in fast food outlets and greater consumer expenditure on quick-service meals. Asia Pacific dominated the market in 2024, accounting for 45.71% of the global share.
Food service establishments encompass businesses that prepare and offer food for dine-in, takeout, or delivery. This sector includes table-service restaurants, counter-service operators, and other food vendors. Market expansion is being propelled by the growing consumption of fast food, supported by higher household earnings, an increase in working women, and the convenience factor of fast food options.
Information Source: https://www.fortunebusinessinsights.com/food-service-market-106277
Market Segmentation
By Type: Full Service Restaurants to Gain Traction by 2029
The market is categorized into quick service restaurants, full service restaurants, institutional, and others. Full service restaurants are expected to experience considerable growth, driven by the popularity of family-style dining and diverse menu offerings.
By Service Type: Commercial Segment to Lead Between 2022 and 2029
In terms of service, the market is divided into commercial and institutional segments. The commercial category is projected to dominate, supported by the growing prevalence of food trucks, cafés, restaurants, and increased demand for online food ordering. This segment includes both quick and full-service models.
Report Highlights
This report provides a detailed examination of:
Market Dynamics
Rising Fast Food Chains and Quick-Service Models Fueling Growth
Increased consumer income, especially in dual-income households, along with the demand for quick and convenient meals, is propelling the market. The millennial generation's preference for fast food and the expansion of quick-service chains into emerging economies are also boosting market momentum.