Restaurant Market Expected to Reach USD 5,194.60 Billion by 2029 | At a CAGR of 10.76% during the forecast period 2022-2029

The main companies covered in the restaurant market are McDonald’s (US), Starbucks (US), Yum! Brands, Inc. (USA), Darden Restaurants, Inc. (USA), Restaurant Brands International Inc. (Canada), The Wendy’s Company (USA), Bloomin’ Brands, Inc. (USA) , Papa John’s International, Inc. (USA), Chipotle Mexican Grill, Inc. (USA), Domino’s (USA) and many more

/EIN News/ — Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) — The world catering market cross waist 2,323.29 billion USD in 2021. The market value is expected to increase by 2,540.05 billion USD in 2022 at $5,194.60 billion by 2029 at CAGR of 10.76% over the period 2022-2029. The growth can be attributed to rising consumer disposable incomes, changing consumer lifestyles, especially millennials, and the growing number of cafes, restaurants and fast food chains. Growing spending on non-homemade food and an increase in online food delivery will augment the market growth over the forecast period.

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Companies Featured in the Market Report

  • McDonald’s (USA)
  • Starbucks (USA)
  • Yum! Brands, Inc. (USA)
  • Darden Restaurants, Inc. (USA)
  • Restaurant Brands International Inc. (Canada)
  • Wendy’s Company (USA)
  • Bloomin’ Brands, Inc. (USA)
  • Papa John’s International, Inc. (USA)
  • Chipotle Mexican Grill, Inc. (USA)
  • Dominos (USA)

Impact of COVID-19:

Market fell 31.5% due to lockdowns and travel restrictions

The catering market in North America, Europe and Asia-Pacific has seen a significant decline during the COVID-19 pandemic as hotels, restaurants, cafes and fast food outlets have been closed. The drop in tourist activity due to strict closures and travel restrictions has had a significant impact on the demand for services. Even when the restrictions were lifted, only limited services, including online food deliveries and takeaways, were operational. Due to these factors, the market experienced a decline of 31.5% in 2020.

segments:

By Type, Full-Service Restaurant Segment Will Gain Traction Through 2029

On the basis of type, the market is segmented into quick service restaurants, full service restaurants, institutes and others. Among these, the full-service restaurant segment holds the largest market share owing to the wide availability of menu foods. Due to the rising trend of family outings, the number of such restaurants is increasing, which will provide significant impetus for the growth of the segment.

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By Service Type, Commercial Foodservice Segment to Gain Traction in 2022-2029

In terms of service type, the market is divided into commercial and institutional. Among these, the commercial segment is expected to generate monumental traction throughout the forecast period, led by the growing number of food chains, food trucks, cafes, restaurants, and online food ordering. This segment includes quick-service restaurants, full-service restaurants and take-out restaurants.

Report cover:

The report offers:

  • Key growth drivers, restraining factors, opportunities and potential challenges for the market.
  • A comprehensive overview of regional developments.
  • List of major industry players.
  • Key strategies adopted by market players.
  • Latest industry developments include product launches, partnerships, mergers and acquisitions.

Drivers and Constraints:

Expansion of fast food chains and quick service restaurants to drive growth

The growth of the catering market is mainly driven by the rise of dual-income households and disposable income. The expanding millennial population and growing popularity of fast food chains will prove to be a key factor in driving the market forward. As fast food outlets expand their presence in new and emerging markets, the industry will experience rapid growth in the coming years.

However, the aftermath of the COVID-19 pandemic may have some impact on market trends in the future.

Regional outlook:

The North American restaurant industry was worth $989.0 billion in 2021

With over $989.0 billion in annual revenue, North America led the global restaurant market share in 2021. The dominance of this region is attributable to the increasing number of dual-employed households, the increase in spending on fast food and, consequently, the increase in the number of fast food outlets. – food chains. A large millennial population base and rapidly changing lifestyle trends will positively influence the market in this region.

The Asia-Pacific market is expected to grow at the highest CAGR from 2022 to 2029, driven by the growing number of restaurants and fast food outlets in Tier II and Tier III cities. Meanwhile, the European market will show steady growth due to the increase in quick service restaurants, cafes, pubs and cafes.

Competitive landscape

Major players are adopting acquisition strategies to stay competitive

The majority of market participants were not prepared to risk their business and incur losses by entering volatile markets due to the disruptions created by the COVID-19 pandemic. However, as the impacts of COVID-19 began to subside, companies were seen expanding into new markets. For example, Imperial Dade acquired Empire Distributors to operate 91 new distribution centers across the United States. Similar strategies are being adopted by major players as they consider new markets for expansion and business growth.

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Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Emerging trends
  • key ideas
    • Overview of parent/related markets
    • Industry SWOT Analysis
    • Supply chain and regulatory analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Qualitative analysis related to COVID-19
      • Impact of COVID-19 on the market
      • Supply chain challenges during a pandemic
      • Potential opportunities due to this global crisis
  • Global Catering Services Market Analysis, Outlook and Forecast, 2018-2029
    • Main results/summary
    • Market size estimates and forecasts
      • By type
        • Full-service restaurants
        • Quick service restaurants
        • Institutes
        • Others
      • By type of service
      • By region
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa
  • North America Foodservice Market Analysis, Outlook and Forecast, 2018-2029
    • Main results/summary
    • Market size estimates and forecasts
      • By type
        • Full-service restaurants
        • Quick service restaurants
        • Institutes
        • Others
      • By type of service
      • By country (value)
        • WE
          • By type (value)
            • Full-service restaurants
            • Quick service restaurants
            • Institutes
            • Others
        • Canada
          • By type (value)
            • Full-service restaurants
            • Quick service restaurants
            • Institutes
            • Others
        • Mexico
          • By type (value)
            • Full-service restaurants
            • Quick service restaurants
            • Institutes
            • Others

TOC Continued…!

Industry key development:

July 2021: Delivery Hero has relaunched operations through its Food Panda brand in Germany, which is one of the largest foodservice sectors in Europe.

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