Allied Market Research published a report, titled, “Food away from home Market by Delivery Model (Dine in, Take Away, Home Delivery), by Application (Restaurants, Schools and Colleges, Hotels and Motels, Retail Stores and Vending, Others), by Type of Occasion (Entertainment, Travel, Retail, Freestanding), by Ownership Type (Independent, Chains): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global food away from home industry generated $4.3 trillion in 2021, and is anticipated to generate $5.9 trillion by 2031, witnessing a CAGR of 2.3% from 2022 to 2031.
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Prime determinants of growth
The rapid increase in the female workforce, a reduction in the time for cooking and buying vegetables owing to the busy schedule of both partners, increase in popularity of cloud kitchens, rise in number of domestic and international tourists, and changes in food habits of consumers drive the growth of the global food away from home market. Moreover, the surge in the prevalence of fast-food chains in developing nations presents new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic had a positive impact on the global food away from home market, owing to a significant rise in penetration of fast-food chains in developing nations like China, India, and Indonesia coupled with growing demand for fast food during the lockdown.
- The global food away from home market has a huge scope to grow in the post-pandemic.
The dine-in segment to maintain its leadership status throughout the forecast period
Based on delivery model, the dine-in segment held the highest market share in 2021, accounting for more than two-third of the global food away from home market, and is estimated to maintain its leadership status throughout the forecast period. Rise in population, increase in disposable income, surge in number of theme-based restaurants, and rise in investments by the fast-food chains to expand in developing economies are some of the major factors that are expected to boost the growth of the dine-in segment during the forecast period. However, the home delivery segment is projected to manifest the highest CAGR of 3.5% from 2022 to 2031, owing to the rise in popularity and adoption of online food delivery apps and the surge in penetration of ghost and cloud kitchens across the globe.
The restaurants segment to maintain its leadership status throughout the forecast period
Based on application, the restaurants segment held the highest market share in 2021, accounting for nearly three-fourths of the global food away from home market, and is estimated to maintain its leadership status throughout the forecast period. The growth in the penetration of full service and limited service restaurants across the globe is boosting the growth of the market. Full-service restaurants and hotels include full-service facilities that offer fine dining and a wide variety of food and beverages along with accommodation and luxury facilities. However, the hotels and motels segment is projected to manifest the highest CAGR of 4.1% from 2022 to 2031. The rise in significance of hotels and motels in the FAFH industry due to the rise in tourism across the globe is significantly driving the growth of the global FAFH market.
The independent segment to maintain its lead position during the forecast period
Based on ownership type, the independent segment accounted for the largest share in 2021, contributing to more than two-thirds of the global food away from home market, and is projected to maintain its lead position during the forecast period. A huge number of local or domestic independent food service units are present in each and every region across the globe. Independent restaurants and cafes contribute significantly to overall economic growth by generating a high number of employees and revenues. However, the chains segment is expected to portray the largest CAGR of 2.4% from 2022 to 2031, due to the increase in penetration of fast-food chains in developing countries such as China, India, Indonesia, and Vietnam.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global food away from home market, and is likely to dominate the market during the forecast period. The presence of a huge number of restaurant chains across the country coupled with the huge popularity of eating out culture, high disposable income, and surge in penetration of online food delivery platforms are significantly contributing towards the growth of the North America FAFH market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 3.2% from 2022 to 2031. The presence of a huge population in China coupled with strong economic growth and the rising penetration of a huge number of fast-food restaurants has led to the growth of the China FAFH market.
Leading Market Players: –
- Sysco Corporation,
- Chipotle Mexican Grill,
- Darden Concepts, Inc,
- Jubilant FoodWorks Limited,
- Burger King Corporation,
- SSP Group Plc,
- Bid Corporation,
- Zensho Holdings Co., Ltd,
- Compass Group PLC,
- SATS Ltd.,
- Yum Brands, Inc,
- Restaurant Brands International Inc,
- Cloud Kitchens
Source From:- https://www.prnewswire.com/news-releases/food-away-from-home-market-to-reach-5-9-trillion-by-2031–allied-market-research-301769942.html
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