According to the latest study by IMARC Group, titled “Food Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global food service market size reached US$ 3.4 Trillion in 2018. Looking Forward, the market is anticipated to reach a value of US$ 4.2 Trillion by 2024, expanding at a CAGR of 3.6% during 2019-2024

Food services refer to the business of providing food for takeaways, home deliveries or immediate consumption. These services can operate in various ways, including the centralized format wherein the food is prepared in a centralized or a common kitchen from where it is disseminated to different places such as restaurants. Another way these services operate is through onsite food preparation wherein the food is prepared on the location according to the demand or order placed and is also often preserved for future use.

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The growing demand for customization and innovation in the food menu is one of the primary growth-inducing factors as it allows consumers to customize their meals according to their taste, dietary and budget preferences. Moreover, the rising penetration of the internet and smartphones have resulted in the rapid proliferation of quick-service restaurants (QSRs) and online food delivery portals. With the development of these platforms and on-the-go food services, coupled with innovations in packaging and the introduction of low-fat beverages and gluten-free products, there has been a positive impact on the food service industry.  

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Report Coverage:

• Historical, Current and Future Market Trends
   
• Market Breakup by Sector:
  • Commercial
  • Non-commercial
     
• Market Breakup by Systems:
  • Conventional Foodservice System
  • Centralized Foodservice System
  • Ready Prepared Foodservice System
  • Assembly-Serve Foodservice System
     
• Market Breakup by Types of Restaurants:
  • Fast Food Restaurants
  • Full-Service Restaurants
  • Limited Service Restaurants
  • Special Food Services Restaurants
     
• Market Breakup Region:
  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

Competitive Landscape:

The report has also analysed the competitive landscape of the market along with the profiles of the key players operating in the market.

Key highlights of the report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players

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