Amid the COVID-19 Crisis, the World Food Service Industry Market is Forecast to Reach $4.2 Trillion by 2027

Research and Markets

Dublin, Dec. 08, 2020 (GLOBE NEWSWIRE) -- The "Food Service Industry - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Food Service Industry estimated at US$3.5 Trillion in the year 2020, is projected to reach a revised size of US$4.2 Trillion by 2027, growing at a CAGR of 2.7% over the analysis period 2020-2027. Conventional Food Service, one of the segments analyzed in the report, is projected to record a 3.1% CAGR and reach US$1.7 Trillion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Centralized Food Service segment is readjusted to a revised 2.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $940.2 Billion, While China is Forecast to Grow at 5.1% CAGR

The Food Service Industry market in the U.S. is estimated at US$940.2 Billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of US$845.2 Billion by the year 2027 trailing a CAGR of 5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.

Ready Prepared Food Service Segment to Record 2.8% CAGR

In the global Ready Prepared Food Service segment, USA, Canada, Japan, China and Europe will drive the 2.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$523.5 Billion in the year 2020 will reach a projected size of US$617.2 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$573.3 Billion by the year 2027, while Latin America will expand at a 3.5% CAGR through the analysis period.

The report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Competitors identified in this market include, among others:

  • Aramark Corporation

  • Arby's Restaurant Group, Inc.

  • Autogrill S.p.A.

  • AVI Foodsystems, Inc.

  • Carl's Jr. Restaurants LLC

  • Cheney Brothers, Inc.

  • Compass Group PLC

  • Del Taco LLC

  • Domino's Pizza, Inc.

  • Food Services of America

  • Gordon Food Service

  • Guest Services, Inc.

  • Labatt Food Service

  • McDonald's Corporation

  • Papa John's International, Inc.

  • Performance Food Group

  • Reinhart Foodservice LLC

  • Restaurant Brands International Inc.

  • Shamrock Foods Company

  • Sodexo Group

  • Starbucks Coffee Company

  • Sysco Corporation

  • US Foods, Inc.

  • Yum! Brands, Inc.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Global Competitor Market Shares

  • Food Service Industry Competitor Market Share Scenario Worldwide (in %): 2019 & 2028

  • Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 355


For more information about this report visit https://www.researchandmarkets.com/r/6kwc51

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