Food Away from Home Market to Reach $5.8 Trillion by 2031: Allied Market Research
Rising dining-out culture, digital platforms, and diverse cuisines fuel the $4.3 trillion food away from home market, projected to hit $5.8 trillion by 2031.
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, April 30, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled โFood away from home Market," the food away from home market was valued at $4.3 trillion in 2021 and is estimated to reach $5848.7 billion by 2031, growing at a CAGR of 2.3% from 2022 to 2031.
๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ซ๐๐ฉ๐ก๐ฌ ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ @ https://www.alliedmarketresearch.com/request-sample/A31829
The rise in popularity of dining-out culture has significantly propelled the growth of global food demand away from home in the past decade. The eating-out culture is the major factor behind the significant growth of quick-service restaurants and popular fast-food chains in developed and developing nations. Moreover, major companies or food brands are adopting creative marketing strategies with more emphasis on the menu that helps attract customers. Further, cleanliness and hygiene are the major factors that further attract consumers to fast-food chains like McDonaldโs, KFC, and Dominoโs. The rise in disposable income and surge in penetration of fast-casual restaurants and quick-service restaurants in developing nations like India, China, Brazil, and Indonesia are expected to foster food away from home market growth in the forthcoming years.
In addition, the market for food away from home is experiencing growth due to the rise in popularity of various cuisines. People all around the world are now aware of other cuisines because of globalization and the free flow of information via the internet. Globally, Chinese and Thai cuisine have been very popular. In addition, over the past ten years, both developed and developing countries have seen a marked increase in the number of restaurants, cafes, bars, and food trucks around the world. For instance, in 2019, there were roughly 41,600 Subway locations globally. McDonald's, Starbucks, KFC, Pizza Hut, Restaurant Brands International, and Dunkin Donuts also had a considerable number of locations.
Globally, customers and food service businesses have adopted digital platforms and devices owing to the expansion of digital technologies. The number of ghost kitchens and cloud kitchens has increased due to the increased global adoption of several online food delivery platforms, including Zomato, Swiggy, Grubhub, Doordash, Foodpanda, and Uber Eats. Due to the simplicity and convenience involved in receiving meals at their homes, millennials and Gen Z are the main users of online food delivery platforms. Online delivery platforms are becoming more popular as internet usage among the general public increases and smartphone adoption increases. According to the International Telecommunication Union (ITU), around 4.9 billion, or 63% of the global population, had access to the internet in 2021. This meant that the number of internet users across the globe had increased by 17% since 2019. The rapidly growing internet user base is expected to boost the growth of cloud kitchens and online food delivery platforms, which will further boost the food-away-from-home industry.
According to the food away from home market analysis, the market is segmented on the basis of delivery model, application, type of occasion, ownership type, and region. On the basis of the delivery model, the market is segregated into dine-in, take-away, and home delivery. On the basis of application, it is divided into restaurants, schools and colleges, hotels and motels, retail stores and vending, and others. The restaurant segment is further fragmented into full-service restaurants and limited-service restaurants. Further, on the basis of type of occasion, the market is categorized into entertainment, travel, retail, and freestanding. By ownership type, the market is segmented into independents and chains. Region-wise, the food-away-from-home market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa).
As per the food away from home market forecast, by delivery model, the dine-in segment dominated the market, garnering a market share of 70.4% in 2021. The fact that dine-in is the most popular and conventional delivery option worldwide accounts for a significant portion of this market segment's dominance. Dine-in enables restaurants to provide their patrons with the best possible service, ambiance, and food while also facilitating satisfying visitor experiences.
As per the food away from home market trends, based on the application, the restaurant segment dominated the market in 2021, accounting for 73.5% of the food away from home market share. This is largely attributable to the enormous penetration of full-service and limited-service restaurants around the world. The growth of the restaurant sector in the market has been greatly encouraged by the rise in popularity of the dining-out culture and the rising participation of women in the workforce.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ญ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ @ https://www.alliedmarketresearch.com/purchase-enquiry/A31829
The global food away from home (FAFH) market has witnessed substantial growth in recent years, driven by factors such as the rise in popularity of dining-out culture, the adoption of digital platforms, and the increasing demand for various cuisines. Here's a summary of key insights from the market analysis:
๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
The dining-out culture, particularly in developed and developing nations, has fueled the growth of quick-service restaurants and popular fast-food chains like McDonaldโs, KFC, and Dominoโs.
Creative marketing strategies emphasizing menu offerings and cleanliness and hygiene have attracted consumers to fast-food chains.
The surge in disposable income and the expansion of fast-casual and quick-service restaurants in countries like India, China, Brazil, and Indonesia are driving market growth.
๐๐ฎ๐ข๐ฌ๐ข๐ง๐ ๐๐ข๐ฏ๐๐ซ๐ฌ๐ข๐ญ๐ฒ ๐๐ง๐ ๐๐ฅ๐จ๐๐๐ฅ๐ข๐ณ๐๐ญ๐ข๐จ๐ง
The popularity of various cuisines, facilitated by globalization and the internet, has contributed to the growth of the FAFH market.
Increased numbers of restaurants, cafes, bars, and food trucks globally reflect the growing culinary diversity and consumer demand for varied dining experiences.
๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ๐ฌ ๐๐ง๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ
- Adoption of digital platforms and devices, along with the rise of online food delivery platforms like Zomato, Swiggy, and Uber Eats, has reshaped the FAFH landscape.
- The proliferation of ghost kitchens and cloud kitchens underscores the growing influence of online food delivery platforms and the convenience they offer to consumers.
๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
- The FAFH market is segmented based on delivery model, application, type of occasion, ownership type, and region.
- Dine-in remains the dominant delivery model, while restaurants, particularly full-service and limited-service, dominate the application segment.
- Freestanding establishments lead in type of occasion, and chain restaurants are expected to be the fastest-growing ownership type.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
Asia-Pacific, particularly countries like China and India, is experiencing significant growth in the FAFH market due to changing lifestyles and increased demand for fast food.
Major players in the market include Chipotle Mexican Grill, Sysco Corporation, Yum Brands, Inc., and others, who are adopting various strategies to maintain a competitive edge and capitalize on market opportunities.
๐๐๐ญ ๐๐จ๐ฎ๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ @ https://www.alliedmarketresearch.com/request-for-customization/A31829
๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ
๐๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐จ๐จ๐ ๐๐ฐ๐๐ฒ ๐๐ซ๐จ๐ฆ ๐ก๐จ๐ฆ๐ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐ข๐ณ๐ ๐ฐ๐๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ ๐๐ญ $๐,๐๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐ ๐๐ง๐ ๐ข๐ฌ ๐๐ฌ๐ญ๐ข๐ฆ๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐๐๐ก $๐,๐๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐๐ญ ๐ ๐๐๐๐ ๐จ๐ ๐.๐% ๐๐ซ๐จ๐ฆ ๐๐๐๐ ๐ญ๐จ ๐๐๐๐.
๐๐ฒ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐ฆ๐จ๐๐๐ฅ, ๐ญ๐ก๐ ๐ก๐จ๐ฆ๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ข๐ฌ ๐๐ฌ๐ญ๐ข๐ฆ๐๐ญ๐๐ ๐ญ๐จ ๐ฐ๐ข๐ญ๐ง๐๐ฌ๐ฌ ๐ญ๐ก๐ ๐๐๐ฌ๐ญ๐๐ฌ๐ญ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก, ๐ซ๐๐ ๐ข๐ฌ๐ญ๐๐ซ๐ข๐ง๐ ๐ ๐๐๐๐ ๐จ๐ ๐.๐% ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
๐๐ฒ ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง, ๐ญ๐ก๐ ๐ซ๐๐ฌ๐ญ๐๐ฎ๐ซ๐๐ง๐ญ๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ฐ๐๐ฌ ๐ฏ๐๐ฅ๐ฎ๐๐ ๐๐ญ $๐,๐๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ข๐ง ๐๐๐๐.
๐๐ฒ ๐ซ๐๐ ๐ข๐จ๐ง, ๐ญ๐ก๐ ๐.๐. ๐ฐ๐๐ฌ ๐ญ๐ก๐ ๐ฆ๐จ๐ฌ๐ญ ๐ฉ๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ง ๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐ข๐ง ๐๐๐๐ ๐๐ง๐ ๐ข๐ฌ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐๐ ๐ญ๐จ ๐ซ๐๐๐๐ก $๐,๐๐๐.๐ ๐๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฒ ๐๐๐๐, ๐ ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐๐ญ ๐ ๐๐๐๐ ๐จ๐ ๐.๐% ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐.
๐๐๐จ๐ฎ๐ญ ๐๐ฌ
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We have professional corporate relations with various companies, and this helps us dig out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 503-894-6022
Prashant.Shete@alliedanalytics.com
Visit us on social media:
Facebook
Twitter
LinkedIn
Other
Distribution channels: Agriculture, Farming & Forestry Industry, Food & Beverage Industry
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release