Trends, growth engines and future

Eating away from home Market

According to a new report published by Allied Market Research entitled ‘Food away from home Market’, the food away from home market was valued at US$4.3 trillion in 2021 and is estimated to reach US$5848.7 billion by 2031, with a CAGR of 2.3%. from 2022 to 2031.

▶️ 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨 𝐫 𝐭 https://www.alliedmarketresearch.com/request-sample/A31829

The increasing popularity of food culture has significantly driven the growth of global demand for out-of-home food over the past decade. Food culture is the key factor behind the significant growth of quick-service restaurants and popular fast-food chains in developed and developing countries. Moreover, major companies or food brands adopt creative marketing strategies with more emphasis on the menu that helps attract customers. Furthermore, cleanliness and hygiene are the key factors that further attract consumers to fast food chains such as McDonald’s, KFC and Domino’s. The increase in disposable income and the strong penetration of fast-casual and quick-service restaurants in developing countries such as India, China, Brazil and Indonesia are expected to drive the growth of food outside the home market in the coming years.

In addition, the market for outdoor dining is growing due to the increasing popularity of different cuisines. People around the world are now aware of other cuisines due to globalization and the free flow of information through the Internet. Chinese and Thai cuisines are very popular worldwide. Moreover, over the past decade, both developed and developing countries have seen a marked increase in the number of restaurants, cafes, bars and food trucks around the world. For example, in 2019 there were approximately 41,600 Subway locations worldwide. McDonald’s, Starbucks, KFC, Pizza Hut, Restaurant Brands International and Dunkin Donuts also had a significant number of locations.

Globally, customers and foodservice companies have adopted digital platforms and devices due to the expansion of digital technologies. The number of ghost kitchens and cloud kitchens has increased due to increased global adoption of various online food delivery platforms, including Zomato, Swiggy, Grubhub, Doordash, Foodpanda and Uber Eats. Due to the simplicity and convenience of home food delivery, millennials and Gen Z are the top users of online food delivery platforms. Online delivery platforms are becoming increasingly popular as internet usage increases among the general public and smartphone adoption increases. According to the International Telecommunication Union (ITU), approximately 4.9 billion, or 63% of the world’s population, had access to the internet in 2021. This meant that the number of internet users around the world had increased by 17% since 2019. The rapidly growing internet user base is expected to fuel the growth of cloud kitchens and online food delivery platforms, further boosting the food-away-from-home industry.

▶️ 𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 https://www.alliedmarketresearch.com/request-for-customization/A31829

According to the out-of-home food market analysis, the market is segmented based on delivery model, application, venue type, ownership type and region. Based on the delivery model, the market is divided into dine-in, takeaway and home delivery. Based on the application, it is divided into restaurants, schools and universities, hotels and motels, shops and vending machines, and others. The restaurant segment is further fragmented into full-service and limited-service restaurants. Furthermore, based on the type of property, the market is segmented into entertainment, travel, retail and freestanding. By ownership type, the market is segmented into independent companies and chains. Regionally, the out-of-home food market is analyzed in North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa).

According to the out-of-home dining market forecast, the dine-in segment, measured by delivery model, dominated the market, with a 70.4% market share in 2021. The fact that dine-in is the most popular and conventional delivery option in the world explains the a significant part of the dominance of this market segment. Dine-in enables restaurants to provide their customers with the best possible service, atmosphere and food while facilitating satisfying visitor experiences.

According to out-of-home food market trends, based on application, the restaurant segment dominated the market in 2021, accounting for 73.5% of the out-of-home food market share. This is largely due to the massive 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 rising popularity of food culture and the increasing participation of women in the workforce.

On this occasion, the market in 2021 was dominated by the freestanding segment. The proliferation of fast food restaurants, rising disposable income, rising urbanization and increasing acceptance of online food delivery services among the population are the key factors expected to propel the standalone market. growth of the segment in the near future.

By ownership type, chains are expected to be the fastest growing segment during the forecast period. This segment is expected to grow rapidly, partly due to the increase in the number of fast food restaurants in developing countries such as China, India, Indonesia and Vietnam. The changing food choices and lifestyles of consumers in developing countries are impacting the growth of well-known restaurant chains in the global market for meals consumed away from home.

A key element in the rise of the FAFH market in Asia Pacific is the increased demand for fast food products such as burgers, sandwiches and pizza, among others, in developing countries such as China, India and Australia. The main reason for this is the evolving lifestyle in the region. The industry is expanding as a number of small and medium-sized food production companies increase their investments in developing countries. The regional fast food market is mainly driven by high population density, consumer tastes and preferences, and the growing number of fast food restaurants and trucks.

▶️ 𝐓𝐚𝐥𝐤 𝐭𝐨 𝐨𝐮𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 https://www.alliedmarketresearch.com/connect-to-analyst/A31829

Chipotle Mexican Grill, Sysco Corporation, Yum Brands, Inc., Darden Concepts, Inc., Restaurant Brands International, Inc., Zensho Holdings Co., Ltd., SSP Group Plc, Jubilant FoodWorks Limited, Burger King Corporation, Cloud Kitchens, Bod Corporation, Aramark, SATS Ltd., Compass Group PLC and Sodexo are the key companies profiled in the Food Away From Home (FAFH) market report. These manufacturers are constantly engaged in various development strategies such as partnerships, mergers, acquisitions and new product launches to gain a competitive advantage and leverage the prevailing opportunities in the out-of-home food market.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

The global out-of-home food market was valued at USD 4,266.3 billion in 2021 and is estimated to reach USD 5,848.7 billion by 2031, with a CAGR of 2.3% from 2022 to 2031.

By delivery model, the home delivery segment is estimated to witness the fastest growth, with a CAGR of 3.5% during the forecast period.

By application, the restaurant segment was valued at $3,136.4 billion in 2021.

By region, the US was the most prominent market in North America in 2021 and is expected to reach USD 1,126.8 billion by 2031, with a CAGR of 1.9% during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global corporations as well as medium and small businesses with unparalleled quality of ‘Market Research Reports’ and ‘Business Intelligence Solutions’. AMR has a focused vision of providing business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains.

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This release was published on openPR.