Food Away From Home Market to Reach $5.9 Trillion by 2031 : Allied Market Research

The rapid increase in the female workforce and a reduction in the time for cooking and buying vegetables, owing to the busy schedule of both partners drive the growth of the global food away from home market.

PORTLAND, Ore., March 13, 2023 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.

Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/32279

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.

Covid-19 Scenario

• 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.

Buy This Report (385 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3ZIFBSQ

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.

Enquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/32279

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,
• Aramark,
• Compass Group PLC,
• SATS Ltd.,
• Sodexo,
• Yum Brands, Inc,
• Restaurant Brands International Inc,
• Cloud Kitchens

Trending Reports in Food and Beverages Industry

Cloud Kitchen Market : Global Opportunity Analysis and Industry Forecast, 2020-2030

Food Service Feta Cheese Market : Global Opportunity Analysis and Industry Forecast, 2021-2030

Fast Casual Restaurant Market : Global Opportunity Analysis and Industry Forecast, 2021-2027

Catering And Food Service Contract Market : Global Opportunity Analysis and Industry Forecast, 2021-2031

About Us

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 to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms 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 of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975 help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/food-and-beverages
Follow Us on Blog: https://www.dailyreportsworld.com/

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg