Food away from home Market

The market for food away from home is experiencing growth due to rise in popularity of various cuisines.

PORTLAND, OR, US, December 7, 2023 /EINPresswire.com/ -- 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.

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The rise in popularity of dining out culture has significantly propelled the growth of the global food away from home market demand 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 to attract customers. Further, cleanliness and hygiene are the major factors that further attract consumers to fast-food chains like McDonald’s, KFC, and Domino’s. 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 the food away from home market growth in the forthcoming years.

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.

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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 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 restaurants 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 independent 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).

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.

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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.

By type of occasion, the market was dominated by the freestanding segment in 2021. The proliferation of fast-food restaurants, rising disposable income, rising urbanization, and rising acceptance of online meal delivery services among the populace are the primary factors expected to propel the standalone segment's growth in the near future.

Key findings of the study

The global food away from home market size was valued at $4,266.3 billion in 2021 and is estimated to reach $5,848.7 billion by 2031, growing at a CAGR of 2.3% from 2022 to 2031.

By delivery model, the home delivery segment is estimated to witness the fastest growth, registering a CAGR of 3.5% during the forecast period.
By application, the restaurants segment was valued at $3,136.4 billion in 2021.

By region, the U.S. was the most prominent market in North America in 2021 and is projected to reach $1,126.8 billion by 2031, growing at a CAGR of 1.9% during the forecast period.

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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.

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