The restaurants and mobile food services market is estimated to be valued at USD 2.29 trillion in 2023 and is projected to record a CAGR of 3.0% between 2023 and 2033 to reach an expected valuation of USD 3.08 trillion by 2033.
Restaurants and mobile food services are expected to expand as technology replaces the meal delivery sector in the marketplace. As both businesses and consumers benefit, the implementation of automation and improved procedures in the food industry is quickly gaining popularity. The social media age, Gen Z, and the twenty-first century have all contributed to phenomenal growth in the market for restaurants and mobile food services.
Ordering through mobile phones and other online platforms is becoming more and more common. This connection between businesses and end consumers has subsequently been crucial to the growth of the restaurants and mobile food services market. The services offered by restaurants and mobile food services include preparing and delivering foods and drinks that are ready for consumption as well as offering catering services to both public and private end users, whether by internal or external operators. Currently, mobile food services account for between 50% and 55% of all food spending in the United States, however, in underdeveloped nations, this percentage could be as low as 15% to 20% or even less.
Global demand for mobile food services has been significantly boosted by socioeconomic factors such as high disposable income, an active and increasingly portable lifestyle, the emergence of corporate outsourcing of non-core functions, and market expansion in well-known and core industries like transportation and retail, all these aspects are fueling the growth of the market.
However, the growth of restaurants and the mobile food services sector is also attributed to factors like low initial capital costs and the increasing popularity of street food among the young population.
| Attributes | Details |
|---|---|
| Restaurants and Mobile Food Services Market CAGR (2023 to 2033) | 3.0% |
| Restaurants and Mobile Food Services Market Size (2023) | USD 2.29 trillion |
| Restaurants and Mobile Food Services Market Size (2033) | USD 3.08 trillion |
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From USD 2,235.56 billion in 2018, the global market expanded by USD 2,672.9 billion by 2022, with a CAGR of 3.64%. On the other hand, the restaurants and mobile food services market is estimated to be valued at USD 2.29 trillion in 2023 and is projected to record a CAGR of 3% between 2023 and 2033 to reach an expected valuation of USD 3.08 trillion.
Restaurant traffic has significantly decreased in 2016 as well. Market saturation, a decline in the price of food for use at home, and economic volatility have all affected sales. Industry traffic trends changed negatively as quick-service visits started to decline. The restaurants and mobile food services market is expanding mostly due to the rising demand for packaged and fast food, but other factors, such as a lack of workers in the food service industry, could restrain the market growth.
In the age of globalization, restaurant owners are likely to sell their cuisines to customers all over the world thanks to increased joint ventures, foreign investments, global expansion, and international corporations setting up facilities in high-growth areas. Due to the ease of access to exotic ingredients made possible by globalization, restaurants now have the chance to succeed on a global scale by providing their customers with a wider range of exotic food. Restaurants now have access to a wider range of potential suppliers thanks to globalization, which also lessens their negotiating power and increases sales.
As an example, McDonald's manufactures in many countries and has franchises all over the world. To ensure its global brand, it finances and supports projects to tailor its goods and services to various regions. This increase in globalization is probably going to increase investments and ultimately push the restaurants and mobile food services market.
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| Attributes | Details |
|---|---|
| Cafeterias, Grill Buffets, and Buffets Segment CAGR | 3.4% |
The restaurants and mobile food service market is split up into many types, including full-service restaurants, limited-service restaurants, cafeterias, grill buffets, and buffets as well as mobile food services. Full-service restaurants are sitting-down establishments that offer a full menu and offer table service to customers. They serve breakfast, lunch, and dinner, all with a variety of options.
The two types of restaurants that contribute most to this segment are upscale and casual. Cafeterias, grill buffets, and buffets include places like restaurants, cafes, fast food franchises, food trucks, and online meal ordering.
The Cafeterias, grill buffets, and buffets segment of the restaurants and mobile food service market is expected to record a CAGR of 3.4% between 2023 and 2033. Mobile food service is a relatively new idea in the industry, which was founded in the 20th century, in contrast to commercial food service, which has been a part of the business since its inception. As families' disposable income increases, consumer spending on hotels, dining out, coffee shops, and other establishments rises. Leading fast-food chains like Domino's, Pizza Hut, KFC, Starbucks, Burger King, Taco Bell, Subway, McDonald's, Wendy's, Papa John's Pizza, and Chipotle Mexican Grill are taking advantage of this opportunity to establish their presence in various international markets given the trend of millennial consumers choosing quick service restaurants. Throughout the projection period, this trend is anticipated to drive market expansion.
| Attributes | Details |
|---|---|
| United States Market Size | USD 565.6 billion |
| Canada Market CAGR | 2.2% |
Between 2023 and 2033, North America had a significant share of the restaurants and mobile food service market. Restaurant operating expenses are rapidly increasing in developed countries like the United States and Canada. Due to the rise in labor expenses and the price of raw materials, companies' profit margins are under a lot of pressure. In the industrial and service sectors, there is a significant push towards automation and digitization as a result. For instance, Domino's introduced an autonomous pizza delivery system in Houston in 2021 after partnering with Nuro, one of the top self-driving delivery services. Customers can submit pre-paid orders, and Nuro R2 Robots deliver the items to the recipients.
| Attributes | Details |
|---|---|
| China Market Size 2033 | USD 715.95 billion |
| China Market CAGR | 5.4% |
| Japan Market CAGR | 0.8% |
| Asia Pacific Market Size | USD 356.9 billion |
During the projected period, the restaurants and mobile food service market in Asia Pacific is anticipated to increase at a significant rate. In nations like Australia, Japan, and South Korea, patrons favor dining at full-service establishments. These restaurants have a greater market share than other types in comparison. Quick-service restaurants are expanding significantly in the market because of their improved efficiency and quick service times.
The second dominant food service sector in the world is found in China. The country's industrialization was accelerated by strong and swift economic expansion, which also aided in the development of a sizable middle-class population with more disposable income. This industry for restaurants and mobile food services has grown significantly over the last several years as more people had access to dining establishments that accept dine-in customers.
| Attributes | Details |
|---|---|
| Germany Market CAGR | 1.4% |
The restaurants and mobile food service industries are highly competitive in Europe, where the hospitality industry plays a significant role. For people traveling to Europe, the tourism industry has created various work opportunities. The increased popularity of eating out and busier lifestyles, which increase demand for prepared dishes, are contributing factors to the expansion of the food service industry in Europe. Germany is the greatest market in Europe. Convenience, regional production, wellness, Asian and ethnic cuisines, and health and well-being are the key trends in the food service industry in Germany. The considerable purchasing power of consumers in Germany also fuels the restaurants and mobile food services market.
Market participants were unwilling to risk their businesses by making investments in uncertain markets and risking losses because the pandemic had such a severe impact on this industry in 2020, which included restaurants and mobile food services. However, as the markets started to open, market participants also started expanding their businesses, and the industry was changing. Empire Distributors has been acquired by Imperial Dade, a top United States distributor of cleaning products and food service packaging. This acquisition may allow the Imperial Dade platform to run 91 distribution locations across the nation.
| Month | May |
|---|---|
| Strategy | Launch |
| Company | Outback Steakhouse |
| Details | Outback Steakhouse restaurants opened new locations in May 2022 with a more contemporary dining area. Three additional eateries were opened by the corporation, one each in Fort Worth, Steele Creek, and Polaris. |
| Month | May |
|---|---|
| Strategy | Launch |
| Company | Domino's |
| Details | In May 2022, Domino's introduced a brand-new pizza option for Indian clients called paratha. There are three types of this fusion food: cheese paratha pizza, paneer paratha pizza, and chicken keema paratha pizza. |
| Month | March |
|---|---|
| Strategy | Partnership |
| Company | Starbucks Corporation |
| Details | Starbucks Corporation and Grab, one of the top businesses in South East Asia, entered a partnership in March 2022. By working together, it sought to provide better customer service while servicing customers in the Philippines, Thailand, Singapore, Malaysia, Indonesia, and Vietnam. |
| Month | August |
|---|---|
| Strategy | Partnership |
| Company | Pizza Hut |
| Details | In August 2021, Pizza Hut teamed with Hindustan Unilever to offer the FMCG company's Kwality Wall ice cream and desserts to its dine-in, delivery, and takeaway menus in India. With this collaboration, Pizza Hut anticipates increasing its average order value by 10% for orders containing Kwality Wall's ice cream and sweets |
Year - 2020
| Month | April |
|---|---|
| Strategy | Collaboration |
| Company | Domino's Pizza |
| Details | In the aftermath of COVID-19, Domino's Pizza collaborated with ITC Foods to launch Domino's Essentials in April 2020. Customers may get this service first in Bengaluru, and subsequently in Noida, Mumbai, Kolkata, Chennai, and Hyderabad. This collaboration between a QSR and an FMCG company assisted the community by assuring an uninterrupted supply of vital commodities without requiring residents to leave the comfort of their homes. |
The market is slated to attain USD 3.08 trillion by 2033.
The growth potential of the restaurants and mobile food services market is 3% CAGR through 2033.
Social media helps engage potential customers and helps enhance restaurant recognition.
Brinker International Inc., Chick-fil-A, and Chipotle Mexican Grill Inc. are the top market players.
New launches and partnerships are key strategies for consolidating the key players’ positions.
| Estimated Industry Size (2024E) | USD 5,041.5 million |
|---|---|
| Projected Industry Value (2034F) | USD 11,087.4 million |
| Value-based CAGR (2024 to 2034) | 8.2% |
| Expected Market Value (2023) | USD 22.28 billion |
|---|---|
| Projected Forecast Value (2033) | USD 40.28 billion |
| Growth Rate (2023 to 2033) | 6.1% |
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