US Foodservice Market to Grow by USD 204.8 Billion from 2023-2028, Report on AI-Powered Market Evolution - Technavio

NEW YORK, Dec. 12, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The foodservice market in US size is estimated to grow by USD 204.8 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.4% during the forecast period. The report provides a comprehensive forecast of key segments below- 

Segmentation Overview

1. Type 
• 1.1 Fast foodservice
• 1.2 Restaurant
• 1.3 Cafes and bars
• 1.4 Delivery and takeaway
• 1.5 Others
2. Solution 
• 2.1 Conventional
• 2.2 Centralized
• 2.3 Ready-prepared
• 2.4 Assembly-serve
3. Sector 
• 3.1 Commercial
• 3.2 Non-commercial
4. Geography 
• 4.1 North America

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1.1 Fastest growing segment:

Fast foodservice markets in the US are experiencing growth due to the convenience and diversity they offer. Numerous fast food vendors are expanding their presence by opening new stores and introducing novel food options, including vegetarian burgers. These vegetarian options cater to health-conscious consumers who require quick meals on the go. However, the rise of online food ordering applications and third-party delivery services may hinder market growth. Non-vegetarian fast food, such as burgers, sandwiches, and pizzas, remains popular among the working population. Vendors like Subway, Chick-fil-A, Dominos Pizza, and Inspire Brands offer a range of non-vegetarian options with high protein content and convenient delivery services. These strategies contribute to the growth of the fast foodservice segment in the US. Chick-fil-A ensures efficient restaurant operations, Dominos delivers pizza and pasta swiftly, and Inspire Brands provides a diverse portfolio of franchises. Marcos Franchising offers delivery, carryout, and dine-in services. These vendors' efforts have significantly driven the growth of the fast foodservice segment in the US.

Analyst Review

The Foodservice Market in the US is experiencing significant growth as consumers increasingly demand vegan, low-sugar, and gluten-free options. Full-service restaurants are responding by offering nutritional menus with pancakes and waffles made from alternative ingredients. Online booking and payment systems are becoming standard for reservations and ordering. Foodservice providers offer catering services, packaged food solutions, and real-time delivery for businesses and events. Quick-service and limited-service restaurants, food bars, canteens, universities, hotels, and vending machines also cater to various dietary needs. Virtual kitchens and foodservice technology are revolutionizing the industry, providing efficient and convenient solutions for consumers. The Foodservice Industry continues to evolve, meeting the diverse needs of consumers while maintaining high-quality food offerings.

Market Overview

The Foodservice Market in the US is experiencing a significant shift towards vegan, low-sugar, and gluten-free options as consumers prioritize taste and health-conscious choices. Fast food brands and full service restaurants are adapting to these trends, offering nutritional diets and innovative menus. Pancakes, waffles, and toast are popular items at cafes & bars, which also serve specialty tea, coffee, and other beverages. Digital ordering platforms and international cuisines, including street foods like hot dogs and grilled cheese sandwiches, are gaining popularity. Leading operators are leveraging digital platforms for online booking, payments, and catering services, while cloud kitchen outlets and virtual kitchens offer real-time food service. The average order value continues to rise as consumers explore chef-driven dining-out restaurants featuring professionally trained chefs and celebrity chefs. The Foodservice industry is digitalizing operations, allowing consumers to order food online for home delivery or takeaway, and experimenting with non-traditional ingredients and tastes through foodservice providers. The industry is also addressing health concerns, offering organic produce and healthy food options, and reducing sugar in fast food items, beverages, and snacks. Consumption behaviors are evolving, with millennial populations and fast lifestyles driving the demand for convenience and on-premise eating experiences. Travel and tourism are also influencing food consumption habits, as consumers explore new tastes and cuisines. Foodservice providers are expanding their offerings to include self-service restaurants, independent consumer foodservice, chained consumer foodservice, cafeterias, limited-service eating places, ice cream parlors, beverage bars, carryout sandwich shops, on-premises baking, and vending machines. The industry is also exploring new concepts like food bars, canteens, universities canteens, hotels, virtual kitchens, and ghost kitchens to meet the evolving needs and preferences of consumers. However, challenges remain, including obesity, diabetes, cardiovascular disease, high blood pressure, overweight, and unhealthy products. The industry must continue to innovate and adapt to meet the changing needs and expectations of consumers while addressing these health concerns.

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 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio