The Global foodservice market is estimated to grow from $3.4 billion in 2024 to $7.6 billion by 2032, generating a CAGR of 9.4%. Evolving consumer preferences have driven innovation and expansion of menu offerings and dining formats across the entire spectrum from fine dining to home delivery.
Notable trends that are examined in the report include:
Rising demand for QSRs and casual dining: Increasing consumer demand for convenient options, including QSRs and casual dining. The global QSR market is estimated to grow from $971 billion in 2024 to $1.9 trillion by 2032, exhibiting a CAGR of 9.0% during the forecast period.
Technological advancements: Businesses are utilizing various technological advancements, such as online ordering, mobile payment options, digital menus, kitchen management systems, augmented reality, and CRMs to enhance the overall dining experience for their customers.
Health & wellness: Consumers are showing a growing preference for Better-for-You (“BFY”) offerings. With a growing societal awareness and focus on health and wellness, functional foods have shown and will continue to show consistent growth.
Emphasis on sustainability: Consumer demand for eco-friendly, green solutions is growing, with a strong focus on sustainable initiatives, particularly in packaging. Globally, 60% of consumers consider social responsibility and sustainability when deciding on where to visit.
Innovation and experiential dining: Businesses are adapting to consumer demand for unique cuisines and creative offerings, leading to a high demand for customizable products from their vendors in terms of flavor, nutrition profiles, and serving formats.
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