Food Away from Home Market to Reach $5.8 Trillion by 2031: Allied Market Research

Rising dining-out culture, digital platforms, and diverse cuisines fuel the $4.3 trillion food away from home market, projected to hit $5.8 trillion by 2031.

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, April 30, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled “Food away from home Market," the food away from home market was valued at $4.3 trillion in 2021 and is estimated to reach $5848.7 billion by 2031, growing at a CAGR of 2.3% from 2022 to 2031.

𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐆𝐫𝐚𝐩𝐡𝐬 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬 @ https://www.alliedmarketresearch.com/request-sample/A31829

The rise in popularity of dining-out culture has significantly propelled the growth of global food demand away from home 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 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. The 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 food away from home market growth in the forthcoming years.

In addition, the market for food away from home is experiencing growth due to the rise in popularity of various cuisines. People all around the world are now aware of other cuisines because of globalization and the free flow of information via the internet. Globally, Chinese and Thai cuisine have been very popular. In addition, over the past ten years, both developed and developing countries have seen a marked increase in the number of restaurants, cafes, bars, and food trucks around the world. For instance, in 2019, there were roughly 41,600 Subway locations globally. McDonald's, Starbucks, KFC, Pizza Hut, Restaurant Brands International, and Dunkin Donuts also had a considerable number of locations.

Globally, customers and food service businesses have adopted digital platforms and devices owing to the expansion of digital technologies. The number of ghost kitchens and cloud kitchens has increased due to the increased global adoption of several online food delivery platforms, including Zomato, Swiggy, Grubhub, Doordash, Foodpanda, and Uber Eats. Due to the simplicity and convenience involved in receiving meals at their homes, millennials and Gen Z are the main users of online food delivery platforms. Online delivery platforms are becoming more popular as internet usage among the general public increases and smartphone adoption increases. According to the International Telecommunication Union (ITU), around 4.9 billion, or 63% of the global population, had access to the internet in 2021. This meant that the number of internet users across the globe had increased by 17% since 2019. The rapidly growing internet user base is expected to boost the growth of cloud kitchens and online food delivery platforms, which will further boost the food-away-from-home industry.

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 the 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 restaurant 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 independents 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).

As per the food away from home market forecast, by delivery model, the dine-in segment dominated the market, garnering a market share of 70.4% in 2021. The fact that dine-in is the most popular and conventional delivery option worldwide accounts for a significant portion of this market segment's dominance. Dine-in enables restaurants to provide their patrons with the best possible service, ambiance, and food while also facilitating satisfying visitor experiences.

As per the food away from home market trends, based on the application, the restaurant segment dominated the market in 2021, accounting for 73.5% of the food away from home market share. This is largely attributable to the enormous penetration of full-service and limited-service restaurants around the world. The growth of the restaurant sector in the market has been greatly encouraged by the rise in popularity of the dining-out culture and the rising participation of women in the workforce.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐃𝐚𝐭𝐚 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 @ https://www.alliedmarketresearch.com/purchase-enquiry/A31829

The global food away from home (FAFH) market has witnessed substantial growth in recent years, driven by factors such as the rise in popularity of dining-out culture, the adoption of digital platforms, and the increasing demand for various cuisines. Here's a summary of key insights from the market analysis:

𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

The dining-out culture, particularly in developed and developing nations, has fueled the growth of quick-service restaurants and popular fast-food chains like McDonald’s, KFC, and Domino’s.

Creative marketing strategies emphasizing menu offerings and cleanliness and hygiene have attracted consumers to fast-food chains.

The surge in disposable income and the expansion of fast-casual and quick-service restaurants in countries like India, China, Brazil, and Indonesia are driving market growth.

𝐂𝐮𝐢𝐬𝐢𝐧𝐞 𝐃𝐢𝐯𝐞𝐫𝐬𝐢𝐭𝐲 𝐚𝐧𝐝 𝐆𝐥𝐨𝐛𝐚𝐥𝐢𝐳𝐚𝐭𝐢𝐨𝐧

The popularity of various cuisines, facilitated by globalization and the internet, has contributed to the growth of the FAFH market.

Increased numbers of restaurants, cafes, bars, and food trucks globally reflect the growing culinary diversity and consumer demand for varied dining experiences.

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦𝐬 𝐚𝐧𝐝 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬

- Adoption of digital platforms and devices, along with the rise of online food delivery platforms like Zomato, Swiggy, and Uber Eats, has reshaped the FAFH landscape.

- The proliferation of ghost kitchens and cloud kitchens underscores the growing influence of online food delivery platforms and the convenience they offer to consumers.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

- The FAFH market is segmented based on delivery model, application, type of occasion, ownership type, and region.

- Dine-in remains the dominant delivery model, while restaurants, particularly full-service and limited-service, dominate the application segment.

- Freestanding establishments lead in type of occasion, and chain restaurants are expected to be the fastest-growing ownership type.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

Asia-Pacific, particularly countries like China and India, is experiencing significant growth in the FAFH market due to changing lifestyles and increased demand for fast food.

Major players in the market include Chipotle Mexican Grill, Sysco Corporation, Yum Brands, Inc., and others, who are adopting various strategies to maintain a competitive edge and capitalize on market opportunities.

𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 @ https://www.alliedmarketresearch.com/request-for-customization/A31829

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.

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 of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

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David Correa
Allied Market Research
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