Food Away From Home Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the Food Away from Home Market was valued at USD 4.3 trillion in 2022, and a CAGR of 3.4% is expected during the forecast period. Increasing demand for a female workforce in this industry is a driving factor. This type of food is cooked away from home but consumed at home. Increasing disposable income, increasing urbanization, and increasing popularity of cloud kitchens are driving growth in the market significantly.

The rise in penetration of fast food chains all over the world is driving growth in the market. Increasing growth in the number of fast-food chains opening in developed nations is driving growth in the market. Surge in women’s employment and growing popularity of different cuisines all over the world are driving growth in the market significantly.

Growth Drivers

Continuous growth in the tourism industry and the busy and hectic schedule of people in the modern world are driving forces in the Food Away from Market. Increasing smart phone penetration and increasing access to the internet are driving growth in the market. The increasing number of food outlets all over the world, including McDonald, KFC, and others, is responsible for significant growth in the market. Increasing disposable income, urbanization, and increasing growth in female workers all over the world are driving growth in the market.

Increasing global population, due to which the number of working people with busy schedules is also increasing significantly, is driving growth in the market. Increasing growth in the restaurant industry, and hotels and motels are driving growth significantly in the market. The presence of key players in the market is significantly driving the growth in the market. Both parents in a household are working; there is less time for cooking at home now, and the demand for convenient and quick meal options is driving growth in the market.

The rise of food delivery apps like Zomato, UberEATS, Door Dash, and Grub hub is driving growth in the market significantly. Younger generations tend to favor dining out and ordering in for social and convenience reasons. Millennials and Gen Z value experience and convenience over cooking at home, which contribute significantly to the growth in this market. Rising income levels globally, especially in emerging markets, enable consumers to allocate more of their budget to dining out.

The growth of the middle class in many developed countries has expanded the customer base for this market. Restaurants and food service outlets are increasingly catering to health-conscious consumers by offering plant-based and organic food options. Increasing penetration of smart phones and an increasing number of food delivery companies are driving growth in the market.

Segmentation

By Ownership Type

·         Independent

·         Chains

By Type of Occasion

·         Freestanding

·         Retail

·         Travel

·         Entertainment

By Applications

·         Restaurants

·         Schools and Colleges

·         Retail Stores and Vending

·         Hotels and Motels

·         Others

By Delivery

·         Dine-In

·         Take Away

·         Home Delivery

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Food Away from Home Market by Ownership Type

On the basis of the ownership type, the food away from the market is segmented into independents and chains. Chains are the leading segment during the forecast period due to established brand recognition, which often leads to greater customer trust. Consumers tend to choose chain restaurants because they know what to expect in terms of food quality, pricing, and services.

Chain restaurants take advantage of bulk purchasing and standardized operations, reducing costs on supplies, ingredients, and equipment. Chains often have standardized procedures, menus, and training programs, leading to more efficient operations. Increasing disposable income and urbanization in almost all over the world, people following busy and hectic work schedules are driving significant growth in the market. The increasing number of food outlets in all the developed nations in the world is driving growth in the market significantly.

Food Away from Home Market by Application

On the basis of the application, the food away from home market is segmented into restaurants, schools and colleges, hotels and motels, retail stores and vending, and others. Restaurants are the leading segment in the market due to the increasing number of food- chains opening in different parts of the world. Hotels and motels are the leading segment during the forecast period due to the increasing number of tourists’ arrivals in most parts of the world.

The rise in popularity of dining out culture is increasing significantly in the market. Schools and colleges are also the leading segment in the market due to the increasing number of students’ preferences for fast food. Schools and colleges in metropolitan cities are mostly having these food outlets like KFC, McDonalds, and Burger King near the college area and witnessing significant growth due to rising disposable income and students’ willingness to have fast food efficiently from these outlets.

Regional Outlook

On the basis of the regions, the Food Away from Home market is segmented into 5 parts: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the dominant market, and Asia Pacific is expected to dominate the market during the forecast period due to the increasing expansion of worldwide food restaurant chains all over the world, which is driving growth in the market.

Rising disposable income and increasing urbanization are significantly inspiring people to enjoy food at these restaurants like KFC, McDonalds, and Olive Garden. China, India, Indonesia, and Vietnam are experiencing significant growth in the market due to increasing population. Rising demand for fast-food items like burgers, sandwiches, and pizza is the most popular one in China, Vietnam, India, and Indonesia. Small and midsize food manufacturing businesses are significantly contributing to the market.

The European market, due to the increasing number of working people, is experiencing significant growth in the market in countries like Germany, France, Italy, Spain, and the United Kingdom. Rising disposable income and increasing smart phone penetration in the region are the key factors behind the significant growth in the market. The presence of key players in North America and the European region is driving growth in the market.

 Key Players

·         Compass Group Plc

·         Chipotle Mexican Grill

·         Burger King Corporation

·         Sysco Operation

·         Yum Brands

·         Jubilant Food Works Limited

·         Sodexo Restaurant Brands International Inc

·         Darden Concepts Inc.

·         Other Players