The restaurants and mobile food services market is estimated to be valued at US$ 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 US$ 3.08 trillion by 2033.
The market for restaurants and mobile food services is anticipated to grow as technology replaces the meal delivery industry. The adoption of automation and improved procedures in the food industry is gradually gaining popularity as both businesses and consumers benefit. The market for restaurants and mobile food services has experienced spectacular expansion thanks to the social media era, Generation Z, and the twenty-first century.
Online Food Delivery could have Deleterious Repercussions that Limit the Market’s Expansion.
Customers are apprehensive about online food ordering because of a couple of its drawbacks. Even while food delivery provides numerous advantages, there are some drawbacks as well. When there is a lot of traffic, home delivery applications encounter problems.
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Food from delivery services is typically wrapped in plastic, making it less aesthetically pleasing than food that is presented correctly on your plate in a restaurant. The fact that guests may be charged extra fees for using meals on wheels is another drawback.
Even though most nations provide free meal delivery, if an order’s value is below a certain level, customers could still be asked to pay for delivery—even though the food they bought was fairly reasonably priced. This has an adverse effect on the market for restaurants and mobile food providers.
Regional Outlook
Currently, Asia Pacific is dominant and holds a substantial market share for restaurants and mobile food services. The causes of this include rapid urbanization, an increase in disposable income, and a willingness among individuals to try new dishes.
In particular, there have been numerous mergers and acquisitions in the food business, especially in China and India, which indicates that the market may prosper in the years to come.
After Asia Pacific, North America holds a significant market share in second place, followed by Europe. Both North America and Europe are expected to experience moderate growth during the predicted period.
Key Takeaways
- During the projection period, the United States restaurants and mobile food services market is expected to reach US$ 565.6 billion.
- China is anticipated to outpace its competitors in the restaurants and mobile food services market, which is forecast to reach US$ 715.95 billion by 2033 and exhibit a CAGR of 5.4% between 2023 and 2033. From 2023 to 2033, the restaurants and mobile food services market in Japan is expected to expand at a CAGR of 0.8%.
- From 2023 to 2033, the restaurants and mobile food services market in Canada is projected to record a CAGR of 2.2%.
- The market in Germany is anticipated to expand within Europe at a CAGR of 1.4%.
- The market in Asia Pacific is anticipated to reach US$ 356.9 billion over the projected period, driven by nations like Australia, India, and South Korea.
- Between 2023 and 2033, the Cafeterias, Grill Buffets, and Buffets segment may record a CAGR of 3.4%.
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Key Players
- Brinker International Inc.
- Chick-fil-A
- Chipotle Mexican Grill Inc.
- Darden Restaurants Inc.
- Eat Drink Collective
- Kogi BBQ
- KoJa Kitchen LLC
- Lukes Seafood LLC
- McDonald Corp.
- OINK and MOO BBQ
- Restaurant Brands International Inc.
- The Grilled Cheeserie
- The Subway Group
- World Famous House of Mac
- YUM Brands Inc.
Recent Development
- Launches – 2022
- Outback Steakhouse restaurants opened new locations in May 2022 with a more contemporary dining area. Three added eateries were opened by the corporation, one each in Fort Worth, Steele Creek, and Polaris.
- 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.
- Partnership – 2022
- 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.
Key Segments
By Type:
- Full-service Restaurants
- Limited-service Restaurants
- Cafeterias, Grill Buffets, and Buffets
- Mobile Food Services
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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