Food Away from Home Market Projected to Reach $5.85 Trillion by 2031: Allied Market Research
The food away from home market is set to grow at a CAGR of 2.3%, driven by the rising popularity of dining out culture.
WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATES, July 16, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โFood away from home Market," The food away from home market size 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.
๐๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ซ๐๐ฉ๐ก๐ฌ ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ @ https://www.alliedmarketresearch.com/request-sample/A31829
The rise in popularity of dining out culture has significantly propelled the growth of the global food away from home market demand 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 to attract customers. Further, cleanliness and hygiene are the major factors that further attract consumers to fast-food chains like McDonaldโs, KFC, and Dominoโs. 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 the food away from home market growth in the forthcoming years.
In addition, the market for food away from home is experiencing growth due to 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 has 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.
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 domination. 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 restaurants segment dominated the market in 2021, accounting for 73.5% of 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.
๐๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ญ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ @ 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:
๐๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
- The dining-out culture, particularly in developed and developing nations, has fueled the growth of quick-service restaurants and popular fast-food chains like McDonaldโs, KFC, and Dominoโs.
- Creative marketing strategies emphasizing menu offerings and cleanliness/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.
๐๐๐ฎ๐ข๐ฌ๐ข๐ง๐ ๐๐ข๐ฏ๐๐ซ๐ฌ๐ข๐ญ๐ฒ ๐๐ง๐ ๐๐ฅ๐จ๐๐๐ฅ๐ข๐ณ๐๐ญ๐ข๐จ๐ง
- 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.
๐๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ๐ฌ ๐๐ง๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐๐ซ๐ฏ๐ข๐๐๐ฌ
- 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.
๐๐๐๐ญ ๐๐จ๐ฎ๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ @ https://www.alliedmarketresearch.com/request-for-customization/A31829
ยปยป ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐ ๐จ๐จ๐ ๐๐ง๐ ๐๐๐ฏ๐๐ซ๐๐ ๐๐ฌ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ
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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.
We have professional corporate relations with various companies, and this helps us dig out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies in the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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