The global Food Service Market was valued at USD 5,461.17 billion in 2022 and is projected to reach a valuation of USD 6,791.31 billion by 2030, growing at a CAGR of 2.82% from 2023 to 2030.
The food service market has experienced significant growth owing to the rise in disposable income among consumers. Furthermore, hectic working lifestyles have majorly favored the trend of consuming ready-to-eat food products through various means, such as dine-out at restaurants, takeaway services, and online food deliveries. Millennials and Gen Z are among the largest consumer bases in the food service market. At the corporate level, companies have started outsourcing catering services for the meals of their employees, which is ultimately supporting the growth of the market.