The global foodservice market was valued at USD 3,099.66 billion in 2023 and is projected to reach USD 3,787.47 billion by 2030, expanding at a CAGR of 3.0% from 2024 to 2030. Rapid urbanization remains a key growth driver, as cities continue to host a dense concentration of restaurants, cafés, quick-service outlets, and cloud kitchens.
Urban lifestyles are becoming increasingly fast-paced, leading to higher demand for convenience-driven dining solutions. This shift is supporting steady growth in the foodservice sector, particularly across quick-service and delivery-focused formats. The integration of technology—such as online ordering platforms, food delivery apps, and digital payment systems—has further improved accessibility and customer engagement, strengthening overall market expansion.
Consumer preferences within the foodservice industry are evolving toward health-conscious and sustainable dining options. There is rising demand for organic, plant-based, and low-calorie meals, encouraging foodservice providers to diversify menus and reformulate offerings. At the same time, sustainability has become a strategic priority, with operators focusing on reducing food waste, adopting eco-friendly packaging, and sourcing ingredients locally.
Another notable transformation is the rapid growth of cloud kitchens, which operate exclusively through delivery channels without physical dining spaces. These models are gaining traction due to lower operating costs and strong alignment with the growing demand for online food delivery, particularly in urban and semi-urban regions.
Key Market Trends & Insights
- North America captured a revenue share of over 24.09% in 2023
- The U.S. foodservice market is projected to grow at a notable CAGR from 2024 to 2030
- By restaurant type, full-service restaurants accounted for 48.98% of global revenue in 2023
- By category, independent foodservice operators dominated with a 71.52% revenue share in 2023
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Market Size & Forecast
- 2023 Market Size: USD 3,099.66 Billion
- 2030 Projected Market Size: USD 3,787.47 Billion
- CAGR (2024–2030): 3.0%
- North America: Largest market in 2023
Competitive Landscape
The foodservice industry is witnessing strategic mergers and acquisitions as major players aim to strengthen market presence and scale operations.
In January 2024, Restaurant Brands International Inc. announced plans to acquire all outstanding shares of Carrols Restaurant Group in a cash-only transaction. As the largest franchisee of Burger King in the U.S., Carrols operates more than 1,000 Burger King locations and over 50 Popeyes restaurants across 23 states. The acquisition is expected to significantly expand Restaurant Brands International’s footprint in the quick-service restaurant segment.
In September 2023, FAT Brands acquired Smokey Bones Bar & Fire Grill from Sun Capital Partners for USD 30 million. This acquisition is projected to enhance FAT Brands’ financial performance, with an estimated USD 10 million increase in EBITDA.
Key Players Include
- McDonald’s
- Starbucks
- Restaurant Brands International Inc.
- Costa Coffee
- Tim Hortons
- Domino’s
- KFC
- Supermac’s
- Jollibee
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Conclusion
The global foodservice market is set for steady expansion through 2030, driven by urbanization, changing consumer lifestyles, and increasing reliance on technology-enabled dining solutions. Growth in convenience foods, rising demand for healthier and sustainable menu options, and the rapid adoption of cloud kitchens are reshaping the industry landscape. With North America maintaining a leading position and digital-first foodservice models gaining momentum worldwide, continued innovation and strategic consolidation are expected to support long-term market resilience and competitiveness.
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