Latest News:- Foodservice Market in US: Fast foodservice is expected to lead the Type segment during 2024-2028

Foodservice Market in US to grow at a CAGR of 4.4% during 2024-2028

The Foodservice Market in US is expected to grow at a CAGR of 4.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 204.8 billion. The foodservice industry in the US is witnessing a significant trend towards the increasing preference for ethnic cuisines, particularly those originating from East and Southeast Asian countries and the Indian subcontinent. This trend is primarily driven by the growing immigrant population, with approximately 22 million Asian Americans residing in the US. The adventurous American palate has embraced the diverse range of spicy flavors introduced by this demographic, resulting in a highly favorable market response. The Asian American population, the fastest-growing racial or ethnic group in the US, has brought a rich culinary heritage that is significantly expanding the foodservice landscape in the country. 

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The Fast foodservice subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the Fast foodservice subsegment will lead the Type segment during 2024 and 2028 The Foodservice Market in the US is a significant sector, catering to the demands of various industries, including education, healthcare, and business and industry. This market is characterized by robust growth, driven by factors such as increasing consumer preference for convenience and the expansion of the quick-service restaurant segment. Key players in this market focus on innovation, sustainability, and cost efficiency to meet evolving customer needs.

Here are the various ways based on which the market is segmented: 

• Type
  • Fast foodservice
  • Restaurant
  • Cafes and bars
  • Delivery and takeaway
  • Others
• Solution
  • Conventional
  • Centralized
  • Ready-prepared
  • Assembly-serve
• Sector
  • Commercial
  • Non-commercial
• Geography
  • North America

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There are several factors that are causing the market to flourish increased snacking and indulgence consumption

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The foodservice industry in the US is undergoing a significant transformation, with innovations such as virtual kitchens, vending machines, and online ordering systems revolutionizing the way consumers access food. Virtual kitchens, which focus on preparing meals for delivery and pick-up, are gaining popularity in major cities. Hotels, universities, and canteens are also adopting food bars and self-service kiosks for quick, convenient meals. Restaurants, from limited-service to full-service, are embracing real-time food service and online payments for a seamless customer experience. Packaged food service, including catering services, is also on the rise, with consumers demanding more nutritional options such as gluten-free, low-sugar, vegan, and other dietary requirements. Food items like Waffles and Pancakes continue to be popular choices, with many establishments offering customizable options to cater to diverse consumer preferences. The foodservice industry is continually evolving to meet the changing needs of consumers, with technology playing a key role in enhancing convenience and personalization. Online booking and payment systems, for instance, enable consumers to easily order and pay for their meals, further streamlining the foodservice experience.

Market Research Overview

The parent market encompasses businesses involved in the operation of hotels, resorts, and cruise lines, encompassing entities such as casinos and gaming, leisure facilities, travel agencies, tour operators, and related services. According to Technavio, the global market size for hotels, resorts, and cruise lines is determined by the consolidated revenue generated by these sectors. Key growth drivers for this industry include the expanding travel and tourism industry, with annual increases in international and domestic travelers from both emerging and developed economies.

The Foodservice Market in US is experiencing significant growth, fueled by the increased snacking and indulgence consumption. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/