Food Away From Home Market Outlook Report 2024-2033 | Trends, Analysis, Insights, Overview

Global food away from home market size is expected to reach $5,564.43 billion by 2028 at a rate of 4.7%, segmented as by type of occasion, entertainment, travel, retail, freestanding

Sep 4, 2024 - 15:00

Food Away From Home Market Outlook Report 2024-2033 | Trends, Analysis, Insights, Overview

The Food Away From Home Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Food Away From Home Global Market Report 2024, The food away from home market size is expected to see steady growth in the next few years. It will grow to $5,564.43 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to regulatory environment, economic conditions, culinary exploration, rise of online food delivery and hectic work schedule. Major trends in the forecast period include contactless and digital ordering, ghost kitchens and virtual brands, sustainability and eco-friendly practices, technology integration and plant-based and alternative protein.

The growing expansion of fast-food restaurants is expected to propel the growth of the food-away-from-home market going forward. Fast-food restaurants, also referred to as fast food outlets, are a type of restaurant that serves quickly prepared and pre-cooked meals with limited table service. The rise of fast-food restaurants is driven by demand for convenient and diverse dining options, busy lifestyles, and evolving taste preferences. Fast-food restaurants, offering quick and affordable meal options, attract busy individuals and cost-conscious consumers with their value meals and promotions. For instance, in 2024, according to Aviko, a Netherlands-based food company, the UK fast food industry rose from 20.61 billion in 2022 to 22.04 billion in 2023. The number of UK consumers who ate in fast-food restaurants increased to 45% in 2023. Therefore, the growing expansion of fast-food restaurants is driving the growth of the food-away-from-home market.

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The food away from home market covered in this report is segmented –

1) By Type Of Occasion: Entertainment, Travel, Retail, Freestanding

2) By Ownership Type: Independent, Chains

3) By Delivery Model: Dine In, Take Away, Home Delivery

4) By Application: Restaurants, Schools And Colleges, Hotels And Motels, Retail Stores And Vending, Other Applications

Major companies operating in the food away from home market are focused on developing next-generation technology, such as an "AI-first" strategy to enhance efficiency and empower their workforce across their fast-food restaurant chains. The AI-first strategy is a business strategy that prioritizes the integration and optimization of artificial intelligence across all parts of a fast-food chain's operations in order to increase efficiency, reduce costs, and provide better customer experiences. For instance, in April 2024, Yum! Brands, a US-based fast food corporation, introduced the SuperApp platform. It is an AI-first strategy smartphone app for restaurant managers that is presently used by over 8,700 Pizza Hut and KFC restaurants. The app enables restaurant staff to ask operational queries, such as how to adjust oven temperatures and receive responses via a generative AI chatbot. This eliminates the need for traditional training manuals. Employees use the SuperApp to manage their work schedules as well as order goods and supplies, which helps restaurants run smoothly.

The food away from home market report table of contents includes: