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The Asia-Pacific (APAC) - food service market size is estimated to grow at a CAGR of 29.24% between 2023 and 2028. The market size is forecast to increase by USD 5,803.24 million. The growth of the market depends on several factors such as the changing lifestyles and rise in demand for convenient food, the increasing number of food service chains, and the growing popularity of mobile food service stations.
The report offers extensive research analysis on the Asia-Pacific (APAC) - Food Service Market, with a categorization based on Product, including food sales and beverage sales. It further segments the market by Type, encompassing restaurants, delivery and takeaway, fast foods, cafes and bars, and others. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD million) for all the mentioned segments
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the APAC food service market growth is the growing popularity of mobile food service stations. The increasing demand for mobile food service stations is rising at a high pace in APAC. In addition, the growing urbanization, hectic lifestyle, and demand for on-the-go food are fuelling the demand for mobile food service stations. Furthermore, food trucks are a convenient and quick way for consumers to grab food without having to wait for a long time.
Moreover, it is suitable for individuals who have a job and social life to maintain at the same time. In addition, food trucks can provide a variety of cuisines, including Chinese, Indian, Italian, and Asian. Furthermore, they can also provide more than one cuisine per station. In addition, the food truck business requires less capital to start up when compared to the usual brick-and-mortar restaurants. Therefore, it is positively impacting the Asia Pacific - food service market. Hence, such factors are driving the APAC food service market growth during the forecast period.
A key factor shaping the APAC food service market growth is the growing popularity of online and mobile app-based food ordering. There is an increasing preference for online orders as they are more efficient than telephone orders as they eliminate communication errors. In addition, online platforms are even more useful for takeaway restaurants during peak ordering hours as orders are not lost due to engaging phone lines.
Moreover, other advantages associated with these alliances are access to the feedback received from consumers on the online platforms and an increase in order values, as consumers tend to spend more when ordering online than when ordering through telephones, mainly because of attractive digital menus. In addition, many restaurants are opting for mobile app-based food ordering to enhance their customer base by directly delivering meals or creating a takeaway option for consumers. Therefore, it is positively impacting the Asia Pacific - food service market. Hence, such factors are driving the APAC food service market growth during the forecast period.
Fluctuating raw material prices are one of the key challenges hindering the APAC food service market growth. The significant challenge faced by companies is the fluctuating prices of food commodities, such as meat, grains, sugar, and dairy products, which are vital for the preparation of food served in quick-service restaurants. In addition, during the last five years, global sugar prices have shot up considerably. Furthermore, the increase in product price affects the consumer purchase decision, which, in turn, affects the market performance of the manufacturer.
Moreover, raw materials, such as fruits, dairy products, and sugar, used in the making of smoothies, and plastic, aluminum, and paper used in the packaging of the smoothies have volatile prices based on availability. In addition, food service outlets need to increase their budget to ensure that hygiene standards are held high during cooking and the quality of food is consistent. Furthermore, health-conscious customers opt for affordable, good-quality foods. Therefore, it is negatively impacting the APAC - food service market. Hence, such factors are hindering the APAC food service market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
APAC Food Service Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Barista India: The company offers food service such as ginger honey tea jar, 100 percent pure instant coffee jar, evening twilight beans and many more.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The food sales segment is estimated to witness significant growth during the forecast period. In APAC, the sales of food items are slightly higher compared with other regions such as North America and Europe, which account for nearly 30% of sales. In addition, the major food service and coffee chains have added various fast foods, bakery, and breakfast items to their menu, which will further fuel the market.
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The food sales segment was the largest segment and was valued at USD 491.26 million in 2018. Moreover, some of the popular foods offered by the food service chains include cakes, pastries, doughnuts, sandwiches, burgers, and pizza. In addition, coffee shops also sell packaged foods like chocolates, nuts, and other baked items. In addition, the sale of combo food items, such as burgers plus fries, will fuel the APAC - food service market. Furthermore, some of the companies operating in the market in focus are expanding their product offerings. For instance, in February 2023, Rebel Foods purchased the franchise agreement from Sierra Nevada to run Wendy's locations throughout India. Hence, such factors are fuelling the growth of this segment which in turn drives the APAC food service market growth during the forecast period.
The APAC food service market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
APAC Food Service Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.24% |
Market Growth 2024-2028 |
USD 5,803.24 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
28.77 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Barista India, Coffee Day Enterprises Ltd., Dominos Pizza Inc., Dunkin Brands Group Inc., Haldiram Foods International Pvt. Ltd., House Foods Americas, Lotte Corp., Marrybrown Sdn. Bhd., MATSUYA FOODS HOLDINGS CO. LTD., McDonald Corp., MOS Food Services Inc., Pelita Samudra Pertama M Sdn Bhd, Quanjude Vancouver, Restaurant Brands International Inc., Sate Kajang Haji Samuri, Singapore Saizeriya Pte. Ltd., The Wendys Co., Wow Momo Foods Pvt. Ltd., YUM Brands Inc., and Zensho Holdings Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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