US - Foodservice Market by Type, Solution and Sector- Forecast and Analysis 2024-2028

Published: Dec 2023

Pages: 153

SKU: IRTNTR70236

Snapshot

US Foodservice Market Forecast 2024-2028

The US foodservice market size is estimated to grow by USD 2.36 billion at a CAGR of 30.32% between 2023 and 2028. Food consumption trends have evolved, with many opting for snacks over traditional meals, particularly in the United States. In North America, various snack categories have emerged, including nuts, finger foods, and potato-based snacks. Children consume multiple snacks daily, with each additional snack contributing to their energy intake. The demand for on-the-go bakery products like doughnuts has surged, with vendors offering healthier alternatives like doughnut sandwiches. Despite a preference for healthier options, the popularity of premium snacks like doughnuts and pastries persists, driving growth in the US foodservice market.

What will be the size of the Market During the Forecast Period?

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Market Dynamics

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.

Market Driver

The changing lifestyles of consumers are the key factor driving market growth. Changing lifestyles leave consumers with very little time to prepare food. Consumers are also able to receive home deliveries from foodservice establishments. The working population also demands foods that require minimal preparation. Consequently, they are seeking more ready-to-eat (RTE) and convenience foods.

In addition, fast food chains, cafes, and QSRs are favored for their selection of foods on the go. In the US, drive-thru outlets have always been in high demand. A stable economy results in higher employment rates, but it also causes people to adopt hectic lifestyles and choose convenience foods. This is expected to fuel the market during the forecast period.

Market Trends

A highly diverse population indulging in ethnic cuisine is the primary trend shaping market growth. Increased immigration is primarily responsible for the growing popularity of spicy foods in the U.S. The Asian American population is the fastest-growing racial or ethnic group in the United States. Approximately 22 million Asians living in the United States have ancestry from East and Southeast Asian countries or populations, as well as the Indian subcontinent.

Moreover, an expanding demographic has introduced a wide variety of spicy cuisines to the American palate, and the market response has been overwhelmingly favorable. The high demand for Pan-Asian cuisine, with an emphasis on the lighter-than-Chinese cuisines of Thai, Japanese, and Vietnamese cuisine, is gaining market significance. Consequently, the increasing number of immigrants in the US are opting for ethnic cuisine, which is expected to drive the growth of the market during the forecast period.

Market Challenge

Rising competition from the unorganized fast food sector is a challenge that affects market growth. The expansion of the unorganized fast food industry poses a threat to the prominent players. Nationwide, the number of unorganized fast food players, such as those who sell from street carts and trucks, is growing exponentially. These vendors offer a variety of fast food items at reasonable prices, which is preferred by price-conscious customers.

Moreover, various consumer categories (based on income levels) exist in urban areas of the US, and many entrepreneurs are opening fast food restaurants to meet the demand. This segment's growth is anticipated to increase in the future, which is expected to impede the market during the forecast period.

Customer Landscape

The market research and growth 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 market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Who are the Major US Foodservice Market Companies?

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.

American Dairy Queen Corp.: The company offers food services that include hamburgers, chicken nuggets, fresh made salads, fries, and different sides.

The market forecasting 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.

Market Segmentation

The fast foodservice segment is estimated to witness significant growth during the forecast period. Fast foodservice restaurants provide quick service and frequently have a drive-through option. Numerous market participants are opening new stores in different locations and introducing novel and diverse food options to their menus. The swift service provided by restaurants makes them a favorite among consumers who are pressed for time.

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The fast foodservice segment was the largest segment and was valued at USD 100.15 million in 2018. The availability of non-vegetarian food products in a variety of fast food types, such as pizzas, burgers, subways, and sandwiches, is anticipated to significantly drive the segment's growth. In addition, market players in the US offer sauces and spices alongside non-vegetarian fast food items. Doctors Associates LLC, for instance, offers a Buffalo Chicken Subway Sandwich with Frank's RedHot sauce. Thus, such efforts by vendors have contributed to the growth of the segment. Therefore, such factors are expected to drive the growth of the fast food service segment during the forecast period.

Market Analyst Overview

The US foodservice industry encompasses a diverse landscape of food bars, university canteens, catering services, vending machines, hotels, and renowned chains like McDonald's, KFC, Taco Bell, and Olive Garden. This dynamic market is influenced by global trade dynamics, political environments, and macroeconomic factors. Technological advancements and digitalization have spurred innovation and digital transformations across food service outlets, catering to changing consumption behaviors driven by a young population with a shortage of time.

With real personal disposable income on the rise, hotels and quick-service restaurants remain popular among millennial consumers. However, health concerns persist regarding excessive consumption of fried and unhealthy foods, contributing to obesity, diabetes, and cardiovascular diseases. Initiatives like the National Salt and Sugar Reduction Initiative aim to address diet-related diseases. The market encompasses various segments including full-service and quick-service restaurants, coffee shops, bakeries, virtual and ghost kitchens, and online food delivery platforms catering to diverse tastes ranging from North American to Indian cuisine. Despite health concerns, quick-service giants like McDonald's, Taco Bell, and Burger King continue to dominate alongside a growing trend towards healthier alternatives and e-commerce channels.

Segment Overview

The market growth analysis report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

Type Outlook
- Fast foodservice
- Restaurant
- Cafes and bars
- Delivery and takeaway
- Others

Solution Outlook
- Conventional
- Centralized
- Ready prepared
- Assembly-serve

Sector Outlook
- Commercial
- Non-commercial

Foodservice Market In US Scope
Report Coverage	Details
Page number	153
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 30.32%
Market growth 2024-2028	USD 2,365.2 million
Market structure	Fragmented
YoY growth 2023-2024(%)	29.73
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	American Dairy Queen Corp., Chick fil A Inc., CKE Restaurants Holdings Inc., Dominos Pizza Inc., Inspire Brands Inc., Jack in the Box Inc., Marcos Franchising LLC, McDonald Corp., MTY Food Group Inc., Papa Johns International Inc., Pret A Manger, Raising Canes Restaurants LLC, Restaurant Brands International Inc., Shamrock Foods Co., Starbucks Corp., Sysco Corp., The Subway Group, The Wendys Co., Wingstop Inc., YUM Brands Inc., and Penn Station Inc.
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, Market condition analysis for 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.

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What are the Key Data Covered in this Market Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the foodservice market in US between 2024 and 2028
Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the market industry across US
Thorough analysis of the market’s competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of market companies

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Solution
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Sector
- Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 08: Parent market
- Exhibit 09: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 10: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 11: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 12: Chart on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 13: Data Table on US - Market size and forecast 2023-2028 ($ million)
- Exhibit 14: Chart on US: Year-over-year growth 2023-2028 (%)
- Exhibit 15: Data Table on US: Year-over-year growth 2023-2028 (%)

4 Historic Market Size

4.1 Foodservice market in US 2018 - 2022
- Exhibit 16: Historic Market Size – Data Table on foodservice market in US 2018 - 2022 ($ million)

4.2 Type Segment Analysis 2018 - 2022
- Exhibit 17: Historic Market Size – Type Segment 2018 - 2022 ($ million)

4.3 Solution Segment Analysis 2018 - 2022
- Exhibit 18: Historic Market Size – Solution Segment 2018 - 2022 ($ million)

4.4 Sector Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Sector Segment 2018 - 2022 ($ million)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 20: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 26: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Type

6.1 Market segments
- Exhibit 27: Chart on Type - Market share 2023-2028 (%)
- Exhibit 28: Data Table on Type - Market share 2023-2028 (%)

6.2 Comparison by Type
- Exhibit 29: Chart on Comparison by Type
- Exhibit 30: Data Table on Comparison by Type

6.3 Fast foodservice - Market size and forecast 2023-2028
- Exhibit 31: Chart on Fast foodservice - Market size and forecast 2023-2028 ($ million)
- Exhibit 32: Data Table on Fast foodservice - Market size and forecast 2023-2028 ($ million)
- Exhibit 33: Chart on Fast foodservice - Year-over-year growth 2023-2028 (%)
- Exhibit 34: Data Table on Fast foodservice - Year-over-year growth 2023-2028 (%)

6.4 Restaurant - Market size and forecast 2023-2028
- Exhibit 35: Chart on Restaurant - Market size and forecast 2023-2028 ($ million)
- Exhibit 36: Data Table on Restaurant - Market size and forecast 2023-2028 ($ million)
- Exhibit 37: Chart on Restaurant - Year-over-year growth 2023-2028 (%)
- Exhibit 38: Data Table on Restaurant - Year-over-year growth 2023-2028 (%)

6.5 Cafes and bars - Market size and forecast 2023-2028
- Exhibit 39: Chart on Cafes and bars - Market size and forecast 2023-2028 ($ million)
- Exhibit 40: Data Table on Cafes and bars - Market size and forecast 2023-2028 ($ million)
- Exhibit 41: Chart on Cafes and bars - Year-over-year growth 2023-2028 (%)
- Exhibit 42: Data Table on Cafes and bars - Year-over-year growth 2023-2028 (%)

6.6 Delivery and takeaway - Market size and forecast 2023-2028
- Exhibit 43: Chart on Delivery and takeaway - Market size and forecast 2023-2028 ($ million)
- Exhibit 44: Data Table on Delivery and takeaway - Market size and forecast 2023-2028 ($ million)
- Exhibit 45: Chart on Delivery and takeaway - Year-over-year growth 2023-2028 (%)
- Exhibit 46: Data Table on Delivery and takeaway - Year-over-year growth 2023-2028 (%)

6.7 Others - Market size and forecast 2023-2028
- Exhibit 47: Chart on Others - Market size and forecast 2023-2028 ($ million)
- Exhibit 48: Data Table on Others - Market size and forecast 2023-2028 ($ million)
- Exhibit 49: Chart on Others - Year-over-year growth 2023-2028 (%)
- Exhibit 50: Data Table on Others - Year-over-year growth 2023-2028 (%)

6.8 Market opportunity by Type
- Exhibit 51: Market opportunity by Type ($ million)
- Exhibit 52: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Solution

7.1 Market segments
- Exhibit 53: Chart on Solution - Market share 2023-2028 (%)
- Exhibit 54: Data Table on Solution - Market share 2023-2028 (%)

7.2 Comparison by Solution
- Exhibit 55: Chart on Comparison by Solution
- Exhibit 56: Data Table on Comparison by Solution

7.3 Conventional - Market size and forecast 2023-2028
- Exhibit 57: Chart on Conventional - Market size and forecast 2023-2028 ($ million)
- Exhibit 58: Data Table on Conventional - Market size and forecast 2023-2028 ($ million)
- Exhibit 59: Chart on Conventional - Year-over-year growth 2023-2028 (%)
- Exhibit 60: Data Table on Conventional - Year-over-year growth 2023-2028 (%)

7.4 Centralized - Market size and forecast 2023-2028
- Exhibit 61: Chart on Centralized - Market size and forecast 2023-2028 ($ million)
- Exhibit 62: Data Table on Centralized - Market size and forecast 2023-2028 ($ million)
- Exhibit 63: Chart on Centralized - Year-over-year growth 2023-2028 (%)
- Exhibit 64: Data Table on Centralized - Year-over-year growth 2023-2028 (%)

7.5 Ready prepared - Market size and forecast 2023-2028
- Exhibit 65: Chart on Ready prepared - Market size and forecast 2023-2028 ($ million)
- Exhibit 66: Data Table on Ready prepared - Market size and forecast 2023-2028 ($ million)
- Exhibit 67: Chart on Ready prepared - Year-over-year growth 2023-2028 (%)
- Exhibit 68: Data Table on Ready prepared - Year-over-year growth 2023-2028 (%)

7.6 Assembly-serve - Market size and forecast 2023-2028
- Exhibit 69: Chart on Assembly-serve - Market size and forecast 2023-2028 ($ million)
- Exhibit 70: Data Table on Assembly-serve - Market size and forecast 2023-2028 ($ million)
- Exhibit 71: Chart on Assembly-serve - Year-over-year growth 2023-2028 (%)
- Exhibit 72: Data Table on Assembly-serve - Year-over-year growth 2023-2028 (%)

7.7 Market opportunity by Solution
- Exhibit 73: Market opportunity by Solution ($ million)
- Exhibit 74: Data Table on Market opportunity by Solution ($ million)

8 Market Segmentation by Sector

8.1 Market segments
- Exhibit 75: Chart on Sector - Market share 2023-2028 (%)
- Exhibit 76: Data Table on Sector - Market share 2023-2028 (%)

8.2 Comparison by Sector
- Exhibit 77: Chart on Comparison by Sector
- Exhibit 78: Data Table on Comparison by Sector

8.3 Commercial - Market size and forecast 2023-2028
- Exhibit 79: Chart on Commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 80: Data Table on Commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 81: Chart on Commercial - Year-over-year growth 2023-2028 (%)
- Exhibit 82: Data Table on Commercial - Year-over-year growth 2023-2028 (%)

8.4 Non-commercial - Market size and forecast 2023-2028
- Exhibit 83: Chart on Non-commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 84: Data Table on Non-commercial - Market size and forecast 2023-2028 ($ million)
- Exhibit 85: Chart on Non-commercial - Year-over-year growth 2023-2028 (%)
- Exhibit 86: Data Table on Non-commercial - Year-over-year growth 2023-2028 (%)

8.5 Market opportunity by Sector
- Exhibit 87: Market opportunity by Sector ($ million)
- Exhibit 88: Data Table on Market opportunity by Sector ($ million)

9 Customer Landscape

9.1 Customer landscape overview
- Exhibit 89: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 90: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 91: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 92: Overview on factors of disruption

11.4 Industry risks
- Exhibit 93: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 94: Vendors covered

12.2 Market positioning of vendors
- Exhibit 95: Matrix on vendor position and classification

12.3 American Dairy Queen Corp.
- Exhibit 96: American Dairy Queen Corp. - Overview
- Exhibit 97: American Dairy Queen Corp. - Product / Service
- Exhibit 98: American Dairy Queen Corp. - Key offerings

12.4 Chick fil A Inc.
- Exhibit 99: Chick fil A Inc. - Overview
- Exhibit 100: Chick fil A Inc. - Product / Service
- Exhibit 101: Chick fil A Inc. - Key offerings

12.5 CKE Restaurants Holdings Inc.
- Exhibit 102: CKE Restaurants Holdings Inc. - Overview
- Exhibit 103: CKE Restaurants Holdings Inc. - Product / Service
- Exhibit 104: CKE Restaurants Holdings Inc. - Key offerings

12.6 Dominos Pizza Inc.
- Exhibit 105: Dominos Pizza Inc. - Overview
- Exhibit 106: Dominos Pizza Inc. - Business segments
- Exhibit 107: Dominos Pizza Inc. - Key news
- Exhibit 108: Dominos Pizza Inc. - Key offerings
- Exhibit 109: Dominos Pizza Inc. - Segment focus

12.7 Inspire Brands Inc.
- Exhibit 110: Inspire Brands Inc. - Overview
- Exhibit 111: Inspire Brands Inc. - Product / Service
- Exhibit 112: Inspire Brands Inc. - Key offerings

12.8 Jack in the Box Inc.
- Exhibit 113: Jack in the Box Inc. - Overview
- Exhibit 114: Jack in the Box Inc. - Product / Service
- Exhibit 115: Jack in the Box Inc. - Key offerings

12.9 Marcos Franchising LLC
- Exhibit 116: Marcos Franchising LLC - Overview
- Exhibit 117: Marcos Franchising LLC - Product / Service
- Exhibit 118: Marcos Franchising LLC - Key offerings

12.10 McDonald Corp.
- Exhibit 119: McDonald Corp. - Overview
- Exhibit 120: McDonald Corp. - Business segments
- Exhibit 121: McDonald Corp. - Key news
- Exhibit 122: McDonald Corp. - Key offerings
- Exhibit 123: McDonald Corp. - Segment focus

12.11 MTY Food Group Inc.
- Exhibit 124: MTY Food Group Inc. - Overview
- Exhibit 125: MTY Food Group Inc. - Business segments
- Exhibit 126: MTY Food Group Inc. - Key offerings
- Exhibit 127: MTY Food Group Inc. - Segment focus

12.12 Papa Johns International Inc.
- Exhibit 128: Papa Johns International Inc. - Overview
- Exhibit 129: Papa Johns International Inc. - Business segments
- Exhibit 130: Papa Johns International Inc. - Key offerings
- Exhibit 131: Papa Johns International Inc. - Segment focus

12.13 Penn Station Inc.
- Exhibit 132: Penn Station Inc. - Overview
- Exhibit 133: Penn Station Inc. - Product / Service
- Exhibit 134: Penn Station Inc. - Key offerings

12.14 Pret A Manger
- Exhibit 135: Pret A Manger - Overview
- Exhibit 136: Pret A Manger - Product / Service
- Exhibit 137: Pret A Manger - Key offerings

12.15 Raising Canes Restaurants LLC
- Exhibit 138: Raising Canes Restaurants LLC - Overview
- Exhibit 139: Raising Canes Restaurants LLC - Product / Service
- Exhibit 140: Raising Canes Restaurants LLC - Key offerings

12.16 Restaurant Brands International Inc.
- Exhibit 141: Restaurant Brands International Inc. - Overview
- Exhibit 142: Restaurant Brands International Inc. - Business segments
- Exhibit 143: Restaurant Brands International Inc. - Key news
- Exhibit 144: Restaurant Brands International Inc. - Key offerings
- Exhibit 145: Restaurant Brands International Inc. - Segment focus

12.17 Shamrock Foods Co.
- Exhibit 146: Shamrock Foods Co. - Overview
- Exhibit 147: Shamrock Foods Co. - Product / Service
- Exhibit 148: Shamrock Foods Co. - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 149: Inclusions checklist
- Exhibit 150: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 151: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 152: Research methodology
- Exhibit 153: Validation techniques employed for market sizing
- Exhibit 154: Information sources

13.5 List of abbreviations
- Exhibit 155: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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