Restaurants and Mobile Food Services Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 2.23 Trillion
Forecasted Value (2030)
USD 3.17 Trillion
CAGR (2023 – 2030)
Fastest Growing Region (2023 - 2030)
Full-Service Restaurant, Limited-Service Restaurants, Cafeterias, Others
By Ownership Type
The global Restaurants and Mobile Food Services Market was valued at USD 2.23 trillion in 2022 and is projected to reach USD 3.17 trillion by 2030, growing at a CAGR of 4.50% from 2023 to 2030.
The global restaurant and mobile food services industry is substantial, encompassing various segments such as fast food and fine dining. The COVID-19 pandemic had a significant impact, leading to closures and increased demand for delivery and takeout services. Technology, including online ordering and food delivery platforms, has become pivotal. Sustainability and health-conscious dining are on the rise, and food trucks have gained popularity due to their flexibility.
Adherence to health and safety regulations is essential, and competition and innovation are key factors driving industry expansion. Consumer preferences have shifted toward convenience and unique dining experiences, while global expansion opportunities exist for restaurant chains.
Analyst’s Review on Restaurants and Mobile Food Services Market
The market for restaurants and mobile food services is anticipated to grow as technology replaces the meal delivery industry. With the rise of food delivery apps and platforms, consumers now have more options than ever when it comes to enjoying restaurant-quality meals in the comfort of their own homes. This shift towards technology-driven meal delivery services is expected to further bolster the growth of restaurants and mobile food services.
As more and more people become accustomed to the convenience and ease of ordering meals through these platforms, the demand for restaurant-quality food delivered to their doorstep is likely to increase. This will not only benefit traditional restaurants that offer delivery services but also encourage the emergence of new mobile food services that cater specifically to the on-demand market. In addition, technology-driven meal delivery services can help restaurants reach a wider customer base, expanding their business beyond their physical location.
The restaurants & mobile food services market refers to the industry that encompasses businesses and establishments involved in preparing and serving food and beverages to customers for consumption on-site or for takeout and delivery. This sector is quite diverse and includes various types of foodservice establishments, ranging from traditional sit-down restaurants to mobile food trucks and food delivery services.
Restaurants are often considered the cornerstone of this market, offering a wide array of cuisines and dining experiences. These establishments typically provide a comfortable and inviting atmosphere for customers to enjoy their meals. On the other hand, mobile food trucks have gained popularity in recent years, offering a convenient and on-the-go dining experience. Food delivery services have also seen significant growth, allowing customers to enjoy restaurant-quality meals in the comfort of their own homes. Overall, the restaurants & mobile food services market caters to the varied preferences and needs of consumers in the food industry.
The demand for delivery and takeout services has surged in recent years, and this trend is likely to continue. Investing in a robust online ordering and delivery system can be a lucrative opportunity. Not only does it cater to the growing consumer preference for convenience, but it also provides a competitive edge for businesses in the food industry. By offering a seamless online ordering experience and efficient delivery service, restaurants and food establishments can attract more customers and increase their revenue. Moreover, with advancements in technology and the rise of third-party delivery platforms, has become more accessible and affordable for businesses of all sizes.
Fluctuations in food prices, supply chain disruptions, and increased demand for certain ingredients can lead to a rise in food costs, which can affect profitability. In addition, rising food costs can also impact consumers' purchasing power and their ability to afford nutritious meals. This can result in a shift towards cheaper, unhealthy alternatives, ultimately affecting public health. Moreover, restaurants and food businesses may be forced to either increase their prices or compromise on the quality of ingredients used, potentially leading to a decline in customer satisfaction and loyalty. Therefore, it is crucial for businesses to carefully manage and anticipate these factors to maintain stability and profitability in the food industry.
The global restaurants and mobile food services market is segmented based on application, ownership type, and geography.
By application, full service restaurants accounted for the largest revenue share in the restaurants and mobile food services market. This can be attributed to the high demand for dine-in experiences and the extensive menu options offered by full service restaurants. Additionally, the ability to provide a comfortable and inviting atmosphere for customers to enjoy their meals further contributes to their popularity. As a result, full service restaurants continue to dominate the market and maintain their position as the top revenue-generating segment.
By ownership type, the chain segment accounted for a significant share in the market revenue in 2022. Chain restaurants dominated the sector due to their widespread presence and affordability, which made them a popular choice for consumers. Additionally, chain restaurants often have consistent menus and dining experiences, which can attract customers looking for reliability. With their ability to leverage economies of scale and negotiate better deals with suppliers, chain restaurants can offer competitive prices, further contributing to their dominance in the market.
Based on region, the global restaurants and mobile food services market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America is expected to register a lion's share market share in 2022. Restaurants' operating expenses are rapidly increasing in developed countries like the US & Canada. This increase in operating expenses can be attributed to several factors such as rising labor costs, inflation, and the need to invest in new technologies and equipment. Additionally, the growing demand for high-quality ingredients and sustainable practices has also put pressure on restaurants to increase their spending. Despite these challenges, the North American restaurant industry remains resilient and continues to innovate to meet the changing demands of consumers.
Whereas, APAC is expected to register the highest CAGR through the forecast period due to restaurants increasingly integrating technology into their operations and the growing popularity of online food delivery services. The APAC region, which includes countries like China, India, and Japan, has a large population base and a rising middle class with disposable income. As a result, more consumers are dining out or ordering food online, which is leading to a surge in demand for technology solutions that can streamline restaurant operations and enhance the overall dining experience. This trend is expected to drive the growth of the restaurants and mobile food services market in APAC in the coming years.
The global restaurants and mobile food services market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major players in the restaurants and mobile food services market are
- Restaurant Brands International Inc.
- McDonald's Corporation
- Brinker International Inc.
- The Subway Group
- Chipotle Mexican Grill Inc.
- Darden Restaurants Inc.
- Bloomin' Brands Inc.
- Yum China Holdings Inc.
- The Grilled Cheeserie
- World Famous House of Mac
- March 2022 (Partnership) – To help its McDelivery business flourish, the company established a long-term, international strategic relationship with Just Eat Takeaway.com. Through the relationship, McDonald's consumers and franchisees in international regions were to have access to the convenience and value of McDelivery.
- July 2022 (Launch) – Subway restaurants launched The Subway Series, a collection of 12 fresh new signature sandwiches that may be customized by name or number. These delectable new sandwiches provide customers more options than the well-liked build-your-own optionand have the optimum combination of meat, cheese, vegetables, sauce, and freshly baked bread.
The global Restaurants and Mobile Food Services Market is segmented as:
- Full-Service Restaurant
- Limited-Service Restaurants
By Ownership Type
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America