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United States Foodservice Market - Growth, Trends, and Forecast (2020 - 2025)

United States Foodservice Market - Growth, Trends, and Forecast (2020 - 2025)

  • February 2020
  • 123 pages
  • ID: 5865878
  • Format: PDF
  • Mordor Intelligence LLP
Up to $650 off Until Jun 20th 2021

Summary

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Market Overview
United States Foodservice Market market is forecasted to reach USD 731.8 billion by 2024, witnessing a CAGR of 3.7% during the forecast period (2019 - 2024).

- Primary factors driving the market for food service restaurants in the US include the increased digitalization of food service, thus, consumers find it comfortable to book prior, and make an online payment.
- Fast food service restaurants focusing on organic produce, and healthy food is the future spotlight for the market. Organic food demand is growing at a fast rate in the United States.
- However, the increased obesity and health awareness among consumers are affecting the market growth, as most of the fast food is unhealthy.

Scope of the Report
The scope of the United States Foodservice Market includes segmentation of food service providers in the country by Type: Full-Service Restaurant, Self-Service Restaurant, Fast Food, Street Stall and Kiosk, Cafe and Bar, and 100% Home Delivery Restaurant. Further segmentation is done on the basis of food service Structure under Independent Consumer Foodservice and Chained Consumer Foodservice.

Key Market Trends
Consumer Spending in Quick Service Restaurants (QSR)

Quick service restaurants (QSRs) are fast food restaurants, set apart from full service or table restaurants by their limited menus, minimal table service and, as their name implies, fast service. QSRs are popular in the United States, it was estimated that there were 194,723 quick service restaurant franchise establishments in 2018. Quick service restaurants include limited-service eating places, cafeterias, fast-food restaurants, beverage bars, ice cream parlors, pizza-delivery establishments, carryout sandwich shops, and carry out service shops with on-premises baking of donuts, cookies, and bagels. Contemplating the ease of food consumption in QSRs has lead people US population to spend in these restaurants and therefore, driving the country’s foodservice market.

Growing Online Food Delivery Services

The online food delivery services by restaurants as well as various platforms have surged the foodservice market in the United States. Restaurants and other food service providers have been actively engaging in digitalizing their operations and furthermore, there has been a rise in the number of consumers who prefer to order food online and the number expected to grow as well. The home delivery system mainly in the case of pizza has been another major driver for the market. Online platforms to order food for delivery have been successful concept due to the ease of choosing the food items and convenient payment procedure. Notably, in 2018, more than 70 million consumers in the United States engaged in ordering food online from restaurants.

Competitive Landscape
The major players of the United States foodservice market are Mcdonald’s Corp., Yum! Brands Inc., Burger King Worldwide Inc., Starbucks Corp., Chipotle Mexican Grill Inc., Doctor’s Associates Inc., Seven & I Holdings Co. Ltd., Dunkin’ Donuts, Sonic Drive-In, Papa John’s. The chained consumer foodservice market is growing at a faster rate due to the increased investments by international brands, such as the UK, China, and restaurants in the US. The introduction of new, exotic flavors and mixes is the strategy adopted by the companies to achieve a competitive advantage in the market. According to the latest consumer trend, the introduction of organic food products in the market is likely to raise the prospects of the companies in the same.

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