Growth in Food Courts and Malls Drives Food Services And Drinking Places Market: A Key Catalyst Accelerating Food Services And Drinking Places Market Growth in 2025

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Food Services And Drinking Places Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for food services and drinking establishments has seen a significant expansion in the recent past. The projections indicate that it will escalate from a worth of $2684.74 billion in 2024 to $2967.84 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.5%. Elements contributing to the historical growth include heightened levels of disposable income, evolving lifestyles of consumers, a surge in tourism, an increase in diverse food tastes, and the widespread availability of food service franchises.

Food Services And Drinking Places Market Size Forecast: What's the Projected Valuation by 2029?
The market size for food services and drinking places is poised for expeditious growth in the approaching years, projected to surge to a whopping $4369.58 billion in 2029, with an annual compound growth rate (CAGR) of 10.2%. Factors that contribute to this positive outlook during the forecast period include heightened awareness of health, the popularity of plant-based diets, advancements in order-taking and delivery technologies, the pursuit of unique dining experiences, and adoption of sustainability measures. Key trends over the forecast period are the use of contactless payment methods, incorporation of AI in customer service, growth of food delivery platforms, focus on zero-waste strategies, and the rise of non-alcoholic beverages.

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What Are the Drivers Transforming the Food Services And Drinking Places Market?
The proliferation of food courts and malls is set to boost the expansion of the food services and drinking places market in the future. Food courts and food malls are specially designated areas within shopping centers or complexes that offer a plethora of food and beverage options, providing a shared dining environment for customers. The surge in these establishments results from increased consumer demand for varied dining choices, and finding convenient dining experiences all in one place. These food and drink establishments utilize food courts and malls to serve a range of dining and beverage choices in a central location, thus improving convenience and assortment for their customers. As an example, SingStat, a Singaporean government agency, reported in March 2023 that all food and drink service sectors recorded year-on-year sales growth. Food caterers witnessed an impressive rise of 80.1%, followed by restaurants at 16.4%, and sales from cafes, food courts, other eating venues, and fast-food outlets increased by 13.2% and 11.1% respectively. After seasonal adjustment on a monthly basis, restaurant sales grew by 5.7% and food caterers saw a 2.5% rise. Hence, the escalating number of food courts and malls is playing a vital role in fostering the food services and drinking places market's growth.

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What Long-Term Trends Will Define the Future of the Food Services And Drinking Places Market?
Major companies in the food services and drinking places industry are focusing on the introduction of innovative solutions such as a comprehensive restaurant service hub, aiming to streamline operations, improve customer service, and allow for the seamless integration of various services. This full-service hub is intended to enable restaurant owners, managers, and staff to efficiently run their operations by providing everything from supplies and equipment to expert services and support. For example, in July 2024, Zomato, a food delivery and restaurant discovery company based in India, rolled out a comprehensive service hub for quick service restaurants (QSRs). This all-encompassing solution in India aims to simplify restaurant operations by linking them with appropriate suppliers. The hub aids with registering for Food Safety and Standards Authority of India (FSSAI), goods and services tax (GST), and trademark, and seeks to offer restaurant owners an all-in-one solution. Future enhancements to this service will introduce point-of-sale (POS) integrations and hygiene checks to provide support to restaurants across all stages of their business operations.

Which Segments in the Food Services And Drinking Places Market Offer the Most Profit Potential?
The food services and drinking placesmarket covered in this report is segmented -

1) By Type: Restaurants And Mobile Food Services, Bars And Cafes, Catering Services, Food Contractors
2) By Pricing: High-End, Economy
3) By Service: Online, Offline
4) By Ownership: Chain Market, Standalone Market

Subsegments:
1) By Restaurants And Mobile Food Services: Full-Service Restaurants, Fast Food And Quick Service Restaurants (QSR), Casual Dining Restaurants, Fine Dining Restaurants, Food Trucks And Mobile Carts, Buffets And All-You-Can-Eat Services, Ethnic And Specialty Cuisine Restaurants, Ghost Kitchens And Delivery-Only Restaurants
2) By Bars and Cafes: Traditional Bars and Pubs, Cocktail Bars and Lounges, Coffee Shops and Cafes, Brewpubs and Microbreweries, Wine Bars, Sports Bars and Nightclubs, Tea Houses and Specialty Beverage Cafes
3) By Catering Services: Event Catering, Institutional Catering, Corporate and Office Catering, Food Service for Large Gatherings, Specialized Catering, Mobile Catering
4) By Food Contractors: Contract Food Services for Businesses, Food Management Services, Institutional and Industrial Catering, Food and Beverage Contractors for Remote Locations, School and University Food Contractors, Healthcare Facility Food Contractors

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Which Firms Dominate the Food Services And Drinking Places Market by Market Share and Revenue in 2025?
Major companies operating in the food services and drinking places market are Sysco Corporation, Performance Food Group, US Foods Holding Corp., Starbucks Corporation, Compass Group plc, Sodexo Group, McDonald's Corporation, Subway IP LLC, Gordon Food Service, Chipotle Mexican Grill Inc., Elior Group SA, Ben E. Keith Company, Shamrock Foods Company, Delaware North, Chefs' Warehouse, Reinhart Foodservice LLC, Metz Culinary Management Inc., AVI Foodsystems Inc., Thompson Hospitality Corporation, Guckenheimer (ISS), Valley Services Inc., Creative Dining Services, Guest Services Inc., Bon Appétit Management Company, Centerplate Inc., Unidine Corporation, Brock & Company Inc.

Which Regions Offer the Highest Growth Potential in the Food Services And Drinking Places Market?
North America was the largest region in the food services and drinking places market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the food services and drinking places market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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