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Foodservice industry to hit $4.1T by 2026

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January 24, 2022

The global food service industry is projected to reach a size of $4.1 trillion by 2026, growing at a compound annual growth rate of 5.4%, according to a press release on the Food Service Industry-Global Market Trajectory & Analytics report.

The main contributors to growth include socio-economic conditions, such as high disposable income, busy and increased mobile life, rise in outsourcing of non-core activities by companies and market expansion into new areas such as transport and retail. Some other factors that can influence the market include tourism, immigration, food variety, access to food service places and technological advancements as in Internet through online ordering.

Growth in the fast-food segment is readjusted to a revised 6.5% CAGR for the next seven-year period. This segment currently accounts for a 28.1% share of the global food service Industry market.

The food service industry market in the U.S. is estimated at $800.1 billion in 2021. The country currently accounts for a 25.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$776.9 billion in the year 2026 trailing a CAGR of 7% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market will reach $825.7 billion by the end of the analysis period.