How big is the global food service industry?

$4.1 trillion
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.

What is the global food industry?

The term food industries covers a series of industrial activities directed at the production, distribution, processing, conversion, preparation, preservation, transport, certification and packaging of foodstuffs.

What industry is food service in?

The food services and drinking places subsector is part of the accommodation and food services sector. Industries in the Food Services and Drinking Places subsector prepare meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption.

Why is the food service industry growing?

Growing demand for customization and innovation in food menu options is among the key factors driving the global foodservice market. Consumers are provided with a wide variety of alternatives to customize their meals according to their taste, dietary and budget preferences. are also catalysing the growth of the market.

How big is the food industry in the Philippines?

According to Euromonitor, retail sales in the packaged food market in the Philippines had been estimated to reach nearly US$14 billion in 2020. That represents a growth rate of 32.6% or US$3.4 billion since 2016.

How much is the global restaurant industry worth?

Amid the COVID-19 crisis, the global market for Food Service Industry estimated at US$3 Trillion in the year 2020, is projected to reach a revised size of US$4.1 Trillion by 2026, growing at a CAGR of 5.4% over the analysis period.

What is the meaning of global food?

A global cuisine is a cuisine that is practiced around the world. To become a global cuisine, a local, regional or national cuisine must spread around the world, its food served worldwide.

What is food service industry in the Philippines?

The Philippines foodservice market is segmented by type and structure. By type, the market is segmented into full-service restaurants, self-service restaurants, quick-service restaurants, street stalls and kiosks, cafes and bars, and 100% home delivery restaurants.

Where did food service industry start?

Types of Food Service Management The first modern restaurants emerged in Paris after the French Revolution. Catering. Food service professionals have managed kitchens and prepared meals for groups since as early as Babylonian times, when the first cookbooks were penned by people with knowledge of both food and writing.

What are the two major segments of the foodservice industry?

The industry can be divided into two major parts or segments: commercial and noncommercial. The commercial segment makes up almost 80 percent of the restaurant and foodservice industry. Types of foodservice within this segment include restau- rants, catering and banquets, retail, stadium, and airline and cruise ships.

What are the food industries in the Philippines?

The Philippine f&b processing industry is comprised of the following major sectors: beverages, coffee and cacao, condiments and seasonings, dairy products, fats and oils, flour and bakery products, fruits and vegetables, meat and poultry products, seafood products, snack foods, and sugar and confectionery.