Asia Pacific Food Service Market to Grow at a CAGR of 15.7% During 2024-2032, Aided by the Flourishing Tourism Sector

With more people travelling for leisure and business, food service establishments are experiencing increased demand to meet the evolving needs of a diverse customer base. Significant international hotel chains are experiencing rapid growth throughout the region, propelling the Asia Pacific food service market expansion. Nearly half of the upcoming hotels in the region are being built in partnership with five major hotel companies, including Marriott (60,566 rooms), Accor (47,052 rooms), IHG (34,227 rooms), Hilton (31,606 rooms), and Wyndham (21,455 rooms).

India is a prominent market for food service, with a population of over 17% of the world. The current value of the food services market in India, covering both dining out and ordering in, is estimated at Rs 5.5 lakh crore. Projections indicate that the market will experience an annual growth rate of 10-12% over the next few years, reaching Rs 9 lakh crore to Rs 10 lakh crore by 2030. This growth is anticipated to be fuelled by strong fundamentals, such as an expanding customer base, increasing consumption occasions, and a rise in supply.

In India, online food delivery is anticipated to grow even faster at a CAGR of around 18%, contributing 20% to the overall food services market by 2030. Moreover, the surge in popularity of food delivery apps and online ordering systems has revolutionised the purchasing behaviour of consumers, ultimately contributing to the expansion of the market in Asia Pacific.

In January 2024, Westlife Foodworld (NSE: WESTLIFE), India’s McDonald’s franchisee operator, announced that it was planning to open 300 more outlets by 2027. Through the expansion, the company aims to double the number of stores in India. Similarly, in January 2024, Domino's (NYSE: DPZ) announced its plans to double its store count to 4,000 in the next 5-6 years in India. The company, through the expansion, aims to capitalise on the growing middle class in the country.

Market Analysis by Sector, System, Restaurant, and Region:

• The market on the basis of sector can be divided into commercial and non-commercial.

• Based on system, the market can be divided into conventional foodservice system, centralised foodservice system, ready prepared foodservice system, and assembly-serve foodservice system.

• By restaurants, the market is classified into fast food restaurants, full-service restaurants, limited-service restaurants, and special food services restaurants.

• The major countries of food service in the Asia Pacific include China, India, Japan, ASEAN, and Australia, among others.

Key Findings of the Report:

• By 2030, it is anticipated that the food services sector in India will grow to a value of Rs 10 lakh crore, while the potential customer base is projected to increase to 45 crores.

• The growing middle-class population, coupled with rapid urbanisation and healthy economic growth in the region, is aiding the Asia Pacific food service market growth. 

• International brands and fast food chains in the region are adopting localisation strategies and developing menus that cater to local preferences, fuelling the market growth. 

• On a global scale, there has been a rise in expansion efforts by leading food chains, with the QSR chain segment emerging as one of the fastest growing categories within the food service sector.

Leading Players in the Global Food Service Sector

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• Key players in the market are adopting innovative technologies to streamline operations, expand revenue channels, and improve customer experiences.

Key Offerings of the Report:

• The EMR report gives an overview of the Asia Pacific food service market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for food service in the Asia Pacific, based on the sector, system, restaurant, and country.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Asia Pacific food service market are McDonald’s Corporation, Domino’s Pizza Inc., Yum! Brands, Inc., Burger King Corporation, DD IP Holder LLC (Golden Donuts Inc), Tim Hortons Restaurants International GmbH, J.CO Donuts & Coffee’s, Nando’s, Subway IP LLC, and Starbucks Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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