Meals and beverages provided by commercial foodservice outlets and eating facilities at non-commercial institutions are classified as out of home food & beverages. Meal delivery services, ranging from takeaway cafés and restaurants to food delivery services are a fast-growing market across the world’s major areas. The market is becoming more popular and rapidly growing without any regulation. This is attributed to many research finding that suggests the nutritional value of food sold outside the home is higher in energy, sugar, saturated fats, and salt is sold in bigger portion sizes than retail equivalents. During the forecast period, the CAGR value is estimated to grow at a value of around 10.2%.
The global market for out of home food and beverage is growing rapidly; this is mainly due to an increase in the consumption of food outside the home. The importance of the out-of-home environment is facilitated by digital technology and the expansion of online food delivery platforms. Also, new market player entry with attractive discounts and a variety of food & beverage options has triggered the market growth. According to the U.S. Bureau of Labor Statistics, in 2018, 44% of all food expenditure was on food out of home. Many people in the United States like eating out. Purchasing food away from home (such as meals or beverages from restaurants, vending machines, corporate cafeterias, etc.) is seemingly commonplace event, whether for social contact or convenience. At the same time, the expanding out of home sector brings increasing risks of food contamination, this could restrain the market growth over the forecast period.
The global out of home food and beverage market is bifurcated based on product, end use, and region. Based on product, the global market for out of home food and beverage is categorized into food and beverage. The end use segment of the market is divided into retail channel and OOH channels.
North America is likely to be the largest revenue generator for global out of home food and beverage market followed by Europe. An increase in expenditure on food products and rise in dining out culture is primarily contributing to the market growth in North America and Europe. Asia Pacific is projected to be the most lucrative market for out of home food and beverage. This is attributed to a rapid surge in online food channels and disposable income.
Major players functioning in the global out of home food and beverage market include Anheuser Busch InBev, Coca-cola, Dunkinâ Brand Group, Jubilant Foodworks, Tyson Foods Inc., Kraft Heinz Company, Mondelez International Inc., Nestle SA, Constellation Brands, General Mills, Diageo, PepsiCo, and Mars Inc. among others.
To cite, in Sept 2021, Jubilant Foodworks, a fast service restaurant chain, announced that it has bought a 25% investment in India-based nutrition company Wellversed Health.
Get Sample of this Research Report for more Insights – https://www.marketresearchstore.com/sample/out-of-home-food-and-beverage-market-828508