The Business Research Company’s Restaurants And Mobile Food Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, June 30, 2021 /EINPresswire.com/ — Globalization is expected to pave the way for more joint ventures, foreign investments, global expansion, and multi-national companies setting up facilities in high growth regions, thereby allowing restaurant operators to offer their cuisines to customers around the world. Globalization is also making it easier for restaurants to procure exotic ingredients and hence provide more sophisticated and wider variety of dishes to its customers, thereby giving restaurants an opportunity to compete globally. Furthermore, globalization has increased the number of potential vendors for restaurants, lowering the bargaining power of suppliers and thus helping the bottom line. For example, McDonald’s produces in many countries and has franchises around the world. It invests and supports initiatives to adapt its products and services to different locales to ensure its global brand. This rise in globalization is likely to boost investments and consequentially drive the market going forward.
Major companies in the restaurant and mobile food services industry include McDonald’s, Subway, Darden Restaurants Inc, Yum China Holdings Inc.
The global restaurants and mobile food services market is expected to grow from $2193.94 billion in 2020 to $2619.27 billion in 2021 at a compound annual growth rate (CAGR) of 19.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3331.62 billion in 2025 at a CAGR of 6%.
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Asia Pacific is the largest region in the global restaurants and mobile food services market, accounting for 51% of the market in 2020. North America is the second largest region accounting for 24% of the global market. Africa is the smallest region in the global restaurants and mobile food services market.
The global restaurants and mobile food services market is segmented by type into full-service restaurants, limited-service restaurants, cafeterias, grill buffets, and buffets, mobile food services, by ownership into chain market, standalone market, and by pricing into high-end, economy.
Restaurants And Mobile Food Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides restaurants and mobile food services market overview, forecast restaurants and mobile food services market size and growth for the whole market, restaurants and mobile food services market segments, and geographies, restaurants and mobile food services market trends, restaurants and mobile food services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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