Restaurants, Bars & Food Services Industry Profile

Companies in this industry provide meals, snacks, and beverages to customers for on-site or off-site consumption. Major companies include restaurant operators such as Darden Restaurants, McDonald's, Starbucks, and Yum! Brands (all based in the US), as well as Greggs (UK), Restaurant Brands International (Canada), and Skylark Group (Japan). Major food service contractors include US-based ARAMARK and Delaware North, as well as Autogrill (Italy), Compass Group and SSP Group (both based in the UK), and Sodexo (France).

The global food service market reached about $5.4 trillion in 2030 and is expected to grow at a CAGR of about 11% during the 2022 to 2030 forecast period, according to Fortune Business Insights. Among the key factors driving the global food service market include growing demand for customization and innovation in food menu options and an increasing preference for readily available hassle-free, nutritious, and hygienic food.

The US restaurant, bar, and food services industry includes about 660,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $680 billion.

COMPETITIVE LANDSCAPE

Restaurants and bars are benefiting from rising consumer interest in gourmet foods, craft beers, and premium spirits, which can be sold at higher margins than traditional fare. Many establishments have expanded their food and beverage selections to compete for patrons who are willing to pay more to try something new and unique. Some operators work closely with local farms, breweries, and ...