Food Away From Home Market to Reach $5.9 Trillion by 2031

The rapid increase in the female workforce and a reduction in the time for cooking and buying vegetables, owing to the busy schedule of both partners drive the growth of the global food away from home market.

PORTLAND, Ore., March 13, 2023 Allied Market Research published a report, titled, “Food away from home Market by Delivery Model (Dine in, Take Away, Home Delivery), by Application (Restaurants, Schools and Colleges, Hotels and Motels, Retail Stores and Vending, Others), by Type of Occasion (Entertainment, Travel, Retail, Freestanding), by Ownership Type (Independent, Chains): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global food away from home industry generated $4.3 trillion in 2021, and is anticipated to generate $5.9 trillion by 2031, witnessing a CAGR of 2.3% from 2022 to 2031.

Prime determinants of growth

The rapid increase in the female workforce, a reduction in the time for cooking and buying vegetables owing to the busy schedule of both partners, increase in popularity of cloud kitchens, rise in number of domestic and international tourists, and changes in food habits of consumers drive the growth of the global food away from home market. Moreover, the surge in the prevalence of fast-food chains in developing nations presents new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a positive impact on the global food away from home market, owing to a significant rise in penetration of fast-food chains in developing nations like China, India, and Indonesia coupled with growing demand for fast food during the lockdown.
• The global food away from home market has a huge scope to grow in the post-pandemic…