Restaurants and Mobile Food Services Market

Restaurants and Mobile Food Services Market Size (2023-2028):

The Global Restaurants and Mobile Food Services Market was at USD 7.57 billion in 2022 and is anticipated to reach a valuation of USD 10.88 billion by 2028, registering a CAGR of 6.50% throughout the foreseen period 2023 - 2028.

The restaurants and mobile food service market include restaurant and mobile food service sales and related products by entities that provide catering services to customers who order and are served seated and pay after eating. This market includes revenue from restaurant sales to a delivery service but not revenue from the delivery service itself. The mobile food service and restaurant market are segmented into full-service restaurants, limited-service restaurants, coffee shops, grill buffets, and mobile catering.

Market Drivers and Restraints:

Globalization is expected to pave the way for more joint ventures, foreign investment, global expansion, and multinational companies to establish facilities in high-growth regions, allowing restaurateurs to offer their kitchens to clients around the world. Globalization also makes it easier for restaurants to source exotic ingredients and therefore offer more sophisticated and varied dishes to their customers, thus giving restaurants the opportunity to compete globally. Additionally, this has increased the number of potential restaurant vendors, reducing the bargaining power of suppliers and thus contributing to profitability.

For example, McDonald's produces in many countries and has franchises around the world. It invests in and supports initiatives aimed at adapting its products and services to different locations to secure its global brand. This increase in globalization is likely to stimulate investment and thus drive the restaurants and mobile food services market. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously generated restrictive containment measures that involve social distancing, remote work, and closure of business activities that have generated operational challenges.

RESTAURANTS AND MOBILE FOOD SERVICES MARKET REPORT COVERAGE:

Market Segmentation:

Restaurants and Mobile Food Services Market – By Type:

• Mobile Food Services

• Grill Buffets

• Cafeterias

• Limited-Service Restaurants

• Full-Service Restaurants

Restaurants and Mobile Food Services Market – By Ownership:

• Standalone

• Chain

Restaurants and Mobile Food Services Market – By Pricing:

• Economy

• High-End

Market Regional Analysis:

• North America

• Asia Pacific

• Europe

• Middle East and Africa

• Latin America

Of these, Asia-Pacific was the largest region in the restaurants and mobile food service market, accounting for 51% of the revenue in 2020. North America was the second-largest region with 24% of the global market. Africa was the smallest region in the market for restaurants and mobile food services. Establishments in the mobile food service and catering market rely heavily on recommendations and reviews, which is why restaurants are promoted through social media platforms.

Mobile apps like GrubHub and JustEat allow customers to view, browse the menu and nutritional information, order, and make reservations. Social media improves customer loyalty and public reputation as customers share photos and reviews, increasing restaurant awareness. For example, restaurants are now embracing live restaurant videos to attract and engage with subscribers online. Therefore, social media is foreseen to be a major driver of the restaurants and mobile food service industry in the coming days.

Impact of COVID-19 on Restaurants and Mobile Food Services Market:

The coronavirus outbreak acted as a massive strain on the mobile food service and restaurant market in 2020, with governments globally imposing restrictions on domestic and international services offered by these establishments. COVID-19 is an infectious disease with flu-like symptoms, including fever, cough, and shortness of breath that was first identified in 2019 in Wuhan, China, and has spread throughout the world, including Western Europe, North America, and Asia. Measures taken by national governments to contain transmission have led to a decline in economic activity, with countries entering a state of lockdown, and the outbreak is expected to continue to negatively affect businesses through 2020 and into 2021. However, the restaurant and mobile food service market is expected to rebound from the shock with the relaxation of the lockdown and the introduction of attractive menus.

Market Key Players:

Some of the prominent players in the Global Restaurants and Mobile Food Services Market include

1. Yum China Holdings
2. McDonald's
3. Darden Restaurants Inc
4. Chick-fil-A
5. Subway

Market Recent Developments:

• Grubhub, a leading online and mobile food ordering and delivery marketplace, announced that it has reached an agreement to acquire Tapingo, a leading platform for ordering food.
•  Uber is in negotiations to buy online food delivery company Grubhub under a stock deal, according to internal sources. A merger could give money-losing Uber Eats restaurant delivery service an edge over market leader DoorDash at a time when the coronavirus pandemic has shaken Uber's core business, which is commutes between people.
• Groupon acquires the OrderUp mobile ordering and delivery platform as local business markets compete for a share of the revenue from food enthusiasts' smartphones and wallets. Groupon aims to strengthen its presence in the $ 70 billion food ordering and delivery industry, particularly as it spreads to mobile devices. While the online marketplace currently offers many local restaurant and restaurant deals, this acquisition demonstrates Groupon's desire to enable more immediate gratification and impulse purchases for consumers.
• Lavu, an industry leader in mobile payment systems and POS, announced the acquisition of MenuDrive, a branded mobile and online ordering platform for restaurants. Lavu's best mobile point-of-sale system offers restaurateurs a complete management platform that streamlines operations and increases revenue. By leveraging MenuDrive's expertise in the restaurant e-commerce space with Lavu's mobile point-of-sale systems, the combined companies will be even better equipped to help restaurants succeed in today's competitive digital landscape.