Asia Pacific Food Service Market Report and Forecast 2024-2032

Asia Pacific Food Service Market Size

The Asia Pacific food service market reached USD 406.30 billion in 2023. The market is projected to grow at a CAGR of 15.7% between 2024 and 2032, reaching almost USD 1,509.55 billion by 2032.

Asia Pacific Food Service Market Outlook

• In March 2023, food service sales in Japan surged by 18.8% y-o-y.

• Fast food restaurant chains are expected to remain popular outlets among the Gen Z population.

• Organised food service sector in India presents an opportunity worth USD $33 billion for companies.

Asia Pacific Food Service Market Growth

China is home to one of the world’s leading food service markets and is projected to grow at a CAGR of 20.3% during the forecast period of 2024-2032, This is being driven by the increasing demand for Latin American cuisines and the rising preference for innovative culinary experiences.

Meanwhile, the market in India is estimated to grow at a CAGR of 17.3% between 2024 and 2032. Between 2020 and 2022, annual spending by Indian middle-class households on fast food restaurants recorded a growth of 108% in India, reaching 5,400 rupees from 2,500 rupees.

The organised sector of the India market for foodservice constitutes over 45% of the domestic market share, with quick service restaurants and casual diners constituting a 70% share, due to their huge popularity among consumers. An increase in dine-out frequency is a key market driver, coupled with the rise of small independent restaurants which provide diverse food options with an exciting combination of ingredients and flavours. Enhanced accessibility to retail space is enabling commercial food companies to introduce innovative food offerings in distinct formats, thereby contributing to the market growth.

The increasing proportion of elderly people in countries like Japan, China, and South Korea, among others, is expected to prompt restaurants to incorporate senior citizen-friendly food items in their menus, which have low sodium content, are nutrient-rich, and can be easily digested. Moreover, the influx of consumers at drinking establishments and pubs has surged significantly, which is creating a bright market outlook.

Asia Pacific Food Service Industry Segmentation

Asia Pacific Food Service Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Sector

• Commercial

• Non-Commercial

Market Breakup by Systems

• Conventional Foodservice System

• Centralised Foodservice System

• Ready Prepared Foodservice System

• Assembly-Serve Foodservice System

Market Breakup by Restaurants

• Fast Food Restaurants

• Full-Service Restaurants

• Limited-Service Restaurants

• Special Food Services Restaurants

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific Food Service Market Share

Based on systems, the market is divided into conventional foodservice system, centralised foodservice system, ready prepared foodservice system, and assembly-serve foodservice system. Over the forecast period, assembly-serve foodservice systems are expected to emerge as one of the leading market segments, as they serve as an effective solution for minimising labour requirements and increasing service time for customers.

Meanwhile, centralised foodservice systems are expected to witness rapid growth during the forecast period, growing at a CAGR of 17.3% between 2024 and 2032. This can be attributed to reduced labour costs and improved efficiency offered by such systems.

Leading Companies in the Asia Pacific Food Service Market

Cloud kitchens are expected to become the latest model of operating business in the market as they enable restaurants to prepare and deliver food items with minimal overhead to consumers.

• McDonald’s Corporation

• Domino’s Pizza Inc.

• Yum! Brands, Inc.

• Burger King Corporation

• DD IP Holder LLC (Golden Donuts Inc)

• Tim Hortons Restaurants International GmbH

• J.CO Donuts & Coffee’s

• Nando’s

• Subway IP LLC

• Starbucks Corporation

• Others

Key Highlights of the Report