Asia-Pacific Food Service Market Outlook, 2028

Asia-Pacific Food Service Market Outlook, 2028

The Asia Pacific region accounted for the largest market share in the global foodservice market in 2022. Asia Pacific has a large and rapidly urbanizing population. The region's dense urban centers contribute to a higher demand for food service establishments to cater to the needs of an increasingly urban population seeking convenient dining options. The region's rich and diverse culinary heritage attracts both local and international consumers. Asia Pacific offers a wide variety of cuisines, from traditional local dishes to international flavors, contributing to the popularity and diversity of the food service industry. Economic growth and the emergence of a sizable middle class in many countries across the Asia Pacific region have increased disposable incomes, leading to higher spending on dining out and food service experiences. There's a shift in consumer preferences towards convenience, with a growing desire for dining out, trying different cuisines, and experiencing diverse culinary cultures. This trend significantly fuels the growth of the food service market. The region has swiftly adopted technological advancements in the food service industry. From mobile ordering and payment systems to the use of digital platforms for food delivery, technology integration has significantly enhanced the dining experience and accessibility. Urbanization has led to changing lifestyle patterns, with a preference for quick and accessible dining options. The rise of dual-income households and a faster-paced lifestyle has increased the demand for ready-to-eat and dining-out options. Many countries in the Asia Pacific region are popular tourist destinations. The growth of the hospitality and tourism industry contributes to the demand for food service establishments, including restaurants, cafes, and street food vendors. The region has seen the emergence of innovative business models, such as food delivery apps, cloud kitchens, and unique dining experiences, which have further expanded the reach and offerings within the food service market.

According to the research report, ""Asia-Pacific Food Service Market Outlook, 2028,"" published by Bonafide Research, the market is anticipated to grow at a 10.29% CAGR by 2023–28. Rapid technological advancements have reshaped the industry. Digital solutions, including mobile apps for ordering, table reservations, and contactless payments, have become integral to the dining experience, especially in urban areas. The increasing demand for convenience and time-saving options has fueled the growth of food delivery services. Various platforms offer extensive choices for consumers to enjoy restaurant-quality meals at home. Asia Pacific is known for its vibrant street food culture, offering affordable and diverse culinary experiences. This aspect contributes significantly to the region's food service industry, attracting both local consumers and tourists. There is a growing emphasis on hyperlocal sourcing, promoting the farm-to-table concept. Restaurants are partnering directly with local farmers, ensuring fresh and seasonal produce, and highlighting the provenance of ingredients. Some restaurants are offering culinary workshops, chef-hosted events, and educational experiences to engage customers and provide insights into the culinary arts, creating a more immersive dining experience. Restaurants are offering diverse beverage pairing menus, including wine, beer, and non-alcoholic beverages, complementing dishes to enhance the overall dining experience. The region is witnessing a rise in healthy fast-casual dining concepts, offering quick yet nutritious meal options, attracting health-conscious consumers seeking a balance between convenience and health. The popularity of gourmet food trucks and pop-up restaurants is increasing. These mobile dining options offer unique, high-quality, and innovative dishes, catering to consumers seeking on-the-go gourmet experiences.

China's large and rapidly urbanizing population presents a significant consumer base for the food service industry. Urbanization has led to increased demand for dining-out options, driving the growth of the market. China's large and rapidly urbanizing population presents a significant consumer base for the food service industry. Urbanization has led to increased demand for dining-out options, driving the growth of the market. Furthermore, Japan is renowned for its unique culinary traditions, including sushi, sashimi, ramen, tempura, and various regional specialties. Authenticity and quality are highly valued in Japanese cuisine, and restaurants often focus on traditional preparation methods and high-quality ingredients. The food service industry in Japan is characterized by its innovation and convenience. From vending machine restaurants to conveyor belt sushi (kaiten-zushi), there's a strong emphasis on providing convenient, quick-service dining experiences. Japan has an aging population with a rising number of single-person households. Furthermore, India's street food culture is a testament to the country's love affair with food. Chaat, Pani Puri, vada pav, and dosas are just a few examples of the scrumptious street foods available at bustling roadside stalls. This street food scene is not just a way to satisfy one's appetite but also a social activity where people gather to savour flavours, share stories, and experience the vibrant atmosphere of India's streets. The Indian food service market beautifully balances tradition and modernity. While traditional eateries like dhabas, tandoori joints, and thali restaurants continue to thrive, modern dining establishments offering global cuisines, fusion dishes, and fine dining experiences have gained popularity, especially in metropolitan cities. The Domino's Pizza franchise is run by Jubilant FoodWorks Limited in India. Over 1,400 Domino's Pizza locations are run by the firm in 280 Indian cities. The technique for collecting client feedback has been implemented by cloud kitchens with great success. With the advent of behemoths like Zomato and Swiggy, Indian food technology, notably the cloud kitchens in India, has experienced remarkable growth. Swiggy exceeded 8,000 orders per minute, and Zomato reached a peak of over 7,000 orders per minute.

Based on the sector being segmented into commercial and non-commercial, among the non-commercial is the growing market. Ongoing infrastructure development in educational institutions, healthcare facilities, and corporate sectors is driving the growth of non-commercial food service. New facilities and expansions within these sectors demand enhanced food service offerings. Consumers within educational, healthcare, and corporate settings are increasingly demanding better quality and healthier meal options. This shift in demand is compelling non-commercial food service providers to upgrade their offerings. Within corporate settings, employers are increasingly investing in employee wellness programs, including better food options. This has resulted in the development of healthier menus and nutrition-focused initiatives in company cafeterias. Non-commercial segments are increasingly adopting sustainable practices, such as reducing food waste, utilizing eco-friendly packaging, and sourcing local and organic ingredients. With an aging population in some countries in the region, healthcare institutions are focusing on dietary requirements and specialized nutritional plans, driving the demand for better food service options within these facilities. Schools, colleges, and universities are witnessing an increase in student enrollment, leading to a higher demand for food services within these institutions. The focus is on providing nutritious meals that cater to students' dietary needs and preferences. With an emphasis on employee well-being, corporate cafeterias are evolving to provide a wider range of healthy meal options, including organic and locally sourced ingredients. Employers are also investing in diverse menu choices and food variety to boost employee satisfaction.

In terms of the system, it is segmented into the conventional foodservice system, the centralised foodservice system, the ready-prepared foodservice system, and the assembly-serve foodservice system. In the Asia Pacific, the conventional foodservice system leads the market. The Conventional Foodservice System is deeply entrenched in the region, particularly in traditional restaurants and established dining venues. It's a long-standing model in the industry, providing familiarity and reliability to both businesses and consumers. Conventional systems cater to diverse food offerings, providing a broad range of cuisines, flavors, and menu items that resonate with the varied tastes and preferences of consumers in the region. The conventional system allows for a higher level of customization and quality control. Chefs and kitchen staff have more control over food preparation, allowing for tailored dishes and maintaining consistent quality standards. The conventional system respects culinary heritage and traditions, preserving time-tested cooking methods, recipes, and flavors that are deeply rooted in cultural practices and regional cuisines. The conventional system caters to various age groups. It resonates with older generations who appreciate traditional cooking methods while also adapting to newer generations' preferences, offering a balance between authenticity and innovation. The Conventional Foodservice System aligns with cultural festivities and occasions. It is often sought after for celebratory events, festivals, and special occasions, providing customary and celebratory dishes.

According to the report, the types of restaurants are segmented into full-service restaurants, quick-service restaurants, institutes, and others; among them, quick-service restaurants are contributing a significant market share. The region is experiencing a shift in consumer behavior towards faster, convenient, and on-the-go dining options. Rapid urbanization, busy lifestyles, and increased mobility have led to a growing preference for quick and efficient dining experiences. With increasing urbanization and higher disposable incomes, there is a rise in demand for convenient and affordable dining options. QSRs provide a cost-effective solution for individuals seeking quick and satisfying meals. QSRs are leveraging technology to enhance customer convenience. Mobile apps, online ordering, self-service kiosks, and digital payment systems are becoming integral in providing efficient and seamless dining experiences. Quick-service restaurants continuously innovate their menus to cater to evolving tastes and preferences. They offer diverse and customizable meal options, including healthier choices, catering to a wide range of consumer needs. QSRs are tapping into the growing demand for food delivery services. Partnerships with food delivery apps and their own delivery services allow them to reach a broader customer base, offering convenience to those who prefer dining at home. QSRs often attract younger demographics and millennials due to their emphasis on speed, convenience, and diverse menu offerings. The preference for ""on-the-go"" dining experiences aligns with the lifestyles of these consumer segments.

Companies Covered in this report:
McDonald's Corporation, Starbucks Corporation, Restaurant Brands International Inc., Domino's, Yum! Brands, Inc.,, Jollibee Foods Corporation, Subway IP LLC, Compass Group plc , Sodexo, Aramark corporation, Whitbread plc, Bloomin' Brands, Inc.

Considered in this report:
• Geography: Asia Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Asia Pacific Food Service market with its value and forecast along with its segments
• Country-wise Food Service market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Country Covered in this report:
• China
• Japan
• India
• Australia
• South Korea

By Sector
• Commercial
• Non- Commercial

By System
• Conventional Foodservice System
• Centralized Foodservice System
• Ready Prepared Foodservice System
• Assembly-Serve Foodservice System

By Type of Restaurant
• Full service restaurants
• Quick service restaurants
• Institutes
• Other

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Food Service industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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