Restaurants And Mobile Food Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Major companies in the restaurants and mobile food services market include McDonald’s; Subway; Chick fil A; Darden Restaurants Inc and Yum China Holdings Inc. The global restaurants and mobile food services market is expected to grow from $2193.

New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Restaurants And Mobile Food Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018904/?utm_source=GNW
94 billion in 2020 to $2619.27 billion in 2021 at a compound annual growth rate (CAGR) of 19.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3331.62 billion in 2025 at a CAGR of 6%.

The restaurants and mobile food services market consists of sales of restaurants and mobile food services and related goods by entities (organizations, sole traders and partnerships) that provide food services to patrons who order and are served while seated (i.e., waiter/waitress service) and pay after eating; provide food services to patrons who generally order or select items (e.g., at a counter, in a buffet line) and pay before eating; or prepare and/or serve a specialty snack (e.g., ice cream, frozen yogurt, cookies) and/or nonalcoholic beverages (e.g., coffee, juices, sodas) for consumption on or near the premises. This market includes revenues from sales by restaurants to a delivery service but not the revenues of the delivery service itself. The restaurants and mobile food services market is segmented into full-service restaurants; limited-service restaurants; cafeterias, grill buffets, and buffets and mobile food services.

Asia Pacific was the largest region in the global restaurants and mobile food services market, accounting for 51% of the market in 2020. North America was the second largest region accounting for 24% of the global restaurants and mobile food services market. Africa was the smallest region in the global restaurants and mobile food services market.

Establishments in the restaurant and mobile food services market rely heavily on recommendations and reviews, therefore restaurants are promoting themselves through social media platforms. Mobile applications like GrubHub and JustEat allow customers to review, browse the menu and nutrition information, order and make reservations. Social media are enhancing customer loyalty and public reputation as customers share photos and reviews, thereby increasing awareness of restaurants. For example, restaurants are now adopting live streaming restaurant videos to engage online followers and interact with them. Social media hence are expected to be a significant driver of the restaurant and mobile food services industry.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the restaurants and mobile food services market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the restaurants and mobile food services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Globalization is expected to pave the way for more joint ventures, foreign investments, global expansion and multi-national companies setting up facilities in high growth regions, thereby allowing restaurant operators to offer their cuisines to customers around the world. Globalization is also making it easier for restaurants to procure exotic ingredients and hence provide more sophisticated and wider variety of dishes to its customers, thereby giving restaurants an opportunity to compete globally. Furthermore, globalization has increased the number of potential vendors for restaurants, lowering the bargaining power of suppliers and thus helping the bottom line. For example, McDonald’s produces in many countries and has franchises around the world. It invests and supports initiatives to adapt its products and services to different locales to ensure its global brand. This rise in globalization is likely to boost investments and consequentially drive the market going forward.

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