Recovery from the COVID-19 pandemic and adapting products to suit regional tastes are major drivers of the Global Restaurants And Mobile Food Services market
LONDON, GREATER LONDON , UK, May 12, 2022 /EINPresswire.com/ — Over a quarter of a century has passed since McDonald’s opened its first outlet in Delhi in India in 1996, at which stage Western fast food was a real novelty in the country. At this point, the humble burger was introduced to India but, according to an article published on the BBC Asian news website, the real success of McDonald’s and indeed other fast food chains such as KFC and Domino’s, has been in tailoring and reinventing their menus to suit local tastes. So much so that McDonald’s has become the standard bearer for American fast food chains that are constantly localising their menus in a bid to cater for the Indian market. As a result, their range of offerings bear little resemblance to the original western counterpart as an assortment of spices are added to ensure they reach a large audience in India. Examples include the Pizza McPuff, a calzone-like sandwich stuffed with pizza toppings and cheese and a unique vegetarian spread, McAloo Tikki, a tangy burger made out of potatoes and peas. In recent years, this trend has continued, even adapting products at a regional level. The catering for local market needs has contributed to the overall increase in the Global Restaurants And Mobile Food Services market, which is in tune with The Business Research Company’s recent report of robust growth in the sector.
Reference to the Global Market Model data reflects this growing demand in the Restaurants And Mobile Food Services Global Market Report 2022 with the market anticipated to grow from $2,672.9 billion in 2021 to $2,958.3 billion in 2022, at a compound annual growth rate (CAGR) of 10.7%, and then onwards to $4,262.2 billion in 2026 at a CAGR of 9.6%. Asia Pacific is significantly the largest region within the Global Restaurants And Mobile Food Services sector with around 50% of the global market in2021, and it is expected to remain at around this level through 2026. North America is the second largest region at around 27% of the global market in 2021. The presence of the American fast food giants in the local market has seen the India Restaurants And Mobile Food sector return to near pre-pandemic levels in 2021 with a market size of $89 billion and further growth is anticipated to $100 billion in 2022 and $156 billion through 2026.
The COVID-19 outbreak had a negative impact on businesses throughout 2020 and into 2021 with restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges contributing to the decline. However, it is expected that the Global Restaurants And Mobile Food market will recover swiftly from the pandemic shock across the forecast period. Modernizing technologies are also supporting growth with establishments in the market introducing self-ordering touchscreen kiosks, mobile apps for customizable orders and quick payment and digital entertainment such as gaming. In 2020, McDonald’s created a team focused on digital customer engagement as it looked to technology as a key way to boost sales.
With a share approaching 83% in 2021, the Restaurants And Mobile Food Services market is the largest segment within the global food and beverage services market, which also includes the bars and cafes market, and catering services and food contractors market. It consists of sales of Restaurants And Mobile Food Services 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 non-alcoholic beverages (e.g., coffee, juices, sodas) for consumption on, or near, the premises. This market also 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 Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides template market overviews, analyzes and forecasts template market size, share, template market players, template market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
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BBC Asian news website 7th May 2022: ‘How fast food giants like McDonald’s found their Indian soul ‘
The Business Research Company’s Restaurants And Mobile Food Services Global Market Report 2022 – By Type, By Ownership, By Pricing – Market Size, Trends, And Global Forecast 2022 – 2026
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