SEA foodservice market to reach US$349.05b in 2029
It is expected to reach a CAGR of 12.65%.
The Southeast Asia (SEA) foodservice market size is estimated at US$192.43b in 2024 and is expected to reach US$349.05b by 2029, reaching a compound annual growth rate (CAGR) of 12.65% from 2024 to 2029, according to Mordor Intelligence’s report.
Quick-service restaurants in SEA are expected to reach a CAGR of 13.47%, by value, during the forecast period. Major QSR chains in SEA include McDonald's, KFC, Subway, Burger King, and Pizza Hut.
Moreover, the report also noted that cloud kitchens are anticipated to register the fastest growth with a CAGR of 18.90%, by value, attributed to the rise in the usage of food delivery applications.
Indonesia holds the major share of the market at 24.11% in 2023 and is expected to register a CAGR of 13.42% by value.
Singapore is the fastest-growing country in the market and is expected to register a CAGR of 17.62% during the forecast period.
Furthermore, McDonald’s is the leading market player with a market share of 1.08% in 2022, selling more than 75 hamburgers every second. The chain has 34,000 restaurants in 119 countries.
The report also noted that the top five companies in the SEA foodservice market, occupying 2.33%, are Jollibee Foods Corporation, McDonald's Corporation, Secret Recipe Cakes & Café Sdn Bhd, Starbucks Corporation, and Yum! Brands Inc., in no particular order.
