Biodiesel market growth projected to hit $64.62 billion by 2031
- The global food service market is projected to reach $5,194.6 billion by 2031, driven by urbanization and technological advancements.
- The biodiesel market is expected to grow to $64.27 billion by 2031, influenced by energy security concerns and government regulations.
- These projections indicate a significant shift towards sustainability and convenience in consumer preferences across multiple industries.
In Westford, USA, on October 7, 2024, SkyQuest released projections indicating significant growth in the global food service market, which is expected to reach a value of $5,194.6 billion by 2031, with a compound annual growth rate (CAGR) of 10.76% from 2024 to 2031. This growth is attributed to increasing urbanization, which enhances the availability of restaurants and cafes, and the rising consumer preference for convenience and speed in food services. Full-service restaurants are particularly benefiting from a trend towards social dining experiences, while commercial service types, such as quick-service restaurants, are thriving due to busy lifestyles and technological advancements in online ordering and delivery systems. Additionally, the biodiesel market is projected to grow to $64.27 billion by 2031, with a CAGR of 5.25% during the same forecast period. Factors driving this market include energy security concerns, oil price volatility, and government regulations promoting sustainable energy sources. The development of production technologies and feedstock availability are crucial for the biodiesel industry's expansion. Europe is expected to lead in biodiesel production due to stringent environmental regulations and a focus on low-carbon fuels. Overall, both markets reflect a shift towards sustainability and convenience in consumer preferences, indicating a broader trend in global economic development.