The global food service market is forecast to grow at a CAGR of 7.01% during the forecast period 2019 to 2024. Food service market is primarily driven by increasing urbanization and rising spent on dining out by millennial.
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Food services are the facilities that serve meals and snacks for immediate consumption. It includes businesses or companies that serve meals and snacks for immediate consumption on site
The emulsification and lubricant properties exhibited by lecithin coupled with eco-friendly nature have increased its importance. The product has numerous applications in the pharmaceutical, food & beverage, animal feed, paints, and industrial sectors. The growing demand for the product in chocolate & confectionery, margarine & spreads, bakery products, and beverages is anticipated to propel the market growth.