By 2033, it is anticipated that the USA food service industry would be worth US$ 1995.0 billion. By 2023, it is projected to reach a valuation of around US$ 985.5 billion.
The market is anticipated to increase significantly between 2023 and 2033, with a CAGR of 7.3%.
About 26.3% of all food expenses in 1970 were spent on eating out. That proportion had increased to 43% by 2012.
Demand for food service in the USA is anticipated to be driven by increasing number of two-earner households. High earnings, small-sized families, ease of accessibility, and availability of affordable meal options are also key factors that would influence expansion.
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Rising spending on advertising and promotions by the nation's top food service businesses will also increase demand.
During the pandemic in 2020, a number of restaurants in the country were forced to close or operate at a reduced capacity. It happened as a result of supply-chain disruption brought on by orders to stay at home, company closures, and social distance regulations.
These factors might have influenced how customers bought food, favoring meals prepared at home over food consumed away from the house.
Growth is also being aided by millennials' conscious avoidance of eating out. This can be attributed to their perceived risk of contracting a virus and the advent of online grocery shopping.
According to the USA Department of Agriculture, food purchases made away from home made up 55% of all food expenditures in 2021. This indicated a return to pre-pandemic levels.
Modern consumers are increasingly choosing not to eat on the go due to their busy schedules. During the projected period, it is anticipated that a number of key market trends, including rising popularity of food trucks, would favorably affect the food truck industry.
The USA is becoming more accepting of vegetarianism. American consumers are increasingly following this eating pattern, which is boosting demand for food services.
Expanding popularity of eating out has also contributed to expansion of the restaurant and food service industries.
Key Takeaways from USA Food Service Industry Report
- The USA food service market is expected to showcase growth at 7.3% CAGR between 2023 and 2033.
- The USA catering service industry is anticipated to flourish from US$ 76.7 billion in 2023 to US$ 138.2 billion by 2033.
- The USA food service industry is set to rise at a CAGR of 7.3% from 2023 to 2033.
- The USA food service industry exhibited a surge of 6.7% from January to June 2022.
- The USA catering service industry is expected to elevate at a CAGR of 6.1% from 2023 to 2033.
“Rising food service digitalization is one of the key forces driving the business since clients find it simple to make bookings and payments online. Developing systems for online payments, takeaway and delivery services would also provide significant opportunities to players in this market.” – Says a lead analyst.
Competitive Landscape: USA Food Service Industry
In the past, product portfolios were less globalized. However, as time has gone on and customer appetite has increased, significant businesses are putting more of an emphasis on the development of new services.
Uber Eats, Zipline, UPS, Matternet, Wing, Flytrex, Zing, Amazon, Wingcopter, Elroy Air, Joby Aviation, Volkswagen, and Wisk Aero are just a few businesses that are beginning to expand their service offerings and market reach.
For instance,
- In April 2023, At its location in La Mirada, California, Yoshiharu Global, a USA-based restaurant operator, planned to introduce its brand-new Yoshiharu Ramen & Izakaya concept. The operator, who is well-known for serving Japanese ramen, soft-launched the new idea on April 7 and will hold a formal opening on April 14, 2023.
Its capacity to keep up with contemporary restaurant trends would be demonstrated by the introduction of an unusual idea at the La Mirada site. It would also enable the restaurant to provide really authentic Japanese eating experiences that are tailored to the changing tastes of its clients.
Get Valuable Insights on USA Food Service Industry
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the USA food service industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from (2023 to 2033). The study divulges compelling insights on the demand for USA food services based on restaurant & food service industry (service type, delivery method), catering service industry (catering type, end user), and country.
Information Source: https://www.futuremarketinsights.com/reports/usa-food-service-industry
