The output of Food Services and Beverage Services in the US has shown significant variation over the past decade. In 2023, the output stood at 933.66 billion US dollars. There was a notable drop in 2020, primarily due to the COVID-19 pandemic, impacting the industry's performance with a year-on-year decrease of 15.02%. However, the sector rebounded robustly in 2021 with a 35% increase. Although 2022 saw a decline of 11.3%, 2023 experienced a recovery with a 7.88% increase. Over the last five years, the compound annual growth rate (CAGR) was 2.94%. Future projections up to 2028 suggest a steady CAGR of 3.08%, with an overall growth rate of 16.4% over the next five years.
Future trends to watch for include:
- Continued recovery and growth post-pandemic.
- Increasing impact of digital transformation and online food services.
- Consumer demand for healthier and sustainable food options.
- Potential economic fluctuations affecting consumer spending.
