The US perishable prepared food sales market stood at 17.101 billion USD in 2023, reflecting a moderate year-on-year growth rate of 2.63%. Over the decade from 2013 to 2023, the market exhibited a fluctuating growth trend, with significant peaks in 2015 (17.24%) and more tempered growth rates in recent years. The CAGR over the past five years (2018-2023) has been 2.9%, indicating a period of decelerating growth compared to earlier years.
Looking forward, the forecasted data points to continued growth, but at a slower pace. The expected 5-year CAGR from 2024 to 2028 is 1.79%, suggesting a market growing at a steady yet modest rate. By 2028, the market is anticipated to reach 19.18 billion USD, representing an overall growth rate of 9.27% over the five-year period.
Future trends to watch for include:
- Increased consumer demand for healthy and convenient food options.
- Advancements in packaging technology to extend shelf life.
- Potential impacts of inflation and supply chain disruptions.
- Growing influence of e-commerce and online delivery services.
