The forecast of expenditures on food in the US reveals a steady upward trend from 2024 through 2028. Starting from $3.06 thousand per capita in 2024, expenditures rise incrementally each year, reaching $3.34 thousand per capita by 2028. This represents an average compound annual growth rate (CAGR) of approximately 2.2%. As of 2023, the baseline per capita expenditure stood at a slightly lower level, indicating consistent year-over-year increases in forthcoming years.
Future trends to watch for:
- Potential impacts of economic conditions on consumer spending habits.
- Changes in food prices due to supply chain dynamics or inflationary pressures.
- Shifting consumer preferences towards healthier or organic options that might influence expenditures.
- Regulatory changes impacting the agriculture and food industries.