The value added of food and beverage service activities in the US has shown consistent growth from 2013 to 2023, reaching $478.39 billion in 2023. The year-on-year growth rate peaked at 9.66% in 2015 and experienced slower growth afterwards, with the lowest year-on-year rate at 2.22% in 2020, reflecting the impact of the COVID-19 pandemic. The compound annual growth rate (CAGR) over the last five years (2019-2023) averaged 3.28%, indicating steady, albeit slowing, growth.
Forecasts from 2024 to 2028 suggest a continued upward trajectory, though at a more modest pace, with a forecasted CAGR of 1.84%. By 2028, the value is expected to reach $537.65 billion. This indicates a gradual but consistent increase in the market value over the forecast period.
Future trends to watch for:
- Impact of technological advancements and automation in food service operations.
- Changes in consumer behavior and preferences toward healthier and sustainable food options.
- Continued recovery and growth post-pandemic, especially in dining-in experiences.
- Influence of economic factors such as inflation and changing disposable incomes.
- Potential regulatory changes affecting the food and beverage industry.
