The Food Services and Drinking Places Gross Output in the US stood at 975.31 billion USD in 2023. Over the last two years, the year-on-year variation was 8.08% in 2022 and 2.55% in 2023. Analyzing the past five years, the compounded annual growth rate (CAGR) was 2.57%. For the forecasted period up to 2028, the CAGR is expected to be 1.94%, translating to a total growth of 10.08% over five years.
Future trends to watch for:
- Advancements in technology impacting food service operations and efficiency.
- Changes in consumer behavior towards healthier and sustainable dining options.
- Economic conditions influencing discretionary spending on eating out.
- Impact of delivery services and ghost kitchens on traditional dining formats.
