The food services and beverage services output in the US has shown a generally positive growth trend from 2013 to 2023, with a notable dip in 2020 due to the COVID-19 pandemic. The output in 2023 was USD 934.38 billion, reflecting a year-on-year growth of 7.92%. Over the past five years, the compound annual growth rate (CAGR) was 2.96%.
The future outlook from 2024 to 2028 anticipates steady growth with a forecasted five-year CAGR of 3.12%, resulting in a forecasted output of USD 1137.7 billion by 2028. This period is expected to see a 16.6% total growth in the sector.
Future trends to watch for include the continued influence of technological innovations in food delivery, increasing consumer preference for healthy and sustainable food options, and potential impacts of economic fluctuations and regulatory changes on the food services and beverage services industry.
