The value added of food services and beverage services in the US experienced a general upward trend from 2013 to 2023, with notable annual growth rates before the COVID-19 pandemic dramatically impacted the sector in 2020, reducing its value by 18.49%. However, the market quickly rebounded in 2021 with a growth rate of 31.69%, followed by a modest decline in 2022 and a strong recovery in 2023, reaching a value of $476.59 billion. The forecast for the next five years indicates a steady average annual growth rate (CAGR) of 3.19%, projecting a value of $582.99 billion by 2028.
Future trends to watch for:
- Increased consumer spending on dining out as economic conditions improve.
- The continuing impact of inflation on prices and consumer behavior.
- Enhanced focus on health, wellness, and sustainable practices within food and beverage services.
- Technological advances in service delivery and customer engagement, including automation and AI.
