The production of food and beverage service activities in the US has exhibited considerable growth from 2013 through 2019, with year-on-year increases typically ranging between 3.93% to 8.26%. A significant downturn occurred in 2020 with a -15.35% drop likely influenced by the pandemic, followed by a robust recovery with a 17.8% rise in 2021. By 2023, the value stood at approximately 944.69 billion USD, marking a modest 2.65% year-on-year growth. Over the past five years, the compound annual growth rate (CAGR) was 3.19%. Forecasts indicate a steady growth pattern with a forecasted 5-year CAGR of 2.01%, culminating in a total growth of 10.46% by 2028.
Future trends to watch for include potential impacts from labor market changes, technological advancements in service delivery, shifts in consumer behavior towards health-conscious and sustainable options, and the lingering effects of pandemic-driven market disruptions. Increased digitalization and innovation in the food service industry might play a crucial role in sustaining growth.
