September 7, 2022
(press release)
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The US foodservice profit sector will grow at a compound annual growth rate (CAGR) of 4.8% from $909.3 billion in 2021 to $1.1 trillion in 2026 as consumers return to their pre-pandemic lifestyles, visiting cafés and restaurants to socialize and indulge in enjoyable experiences, says GlobalData. The leading data and analytics company’s latest report, ‘United States of America (USA) Foodservice Market Size and Trends’, notes that with the US government’s various fiscal measures helping to support businesses, households, and individuals impacted by the COVID-19 pandemic, the US’s economy has thrived with the real gross domestic product (GDP) recording growth of 5.7% in 2021, which has boosted the country’s foodservice sector. Quick-service restaurants (QSR) were the largest foodservice profit sector channel in the US in 2021 with a value share of 42.6%. Due to its popularity amongst consumers, the channel is projected to grow at a moderate CAGR of 4.5% during 2021–26. Srimoyee Nath, Consumer Analyst at GlobalData, says: “The most important factor for American consumers visiting QSR outlets is the availability of ‘a greater variety of dishes/cuisines’ and ‘convenience’. Thus, QSRs must focus on expanding their menus to feature a wider range of healthy food and drinks made with fresh and natural ingredients to attract health-conscious consumers.” The second-largest channel in the profit sector was full-service restaurants (FSR) due to its wide assortment of cuisines/dishes and ambiance. The channel is projected to grow at a CAGR of 4.3%. The pub, club & bars channel is projected to grow at the fastest CAGR of 9% during 2021–26, reflecting the country’s inclination towards socializing over alcoholic drinks. The travel channel, which was the worst performer during 2016–21, due to stringent lockdown restrictions throughout 2020 and 2021, is anticipated to record significant growth at a CAGR of 7.6% during 2021–26. The resumption of tourism activities will provide the primary thrust towards the growth of the channel. Concurrently, all profit sector channels are projected to post robust growth during 2021–26. GlobalData forecasts that all foodservice profit sector channels will experience outlet and transaction growth during the forecast period. Chain operators will grow at a higher rate compared to independent operators across restaurant channels.
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