By 2033, it is anticipated that the USA food service industry is poised for substantial growth, with an estimated size of US$ 985.5 billion in 2023, projected to reach a valuation of US$ 1995.0 billion by 2033. The industry is expected to exhibit a noteworthy CAGR of 7.3% from 2023 to 2033. Notably, the market statistics indicate a robust performance, with significant growth percentages recorded in various periods, showcasing the industry’s resilience and potential.
The demand for food services in the USA is influenced by several factors, including the increasing number of two-earner households, high earnings, and the emergence of inexpensive food options. Despite challenges posed by the pandemic, the industry rebounded in 2021, with food-away-from-home spending accounting for 55% of total food expenses. The rise of food trucks, growing acceptance of vegetarianism, and the digital transformation of food services further contribute to the industry’s demand.
The growth of the restaurant and food service sector is fueled by rising digitization, the popularity of eating out, and the acceptance of vegetarianism. Advancements in technology, including online ordering and delivery services, contribute to the industry’s expansion. Additionally, the USA Department of Agriculture notes a return to pre-pandemic levels in food-away-from-home spending in 2021, signifying a resilient market.
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“Rising food service digitalization is one of the key forces driving the business since clients find it simple to make bookings and payments online. Developing systems for online payments, takeaway and delivery services would also provide significant opportunities to players in this market.” – Says a lead analyst.
The USA Food Service Industry stands as a resilient and dynamic market, offering a spectrum of investment opportunities. From the thriving fast-food outlets to the evolving landscape of catering services, the industry’s adaptability and responsiveness to consumer trends make it an attractive proposition for investors in the B2B sector. The projected CAGR of 7.3% reinforces the industry’s growth potential, positioning it as a lucrative space for those seeking to capitalize on the ever-evolving food service landscape.
Key Takeaways from USA Food Service Industry Report
- The USA food service market is expected to showcase growth at 7.3% CAGR between 2023 and 2033.
- The USA catering service industry is anticipated to flourish from US$ 76.7 billion in 2023 to US$ 138.2 billion by 2033.
- The USA food service industry is set to rise at a CAGR of 7.3% from 2023 to 2033.
- The USA food service industry exhibited a surge of 6.7% from January to June 2022.
- The USA catering service industry is expected to elevate at a CAGR of 6.1% from 2023 to 2033.
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Competitive Landscape: USA Food Service Industry
In the past, product portfolios were less globalized. However, as time has gone on and customer appetite has increased, significant businesses are putting more of an emphasis on the development of new services.
Uber Eats, Zipline, UPS, Matternet, Wing, Flytrex, Zing, Amazon, Wingcopter, Elroy Air, Joby Aviation, Volkswagen, and Wisk Aero are just a few businesses that are beginning to expand their service offerings and market reach.
For instance,
- In April 2023, At its location in La Mirada, California, Yoshiharu Global, a USA-based restaurant operator, planned to introduce its brand-new Yoshiharu Ramen & Izakaya concept. The operator, who is well-known for serving Japanese ramen, soft-launched the new idea on April 7 and will hold a formal opening on April 14, 2023.
Its capacity to keep up with contemporary restaurant trends would be demonstrated by the introduction of an unusual idea at the La Mirada site. It would also enable the restaurant to provide really authentic Japanese eating experiences that are tailored to the changing tastes of its clients.
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USA Food Service Industry Outlook by Category
Section 1: USA Restaurant and Food Service Industry
By Service Type:
- Full-service Restaurants
- Street/Kiosk
- Cafes and Bars
- Self Service Restaurants
- Fast Food Outlet
- Delivery/Takeaway
- Recreational Places
By Delivery Method:
- Dine-in
- Delivery
- Online
- Drive Thru
- Takeout
- Online
- Drive Thru
Section 2: USA Catering Service Industry
By Catering Type:
- Outdoor Catering (Away-from-home)
- Industrial Catering (Canteen, Cafeteria)
- Club Catering (Turf Clubs, Polo Clubs, Golf Clubs)
- Welfare Catering (NGO, Charity)
- Leisure Linked Catering (Kiosk, Zoo, Park, Stadium)
- Retail Store Catering
- Transport Catering (Airline, Railway, Cruise, Surface)
By End User:
- Corporate
- Education
- Healthcare
- Defense & Offshore
- Mining & EPC
- Sports & Leisure
- Event Management
- Others (Retail, Manufacturing, Aviation)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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