Rising demand among millennial and elderly consumers amid larger growth in population and incomes provides favorable backdrop for market advances
CLEVELAND, March 12, 2020 /PRNewswire/ — US restaurant and foodservice revenues are forecast to grow 4.0% yearly in nominal terms through 2023, according to Restaurants & Foodservice: United States, a report recently released by Freedonia Focus Reports. Population growth will expand the customer base while rising disposable personal incomes boost usage rates. The growing diversity of restaurant menus, healthier options, and delivery services (e.g., DoorDash, Grubhub, Postmates, and Uber Technologies’ Uber Eats) will boost demand by increasing the value proposition of prepared meals. Notably, restaurants and foodservice firms will benefit from a preference for prepared meals among busy millennials. Meanwhile, the continued graying of the population will boost the number of elderly individuals with the income and leisure time to visit restaurants. In addition, door delivery services will open up more restaurant meals to persons with mobility concerns. However, the popularity of healthy home cooked meals, the cost savings of eating at home, and increasing availability of ready-to-cook meal kits will restrain faster gains.
These and other key insights are featured in Restaurants & Foodservice: United States. This report forecasts to 2024 US restaurants and foodservice revenues in nominal US dollars. Total revenues are segmented by provider in terms of:
- full service restaurants
- quick service restaurants
- fast casual restaurants
- hotels, motels, bars, and taverns
- snack, bakery, and coffee shops
- buffets and cafeterias
- other foodservice providers such as cafeterias, recreational places, and retail stores
To illustrate historical trends, total revenues and the various segments, and the number of firms, establishments, and employment are provided in annual series from 2009 to 2019.
Revenues include taxes and tips. Alcohol revenues are excluded; however, nonalcoholic beverages are in scope. This report includes the results of proprietary and syndicated consumer surveys.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Services & Industries reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
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SOURCE The Freedonia Group