Dec 04 2024 4 mins
The current state of the restaurant and bar industry is characterized by steady growth, driven by increasing consumer spending and evolving trends. According to recent reports, the global foodservice market size reached $2,989.5 billion in 2023 and is expected to grow by 3.3% by 2032, reaching $4,046.1 billion[5].
In the United States, restaurant sales grew from $842.3 million in 2021 to $1,087 million in 2023, with a forecast to top $1 trillion for the first time in history in 2024[2][5]. This growth is attributed to higher prices and increased consumer demand, despite challenges such as high food costs and debt.
The bar industry is also experiencing significant growth, with the global alcoholic and non-alcoholic beverage market size valued at $1.64 billion in 2023 and forecasted to grow by a CAGR of 3.15% from 2024 to 2032[1]. Non-alcoholic beverages, in particular, are seeing a surge, with the market size valued at $563 billion in 2023 and expected to reach $597 billion in 2024 at a CAGR of 5.9%[1].
Consumer behavior is shifting towards healthier and more sustainable options, with a growing emphasis on low-ABV and non-alcoholic beverages. According to the IWSR report, non-alcohol volumes are forecasted to grow at a CAGR of +9% between 2022 and 2026[1].
In response to current challenges, industry leaders are focusing on technology integration to reduce labor costs, cut costs, and boost business. 54% of restaurants plan to spend more on technology in 2024, with a focus on marketing, recruiting, accounting, inventory management, and more[5].
Supply chain developments are also a key concern, with 60% of operators reporting that all or most suppliers raised their prices in 2023, up from 50% in 2022[5]. To mitigate this, restaurants are exploring alternative suppliers and investing in inventory management systems.
Regulatory changes are also impacting the industry, with a focus on sustainability and waste reduction. The US food service sector wasted 13 million tons of food in 2022, up from 9.15 million tons in 2020 and 12 million tons in 2021[5].
In comparison to the previous reporting period, the industry is experiencing a slower but more steady growth. The global foodservice market size is expected to grow by 3.3% by 2032, compared to a more optimistic forecast of 5.4% growth in the previous period[5].
Overall, the restaurant and bar industry is adapting to changing consumer demands, technological advancements, and regulatory pressures. By investing in technology, sustainability, and innovative products, industry leaders are positioning themselves for long-term success.
Key statistics:
- Global foodservice market size: $2,989.5 billion in 2023, expected to grow by 3.3% by 2032[5].
- US restaurant sales: $1,087 million in 2023, forecast to top $1 trillion in 2024[2][5].
- Global alcoholic and non-alcoholic beverage market size: $1.64 billion in 2023, forecasted to grow by a CAGR of 3.15% from 2024 to 2032[1].
- Non-alcoholic beverages market size: $563 billion in 2023, expected to reach $597 billion in 2024 at a CAGR of 5.9%[1].
- 54% of restaurants plan to spend more on technology in 2024[5].
- 60% of operators reported that all or most suppliers raised their prices in 2023, up from 50% in 2022[5].
In the United States, restaurant sales grew from $842.3 million in 2021 to $1,087 million in 2023, with a forecast to top $1 trillion for the first time in history in 2024[2][5]. This growth is attributed to higher prices and increased consumer demand, despite challenges such as high food costs and debt.
The bar industry is also experiencing significant growth, with the global alcoholic and non-alcoholic beverage market size valued at $1.64 billion in 2023 and forecasted to grow by a CAGR of 3.15% from 2024 to 2032[1]. Non-alcoholic beverages, in particular, are seeing a surge, with the market size valued at $563 billion in 2023 and expected to reach $597 billion in 2024 at a CAGR of 5.9%[1].
Consumer behavior is shifting towards healthier and more sustainable options, with a growing emphasis on low-ABV and non-alcoholic beverages. According to the IWSR report, non-alcohol volumes are forecasted to grow at a CAGR of +9% between 2022 and 2026[1].
In response to current challenges, industry leaders are focusing on technology integration to reduce labor costs, cut costs, and boost business. 54% of restaurants plan to spend more on technology in 2024, with a focus on marketing, recruiting, accounting, inventory management, and more[5].
Supply chain developments are also a key concern, with 60% of operators reporting that all or most suppliers raised their prices in 2023, up from 50% in 2022[5]. To mitigate this, restaurants are exploring alternative suppliers and investing in inventory management systems.
Regulatory changes are also impacting the industry, with a focus on sustainability and waste reduction. The US food service sector wasted 13 million tons of food in 2022, up from 9.15 million tons in 2020 and 12 million tons in 2021[5].
In comparison to the previous reporting period, the industry is experiencing a slower but more steady growth. The global foodservice market size is expected to grow by 3.3% by 2032, compared to a more optimistic forecast of 5.4% growth in the previous period[5].
Overall, the restaurant and bar industry is adapting to changing consumer demands, technological advancements, and regulatory pressures. By investing in technology, sustainability, and innovative products, industry leaders are positioning themselves for long-term success.
Key statistics:
- Global foodservice market size: $2,989.5 billion in 2023, expected to grow by 3.3% by 2032[5].
- US restaurant sales: $1,087 million in 2023, forecast to top $1 trillion in 2024[2][5].
- Global alcoholic and non-alcoholic beverage market size: $1.64 billion in 2023, forecasted to grow by a CAGR of 3.15% from 2024 to 2032[1].
- Non-alcoholic beverages market size: $563 billion in 2023, expected to reach $597 billion in 2024 at a CAGR of 5.9%[1].
- 54% of restaurants plan to spend more on technology in 2024[5].
- 60% of operators reported that all or most suppliers raised their prices in 2023, up from 50% in 2022[5].