The restaurant industry had seriously suffered from an impact made by the COVID-19 pandemic. However, it’s finally starting to grow again, while its estimated value will surely exceed the expectations, especially once the pandemic is over.
So, what numbers and growth rates are we talking about? What is the situation with the US industry and what about the global market?
Today, we’re going to answer these and many more questions about the restaurant industry, full-service restaurants, and the fast-food sector. Keep on reading and find out all the info about the topic!
4 Key Restaurant Industry Growth Rate (Editor’s Pick)
- By 2026, the food-service industry will grow by 5.4%.
- QSR in the US has increased by more than 50% since 2007.
- Food and beverage sales went up by 19.7%.
- The eating and drinking places had a jump in sales of 10.2%.
10 Key Food-Service Industry Growth Rate Statistics
1. The food-service industry was worth $3 trillion in 2020.
COVID-19 pandemic impacted the entire world and all types of industries. However, the restaurant industry is seeing a nice growth rate of sales and value. The global market for the food-service industry was estimated at $3 trillion in the year 2020. By 2026, it is projected that the industry will reach $4.1 trillion. Over the analysis period, that would be a growing at a CAGR of 5.4%.
Source: Global Industry Analysts
2. The US foodservice is estimated to have a massive increase in its value in 2021.
The market size of the foodservice contractors sector in the United States reached $38.25 billion in 2020. The year before, the market size was worth $52.05 billion. However, 2021 is estimated to see an increase yet again. It was projected that the food-service sector will reach $45.24 billion in 2021. Now, all we have to do is wait and see the annual report for 2021 to see whether the US food-service industry has truly seen such a big increase in its value.
Source: Statista
3. High growth rate in the value of Quick Service Restaurants in the United States.
The restaurant industry consists of QSR, or quick-service restaurants which is a name for the fast-food sector, and full-service restaurants. With a focus only on QSR in the United States, the industry’s output has increased by more than 50% since 2007. In 2020, it reached an all-time high number of approximately $283 billion.
Source: Statista
4. By 2027, the global full-service restaurant industry will grow by $500 billion.
To put our focus on the full-service restaurant industry, we have the numbers for the global market. According to data provided by Statista, the market size of the full-service restaurant sector worldwide was estimated to account for $1.2 trillion in 2020. By 2027, it is projected that this figure will grow to as much as $1.7 trillion.
Source: Statista
5. The US chain restaurant sector was estimated to have a high growth rate in 2021.
Since we’re already dividing an entire restaurant industry, we need to mention the chain restaurant sector in the United States. According to data collected by Statista, this sector was valued at $128.99 billion in 2020. That number was decreased from $158.86 billion in the previous year. When we’re talking about 2021, the value of the chain restaurant sector in the United States will have an increase and reach $149.57 billion.
Source: Statista
6. Food and beverage sales went up by 19.7%.
The US is not only a fast-food giant but a restaurant giant too. Restaurant News reported that food and beverage sales in the restaurant and foodservice industry were estimated to be a total of $789 billion in 2021. While waiting for an annual report, we can assume that in 2021, there was a 19.7% of growth rate, compared with 2020.
Source: Restaurant News
7. Food and drink places had a jump in sales by more than 10%.
According to the report released by the National Restaurant Association, despite the COVID-19 pandemic and its impact on the economy and industry, in 2021, the eating and drinking places had a jump in sales of 10.2%. With that said, the sector aggregated $548.3 billion. This is the result of the demand for restaurant experiences that were denied during the highest peaks of the pandemic.
Source: National Restaurant Association
8. In 2020, there was a 19.2% decrease in sales.
The growth rate mentioned in the paragraph above is an increase from 2020 when restaurant and bar sales dropped down by 19.2% due to the still ongoing COVID-19 pandemic. According to the report by National Restaurant Association, 2020 was the most challenging year for the restaurant industry. Luckily, 2021 brought a high increase in sales in this industry.
Source: National Restaurant Association
9. The industry should have 6.7% of the real growth.
The sales rebound is expected to be slightly stronger for full-service establishments, stated the report by the National Restaurant Association. The association is forecasting a 10.7% growth in nominal sales. According to the report, the entire industry should have real growth of 6.7%. There is no doubt that once the pandemic is over, the restaurant industry will have a massive increase in its value, sales, and consumers.
Source: National Restaurant Association
10. The US fast-food market expected an increase in 2021.
The United States expected an increase in its fast-food market by the end of the previous 2021 year. While we still wait for that annual report, it is important to mention that the United States accounts for 32.7% of the global fast-food revenue. That is a huge share on a global basis, but it isn’t that surprising when we’re talking about this fast-food giant.
Source: IBISWorld
To Wrap It Up
The restaurant industry will definitely see a high growth rate in the upcoming months of 2022, as well as the upcoming years. The pandemic may have slowed down the increase in the sales and the total value of the industry, however, the general market is finally seeing an improvement. The year 2021 has certainly been positive for restaurants and fast food locations all over the world, especially in the United States. Now, all we have to do is wait for the pandemic to be over in order to truly see the massive growth rate that the restaurant industry will have once the restrictions are just a part of history.
