The International Foodservice Manufacturers Association (IFMA) released its final 2023 estimates and its latest 2024 Food Away-From-Home (FAFH) Industry and Segment Projections.
 Buoyed by a stable, growing economy and low unemployment, IFMA projects that the FAFH industry will grow 0.9%, on a real basis, in 2024. This comes off a better-than-expected growth of 1.2%, on a real basis, in 2023. The forecast models were created in conjunction with Datassential, a leading foodservice research firm and validated by operators from the IFMA Foodservice Leadership Councils.

Fears of an economic recession in 2023 proved false, helping to fuel increased visits and spending by consumers. IFMA expects this consumer-led growth to continue into 2024, barring any disruptions from overseas military conflicts. Additionally, price inflation in the FAFH industry will continue into 2024, with IFMA projecting a 5% inflation growth rate, leading to an overall nominal growth projection, in 2024, of 5.9%.

"It's important that decision-makers across our industry keep up-to-date on projected growth rates and segment data," said IFMA President & CEO Phil Kafarakis. "IFMA has recently expanded our membership to include operators and those in the supply chain. Our forecasts and analysis of possible impact on food-away-from-home businesses is important for everyone to review and understand. We are committed to bringing critical information and actionable analysis to our members and offer support to the entire food-away-from-home ecosystem."

Looking ahead to 2025, IFMA projects that the food away-from-home industry will have 1.3% real growth. The total restaurant category is expected to grow 0.9% while the total on-site category is projected to grow 2.2 percent, on a real basis. IFMA will update this forecast in early August.

About International Foodservice Manufacturers Association (IFMA)
The International Foodservice Manufacturers Association (IFMA) is a trade association founded in 1952. IFMA empowers, nurtures, and connects an inclusive and diverse $1.3 trillion food-away-from-home ecosystem of manufacturers, distributors, operators, and others. By sharing insights, fostering best practices, and developing networking and educational opportunities through events, IFMA informs and instructs its members, and motivates change to improve both individual organizations and the foodservice industry at large.