Chicago-based Technomic unveiled what is said to be the first-of-its-kind analysis on individual food channels.
The new 2016-17 U.S. Food Industry Universe study provides coverage of all channels of the $1.74 trillion U.S. food industry, including retail grocery and foodservice. Leveraging proprietary research paired with years of in-house expertise, this unique deliverable details the entire food industry landscape to identify growth channels and understand where opportunities exist.
"We are delighted to be able to provide industry participants with comprehensive statistics and projections on the total food industry," says Bob Goldin, vice chairman. "Our forecast provides meaningful insights into industry dynamics and growth opportunities and shows that industry growth drivers are evolving."
Key takeaways and opportunities from this analysis include:
- At 4.8% growth in 2017, foodservice will outpace retail, which is projected to grow at 3%. Foodservice will account for 60% of industry growth.
- Within retail, supermarkets and supercenters will continue to lose share to "non-traditional" channels.
- The five fastest-growing food industry channels are online (+19.8% in 2017), fresh format (+9.1%), supermarket fresh prepared foods (+8.9%), limited assortment stores (+6.0%) and independent restaurants/small chains (+5.6%). Together, they will contribute 43% of the industry growth.