Study: U.S. restaurant, foodservice revenues to reach $990B in 2021
Revenues from fast-casual restaurants, the fastest growing service segment, will see gains as Millennials obtain higher incomes.
U.S. restaurant and foodservice revenues are forecast to total $990 billion in 2021, according to “Restaurants & Foodservice: United States,” a report released by Freedonia Focus Reports, Cleveland, Ohio. Increases in the population and disposable personal income will drive overall gains in restaurant and foodservice revenues. Consumers are expected to dine out more often and purchase higher-priced offerings as their incomes rise.
Revenues from fast-casual restaurants, the fastest growing service segment, will see gains as Millennials obtain higher incomes, supporting sales of higher-priced menu options. Additionally, new restaurant concepts will further drive sales among this key demographic.
Total revenues are segmented by service category in terms of full-service restaurants, quick-service restaurants, fast-casual restaurants, snack, bakery and coffee shops, bars and taverns, buffets and cafeterias and other foodservice providers such as contract management companies.