US foodservice revenues to hit $990B, fast casual growth expected
U.S. foodservice revenues are forecast to reach $990 billion by 2021, according to "Restaurants & Foodservice: United States," a report released by Freedonia Focus Reports. Increases in the population and disposable personal income will drive overall gains in restaurant and foodservice revenues.
The report, which forecasts total revenues segmented by service category in terms of full-service restaurants, including quick-service restaurants, fast casual restaurants, snack, bakery and coffee shops, bars and taverns, buffets and cafeteria and other foodservice providers, expects to see consumers dining out more frequently and purchasing 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 foodservice concepts will further drive sales among this key demographic, according to the report.