Food service industry forecasted to reach $997 billion in sales in 2023
New National Report Released
Today, the National Restaurant Association released its 2023 State of the Restaurant Industry report. It examines key factors impacting the industry including the current state of the economy, operations, workforce, and food and menu trends to forecast sales and market trends for the year ahead.
*The report is based on a range of national surveys of restaurant owners, operators, chefs, and consumers.
Key findings include:
Growth will continue: The foodservice industry is forecast to reach $997 billion in sales in 2023, driven in part by higher menu prices.
Industry help wanted: The foodservice industry workforce is projected to grow by 500,000 jobs, for total industry employment of 15.5 million by the end of 2023.
Building on a Solid Foundation: For 70% of operators, business conditions have settled into or are on the path to their new version of normal.
Consumers want restaurant experiences: 84% of consumers say going out to a restaurant with family and friends is a better use of their leisure time than cooking and cleaning up.
Rising costs create challenges: 92% of operators say the cost of food is a significant issue for their restaurant.
Competition is heating up: In 2023, 47% of operators expect competition to be more intense than last year.
How does Maine measure?
Want more? The National Restaurant Association's top researcher goes through the report Thursday at 2 p.m. Sign up here.
