Industry growth
In February 2023 , the association released its annual State of the Restaurant Industry report , which examines how the food service sector is fairing against current economic challenges and forecasts major trends for the year ahead . Three years following the impact of Covid-19 , Hudson is optimistic that the industry seems to be finally stablizing . “ There are still obstacles that continue to confront the industry , and the purpose of the report is to shed some light on useful information for how businesses can overcome them .”
According to the report , the food service industry is forecast to see $ 997 billion in sales , an all-time high . Table service is forecast to be a $ 324 billion market , while quick service is expected to reach $ 395 billion . Hudson shares that quick service ’ s higher sales is owed to the fact that the sector , which includes takeaways , delivery and drive-thrus , catapulted during the pandemic , and continues to be a reliable favorite for customers . “ It ’ s driven by convenience , while table service is driven by socialization . As the remnants of the pandemic continue to be felt , it makes sense that table service is taking longer to recover .”
It is fantastic news that the industry is set to experience growth . However , this could be hampered by the fact that many markets are trying to shoulder inflation . Furthermore , operators are struggling with labor recruitment and how to incorporate technology to improve efficiency . The National Restaurant Association ’ s role is to continue to support and motivate those businesses that are struggling with these
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