Restaurant sales are expected to exceed $825 billion in 2018, according to the National Restaurant Association. In 2017, table-service restaurants had $263 billion in sales, and quick-service restaurants had $234 billion in sales.
The organization found quick-service delivery, snacks, nonalcoholic beverages, kids’ meals and global flavors are important to consumers, with sustainability, sourcing and technology being a focus for restaurants. Meanwhile, 50% of restaurateurs say high labor costs threaten their long-term success.
The top three food trends included doughnuts with non-traditional filling (64%), ethnic-inspired kids’ dishes (64%) and farm/estate-branded items (62%), according to the What’s Hot: 2018 Culinary Forecast report from the National Restaurant Association.
The top three restaurant concepts were chef-driven fast-casual concepts (70%), food-waste reduction (68%) and meal kits (62%). As for non-alcoholic beverages, the top trends included house-made/artisan soft drinks (56%), cold-brew coffee (55%) and gourmet lemonade (55%).
While 90% of Americans enjoy eating out, income issues restrict them from going to restaurants as often as they want to. In addition to table-service and quick-service restaurants, U.S. consumers are interested in restaurants specializing in snacks and nonalcoholic beverages.
The off-premise market has been an important sales driver for 10 years, and quick-service delivery, specifically, has seen the most rapid growth. There is nothing more convenient for the consumer than having a restaurant come to them, according to the National Restaurant Association. Takeout, delivery, drive-thru, curbside and food trucks are all important pieces of the off-premise market.
For the full story, go to this week’s Food Institute Report.
Several food companies reported earnings over the last week. While manufacturing and retail are thriving with increased sales during the pandemic, portions of the foodservice segment continues to struggle.read more
Chris is a business writer and market analyst that focuses on the Markets, Legal and Washington sections of the Food Institute Report. In addition, he assists in compiling data for various Food Institute publications throughout the year. He invites you to contact him via email at email@example.com to talk about anything food-related.
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