The US foodservice industry is forecast to reach USD 1.1 trillion in sales in 2024, up 5.4% compared to 2023 and up 28% compared to 2019, according to the US National Restaurant Association. The foodservice industry is the second largest private employer in the US, employing 15.5 million people. Restaurant operators say competition for staff is not as intense as it was in the past two years. But costs are rising, 98% of restaurant operators say higher labor cost is an issue for them and 97% say food costs have increased. Another 38% say their restaurant was unprofitable in 2023. To increase efficiency, many restaurants are investing in technology such as robotics in the kitchen. A large majority, 76% of restaurants say technology given them a competitive edge.
Source: US National Restaurant Association, February 2024.