Key Highlights
- The global food service industry was valued at approximately $3.5 trillion in 2023
- The United States accounts for about 22% of the global food service market
- Quick-service restaurants (QSR) make up roughly 70% of total restaurant sales in the U.S.
- In 2022, the number of food service establishments in the U.S. was approximately 250,000
- The average profit margin for restaurants globally is around 5-6%
- Around 60% of restaurant customers prefer ordering food via mobile apps
- Food delivery services grew by over 20% annually between 2020 and 2023
- About 50% of restaurant sales in the U.S. are now made through digital channels
- The global online food delivery market is expected to reach $365 billion by 2024
- Millennials and Gen Z constitute approximately 60% of restaurant diners
- The average restaurant spends about 6% of its revenue on marketing and advertising
- The median age of restaurant diners in the U.S. is 40 years old
- Women are 55% of restaurant patrons, while men make up 45%
The food service industry is experiencing unprecedented growth and transformation in 2023, with a global valuation of $3.5 trillion, a booming digital footprint accounting for half of U.S. sales, and evolving consumer preferences driving innovation across menu options, delivery, and sustainability initiatives.
Consumer Demographics and Preferences
- Around 60% of restaurant customers prefer ordering food via mobile apps
- Millennials and Gen Z constitute approximately 60% of restaurant diners
- The median age of restaurant diners in the U.S. is 40 years old
- Women are 55% of restaurant patrons, while men make up 45%
- The fastest-growing segment of restaurant types in 2023 is plant-based/vegetarian restaurants, with 12% annual growth
- The most popular cuisine types in the U.S. in 2023 are Italian, Mexican, American, and Chinese
- About 40% of consumers prefer plant-based protein options when dining out
- Customer reviews on platforms like Yelp significantly influence restaurant success, with over 80% of consumers trusting online reviews
- 35% of restaurant transactions are now made via mobile devices
- In 2023, about 45% of restaurant sales in China are generated from delivery or takeout, reflecting a shift toward off-premise dining
- 80% of young adults aged 18-34 prefer dining out over cooking at home regularly
- The number of vegan restaurant openings grew by 20% in 2023 globally, signaling increased demand for plant-based options
- Approximately 25% of restaurant customers are influenced by loyalty programs when choosing where to dine
- Vegetarian and vegan menu options increased by 25% across major restaurant chains in 2023, indicating market expansion
Consumer Demographics and Preferences Interpretation
Health, Safety, and Sustainability
- Food allergies affect about 4-6% of children and 4% of adults in the U.S., influencing menu options
- Sustainability and eco-friendly practices are a priority for 65% of restaurant owners in 2023
- Food safety incidents in restaurants decreased by 10% in 2023 due to improved sanitation protocols
- The use of ecolabels and certifications increased among restaurants by 18% in 2023, reflecting growing consumer demand for transparency
- 30% of restaurant owners believe that implementing more eco-friendly practices will improve their brand reputation
Health, Safety, and Sustainability Interpretation
Industry Challenges and Opportunities
- The average profit margin for restaurants globally is around 5-6%
- Approximately 75% of restaurant owners are optimistic about reaching pre-pandemic sales levels by 2024
- The average hourly wage for restaurant workers in the U.S. was around $12.75 in 2023
- Nearly 80% of restaurant owners report difficulties in hiring qualified staff, especially cooks and managers
- The average lifespan of a restaurant in the U.S. is approximately 5 years, with many closing within the first 3 years
- The average wait time for a table at popular restaurants peaked at around 20 minutes in 2023 due to staffing shortages
- The proportion of American restaurant workers who are immigrants reached nearly 30% in 2023, supporting labor needs in the industry
Industry Challenges and Opportunities Interpretation
Market Size and Economic Impact
- The global food service industry was valued at approximately $3.5 trillion in 2023
- The United States accounts for about 22% of the global food service market
- Quick-service restaurants (QSR) make up roughly 70% of total restaurant sales in the U.S.
- In 2022, the number of food service establishments in the U.S. was approximately 250,000
- Food delivery services grew by over 20% annually between 2020 and 2023
- About 50% of restaurant sales in the U.S. are now made through digital channels
- The global online food delivery market is expected to reach $365 billion by 2024
- Restaurant industry employment in the U.S. totaled over 14 million jobs in 2023
- Food waste costs the restaurant industry approximately $25 billion annually in the U.S.
- The average restaurant check size in the U.S. was approximately $18 in 2023
- The global restaurant industry is forecasted to grow at a CAGR of 4.2% from 2023 to 2028
- The restaurant industry's contribution to the U.S. GDP was approximately 4.2% in 2023, amounting to over $1 trillion
- Foodservice employees are expected to number over 15 million globally by 2025, projecting growth in employment
Market Size and Economic Impact Interpretation
Operational Trends and Innovations
- The average restaurant spends about 6% of its revenue on marketing and advertising
- The use of contactless payments at restaurants increased by 30% during the COVID-19 pandemic and remains high in 2023
- A growing trend in 2023 is ghost kitchens, with over 2,000 operating in the U.S.
- The use of AI and automation in restaurant operations increased by 15% in 2023 compared to the previous year
Operational Trends and Innovations Interpretation
Sources & References
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- Reference 6NRFResearch Publication(2024)Visit source
- Reference 7FOODBUSINESSNEWSResearch Publication(2024)Visit source
- Reference 8BLSResearch Publication(2024)Visit source
- Reference 9FOODALLERGYResearch Publication(2024)Visit source
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