Analysis of the US foodservice market
The US foodservice market is expected to register a CAGR of 3.7% over the next five years. Industries are still trying to grapple with the impacts and come to grips with the fallout from the COVID-19 pandemic. The pandemic primarily affected restaurants, which were closed for extended periods in 2020 and are still struggling with debt incurred during that time. According to The Washington Post, 72,700 restaurants were closed in 2020 due to COVID-19. After the COVID -19 outbreak, consumers in the market began to change their eating behavior and practice social distancing, which affected the revenue of the market under study.
There is a growing trend among consumers to skip meals or eat on the go due to their busy lifestyles. Furthermore, several key market trends are expected to positively impact the food truck industry during the forecast period, including the growing popularity of food trucks. In the United States, vegetarianism is becoming increasingly popular. Americans are increasingly turning to vegetarianism as a new food trend, supporting demand for food services. The rise in dining out has also contributed to the growth of the food service industry.
Increased digitalization of foodservice is one of the key factors driving the market, as consumers feel comfortable booking and paying online. Along with online payments, online delivery and take away systems are gaining more demand and attracting customers. Fast food restaurants focusing on organic products and healthy foods are expected to be the focus of the market in the future. In the United States, demand for organic food is growing rapidly. However, rising obesity and health awareness among consumers affects market growth, as most fast food products are unhealthy.
The highly diverse population in the country drives foodservice market growth for ethnic foods
The growing popularity of ethnic cuisine is one of the trends sweeping the foodservice sector, fueled by growing numbers of immigrants to the United States and Americans’ adventurous palates. The growing popularity of spicy foods in the United States is largely due to an increase in immigration. The Asian American population in the United States is the fastest growing racial or ethnic group in the country. A Pew Research Center analysis of 2021 U.S. Census Bureau data shows that more than 22 million Asians living in the United States originate from one of several Asian countries or populations located in in East and Southeast Asia, as well as the Indian subcontinent.
This growing demographic has introduced a variety of spicy dishes to the American palate and the market response has been very positive. High demand for Asian cuisine, with a focus on lighter Chinese dishes of Thai, Japanese and Vietnamese cuisine, is becoming important in the market. In this scenario, sushi restaurants are gaining popularity, primarily in Los Angeles, Chicago and San Francisco, where per capita disposable income is higher than the national average.
Increased Consumer Spending on Asian Food in the US
The United States is known for its diverse and multicultural society, and this diversity is deliciously reflected in its culinary landscape. Asian cuisine has made an indelible mark, offering a wide array of flavors, aromas, and experiences to food enthusiasts across the nation. Asian cuisine, which includes Viet Nam, Japanese, Thai, Indian, Korean, and many more regional styles, has gained remarkable popularity. This surge can be attributed to several key factors that appeal to the American palate. The presence of thriving Asian communities in the United States has had a profound influence on the culinary scene. The authenticity and flavors brought by these communities are a source of pride and a gastronomic treasure for the entire nation. One unique aspect of the increasing popularity of Asian food is the fusion phenomenon. The blending of Asian flavors with other cuisines has created innovative and mouthwatering dishes, bringing new dimensions to the culinary landscape.
The health-conscious movement has contributed significantly to the growth of Asian food. Many Asian dishes are known for their use of fresh ingredients, balanced nutrition, and health benefits. Ingredients such as tofu, seaweed, ginger, and a variety of vegetables have gained attention for their nutrient-rich profiles and potential health benefits. This has encouraged more people to explore and embrace Asian food.
Overview of the US foodservice industry
The highly competitive US foodservice market offers interfaces to various players and others. The chain-based foodservice segment is growing rapidly to increase investment in international brands. Introducing novel flavors and scents is a strategic application of tools to gain a competitive advantage in the market. According to the latest consumer trends, the introduction of organic food products in this fragmented market is likely to enhance the prospects of companies in the same sector.
