Revenue levels of the US foodservice industry could be damaged until 2024, or even beyond, according to market research by Packaged Facts.
With 2020 foodservice revenues expected to decline by more than 25%over 2019, research is suggesting that confidence in the industry could fail to return pre-coronavirus levels for years to come.
While growth will be somewhat back on track by 2024, the report stated, it is still expected to remain slower than during the 2014-19 period.
“Independent full-service restaurants will be especially harmed in the short term by the widespread closures of dining rooms,” the report from Packaged Facts said.
Permanent closures due to lockdown measures could hit up to 20% of food and beverage establishments, though this number will begin to recover in 2021.
Packaged Facts, a division of marketresearch.com, compiled the data contained in this report.