Market will witness a negative impact over the next four years owing to the widespread growth of the Covid-19 pandemic
Research
Restaurant sales remained strong during July and compare favourably with pre-pandemic performance
Technomic, a Winsight company, has given its trend predictions for the industry for the coming year in its new State of the Menu report
Twice as many foodservice companies now consider themselves 'tech-forward' compared to a year ago
In the March-July window alone, the industry lost out on around $165 billion, while August sales were still down 34% on last year
Technomic reveals 'middle case' scenario would result in 21% growth next year even though sales are likely to fall short of 2019 levels
The survey also suggested that, at the end of May, around 76% of restaurants were open 'in some capacity', while 26% were closed temporarily.
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
This is due to the effects of the coronavirus outbreak, which has seen closures of all sit-in food and beverage establishments in most states, with many choosing to operate on a delivery-only basis.
Various causes are posited as current barriers to growth, including high labor costs and rising food prices, as well as overcrowding in the delivery market.