Restaurant industry sales are expected to reach $1.2 trillion by 2030, according to a new report that delves into what the market might look like in 10 years’ time.
The ‘Restaurant Industry 2030: Actionable Insights for the Future’ report examines the key indicators shaping the future of the industry and identifies the most and least likely developments over the coming decade.
Findings are based on input from a variety of restaurant sector experts, futurists, and government statistics.
The report predicts that the industry workforce will likely exceed 17 million by 2030.
Meanwhile, total US employment is projected to increase at an annual rate of 0.5% during the next 10 years. And total U.S. employment is expected to increase 8.5% between 2018 and 2030.
“The restaurant industry is at a crossroads as it finds ways to respond to consumer demand for meal and snack solutions away from home,” said Hudson Riehle, senior vice president of the research and knowledge group for the National Restaurant Association, which released the report in partnership with American Express and Nestlé Professional.
“Restaurant owners are swiftly adapting across their businesses to meet the wants and needs of guests. The radical transformation of the last decade will change the way the industry operates going forward. It’s exciting to ponder how the industry will grow and transform over the next 10 years, and consider how the association can best support the industry in capitalizing on these opportunities.”
Population growth at an expected annual rate of 0.7% between 2018 and 2030, accompanied by changing demographics in the next decade, are expected to lead to an average labor growth rate of 0.5% annually between 2018 and 2028.
With slower labor-force growth, restaurants will continue to compete against other industries for talent, making recruitment and retention vital to success in the coming decade.
Restaurant employers will adopt career-focused mentalities as operators enhance retention by offering benefits and long-term career paths to success.
Operators will automate more routine back-of-house tasks to enhance productivity and efficiency.
“Deconstructing possible trends and innovations of the next decade will help both large and small-business owners in the restaurant industry anticipate their greatest challenges,” added Mr Riehle. “With these actionable insights for the future, restaurants will remain an integral part of the economy and a cornerstone of every community across this nation.”