Restaurants, Bars & Food Services Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 5/31/2021
SIC Codes: 5812, 5813
NAICS Codes: 722
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Restaurants, Bars & Food Services Industry Profile

Companies in this industry provide meals, snacks, and beverages to customers for on-site or off-site consumption. Major companies include restaurant operators such as Darden Restaurants, McDonald's, Starbucks, and Yum! Brands (all based in the US), as well as Greggs (the UK), Restaurant Brands International (Canada), and Skylark Group (Japan). Major food service contractors include US-based ARAMARK and Delaware North, as well as Autogrill (Italy), Compass Group (UK), Sodexo (France), and SSP Group (UK).

The global consumer food services industry, including restaurants, generates more than $3.4 trillion of annual sales in 2018, anticipated to reach $4.2 trillion by 2024 with year-to-year growth of 3.6%, according to PR Newswire. China, which has a a good response system against COVID-19 pandemic, leads growth in the industry above the US, Brazil, and India, as per Euromonitor.

The US restaurant, bar, and food services industry includes about 658,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $678 billion.

COMPETITIVE LANDSCAPE

Restaurants and bars are benefiting from rising consumer interest in gourmet foods, craft beers, and premium spirits, which can be sold at higher margins than traditional fare. Many establishments have expanded their food and beverage selections to compete for patrons who are willing to pay more to try something new and unique. Some operators work closely with local farms, breweries, and distilleries to keep up with the latest trends. Dining and bar ...

 
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