CHICAGO, August 8, 2023 — The International Foodservice Manufacturers Association (IFMA) released its 2024 Foodservice Industry and Segment Projections today at its annual Marketing & Sales Conference.
The forecast is hosted on the IFMA Scope® platform and projects that operator spend in the foodservice industry will grow by 0.2 percent on a real basis. The forecast models were created in conjunction with Datassential, a leading foodservice research firm, and validated by operators from the IFMA Foodservice Leadership Councils, who act as advisors to IFMA and its Board of Directors.
While the projection is for relatively flat growth in 2024 in real terms, IFMA projects that the industry will see inflation of 5 percent. This means most foodservice segments will spend more in 2024 than they did in 2023 as a result of higher cost of goods. These projections are based upon several key assumptions, including rising interest rates, labor shortages, and many white-collar employees continuing to work remotely rather than in the office.
“The foodservice industry continues to transition after the upheaval of the global pandemic,” said Phil Kafarakis, IFMA president & CEO. “We know that offering our members proprietary data through IFMA Scope® gives them extra support as they make plans for the coming year. We work with them to interpret that data's impact on their businesses. IFMA remains committed to bringing important information and actionable analysis to our members and, through them, the entire food-away-from-home ecosystem. As the industry transforms to meet new challenges, so will IFMA.”
Some of the key highlights from the 2024 segment real growth comparisons to 2023 include:
- Factoring in five points of inflation, IFMA projects the foodservice industry will grow 5.2%, on a nominal basis.
- The restaurant segment is expected to decline slightly at -0.3%, on a real basis.
- Growth segments include c-stores, grocery, college & university, lodging, and hospitals, among others.
- Segments projected to decline include midscale dining and casual dining, among others.
IFMA members can access all projections through the IFMA Scope® portal, which provides an interactive and immersive view of real-time segment and market demographic information to aid in business planning.