IFMA releases 2023 restaurant industry forecast at marketing and sales conference

CHICAGO, August 2, 2022 /PRNewswire/ — The International Foodservice Manufacturers Association (IFMA) released its industry and foodservice segment projections for 2023 today at its annual marketing and sales conference. The forecast, which is hosted on the IFMA Scope® platform, predicts that operator spending in the restaurant sector will decline by 0.1%, considered flat on an actual basis in 2023, compared to 2022. Prediction models were created in conjunction with Datassential, a leading foodservice research firm, and validated by operators of the Foodservice Leadership Councils, who act as advisors to IFMA and its board of directors. administration.

While the projection is for stable growth in 2023 in real terms, the IFMA predicts that the industry will experience inflation of 7.7%. This means that most foodservice segments will spend more in 2023 than in 2022 due to rising cost of goods rather than increased consumer demand. These projections are based on several key assumptions, including an economic recession in 2022, supply chain constraints, labor shortages, and many white-collar workers continuing to work remotely rather than in the office.

“The restaurant industry has shown remarkable resilience throughout the pandemic and concurrent global economic challenges, and counting,” said Phil Kafarakis, CEO of IFMA. “The need for a deeper understanding of our volatile environment is greater than ever. IFMA offers its members exclusive data through IFMA Scope® and we work with them to interpret the impact of this data on their businesses. Our research helps members and our industry prepare for what’s ahead.”

Some of the key highlights of the segment’s actual growth comparisons from 2023 to 2022 include:

  • The total restaurant category – including full-service and limited-service restaurants – is expected to decrease by 1%. This expected decline is due to reduced consumer demand due to an expected economic recession.
  • Quick Service Restaurants (QSRs), which have performed significantly better in recent years than other segments as a whole, are expected to decline 0.8%, while the Fast Casual segment is down 1.3%.
  • The full-service restaurant segments, including midscale and casual dining, are also both expected to decline in 2023, down 2.2% and 1.2%, respectively.
  • Collectively, the on-premises segments in 2023 are expected to grow 2.4%, largely because their recovery from 2020 has been slower than that of restaurants. Additionally, many on-premises segment locations are “recession proof”.

IFMA members can access all projections, including a first look at 2024, via the Scope of the IFMA®, which provides an interactive and immersive view of real-time segment and market demographic information to aid in business planning

About the International Foodservice Manufacturers Association (IFMA)

The International Foodservice Manufacturers Association (IFMA) is a trade association that has served its industry for 70 years. IFMA’s mission is to equip foodservice manufacturers with the tools to navigate the future with confidence. By providing information, fostering best practices, and developing networking and educational opportunities through events, the IFMA enlightens its members and motivates change that improves both individual member organizations and the industry. of the restoration as a whole. For more information, visit Follow IFMA on LinkedIn, Twitter, Facebook and Instagram.

SOURCE International Foodservice Manufacturers Association (IFMA)