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Foodservice growth outlook sluggish for 2014
Story Date: 6/5/2013
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Source: Michael Fielding, MEATINGPLACE, 6/4/13
Since releasing its last forecast in January 2013, Chicago-based foodservice consultancy Technomic has seen a slight drop in 2013 growth expectations for the overall industry, from a nominal 3.9 percent (in January) to 3.8 percent (current projections).
Some improvement is expected over the longer term, though, with 2014 industry growth forecasted at 4.1 percent.
“In general, foodservice is still facing headwinds that are tempering consumers’ willingness to eat out,” Joe Pawlak, Technomic vice president, said in a news release. “Slow employment gains and stagnant disposable personal income are a drag on growth. Coupled with the January tax holiday expiration and pending government spending cuts from sequestration, consumers are more cautious about their own discretionary spending.”
Pawlak said better foodservice growth is anticipated in 2014, but consumer uncertainty surrounding their share of costs resulting from implementation of the Affordable Care Act are expected to moderate industry results.
There are also some bright spots in the industry. Looking at various foodservice segments, Pawlak noted that sales growth for independent restaurants has been outpacing chains. College and university, hospital, senior living, lodging and supermarket foodservice are all expected to outperform restaurants and bars this year and in 2014.
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