Food Industry Economic and Trend Outlook Report PDF Free Download
1 / 32/32
100%
FOOD INDUSTRY
ECONOMIC AND TREND
OUTLOOK REPORT
Prepared by:
2024
2TABLE OF CONTENTS
INTRODUCTION .................................................................................................................. 3
MARKET-WIDE REPORT ....................................................................................................... 4
Customer Behavior Industry Trends ..............................................................................................................................4
Food Cost Statistics & Trends ......................................................................................................................................10
Technology Trends ......................................................................................................................................................... 11
Marketing Statistics & Trends ....................................................................................................................................... 12
Insurance Statistics & Trends ....................................................................................................................................... 12
CONTENTS
Table of
SEGMENT SPECIFIC REPORTS ............................................................................................ 14
Bakers Statistics & Trends ............................................................................................................................................ 14
Bartenders Statistics & Trends ..................................................................................................................................... 16
Caterers Statistics & Trends ......................................................................................................................................... 18
Event-Based Food Business Statistics & Trends ........................................................................................................ 19
Personal Chefs Statistics & Trends ..............................................................................................................................23
Home Food (Cottage) Business Statistics & Trends ..................................................................................................24
KEY TAKEAWAYS & CLOSING NOTE .................................................................................... 26
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
3
INTRODUCTION
01
INTRODUCTION
less in revenue per location) and 2024 looks to be another year of steady growth. This report will provide both a statistical
and trends-based analysis of the various segments within this industry as well as the market as a whole. We hope that you
Bakers Food Festival Vendors Bartenders
Food Carts and Trucks Caterers Home / Cottage Food
Businesses
Farmers Market Sellers Personal Chefs
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
4Market-Wide report
02
MARKET-WIDE REPORT
Customer Behavior Industry Trends
 Consumers are spending more on food than ever before
È$1.97 trillionincrease of
6% over 2022
 The average cost of a meal out is $16 per meal
È 42% of
people spend $11-$20 per person for a meal when dining out
 Ticket sizes are going up
È91% of food businesses
decrease
Â
È69% of food businesses surveyed by FLIP believe their businesses will grow in 2024, while 25% believe their
businesses will remain at
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
 People are eating out more
ÈFood purchased away-from-home increased 9% in 2023 over 2022 and accounted for
56.2% of all food spending. The average person eats out 3x per month
 Tipping is getting better – but slowly
È36% of people are now
-down restaurants
ÈDigital tipping is king.
with tipping in cash
È
13% saw their tips go up
 Lunch is still the winner
ÈLunch remains the most popular meal
eating dinner earlier
only 35% of
diners reporting they eat breakfast regularly
 diners expect to
spend between $11 and $20 per
person, per meal when dining out
È
per person per meal on average
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
 Customers continue to prefer “fast-dining” options
ÈA 2023 American Dining Habits survey by
Fast Food
Fast Casual
Casual Dining
Contemporary Casual
Bar & Grill
Food Trucks, Carts, Stands
Cafes
Ghost Restaurant
Pub
Buet
Fine Dining
60%
55%
46%
18%
14%
10%
10%
9%
5%
3%
2%
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
CUISINE PREFERENCE TRENDS
 Healthy options continue to reign
ÈPersonalized nutrition: Growing consumer awareness about nutrition is fueling the demand for personalized
nutrition solutions. These solutions encompass nutrigenomics-based diets and also cater to individual preferences
È46% of Americans would like more personalized advice and solutions to support their health
 Fusion attracts more attention
È
 Boba
È
 Plant-based
ÈCottage cheese is on the rise showing a 70% increase in people adding cottage cheese to their diet year-over-year
È
ÈThere are 3 times as many vegetarians as there are vegans
 Sustainability
È
 Spice tolerance is on the rise
 Alternative caeine energy boost products on the rise
 Value-conscious options
ÈNearly 50% of diners prefer purchasing something that is bundled or discounted
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
 Highest-grossing foods (in order)
Tacos Street food Grilled cheese
Ice cream Sandwiches
to your area
Baked goods Smoothies and juice New food fusions like
the pho burrito
FUN FACT
Food business owners are
split on making adjustments
with 35%
reporting they do plan to
change their menu, 28%
not planning to, and 37%
unsure, according to FLIP's
survey
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
LABOR STATISTICS & TRENDS
 Workers demographics
ÈDiversity
yFood businesses employ more minority managers
than any other industry
y41% of food businesses are owned by minorities
the other industries
y
y
Asian
yhefs and cooks are minorities
ÈGender
yees are female
yThe foodservice industry employs more female
female)
ÈLanguage
y yees speak a language other than
English at home
y
y
to speak a language other than English at home
ÈWages
yThe average salary for a food service worker is
y
yThe median annual wage for food service managers
yU.S. small business owners make, on average,
$70,300
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Food Cost Statistics & Trends
 Food costs continue to stabilize from a two-year
period of steep increases
È
wholesale food prices decreased 5.7%
È
pandemic levels
È
Â
 Food business owners feel the pain of high food costs
È65% of food businesses surveyed by FLIP
indicated that rising food costs aected their
net income
menu prices to mitigate the impact of the increase
Â
rising
È65% of food businesses surveyed by FLIP
believe their food costs will continue to grow
in 2024
will go down.
MARGINS STAT
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Technology Trends
 Custom apps and mobile ordering remain paramount
È
can result in up to 40% more prot for food businesses.
 AI tools take the stage
È
 Going cashless slows
È
È
È
ÈCredit card processing fees are a burden on owners and saving on the cost is attractive to many operators
 69% of food businesses surveyed by FLIP indicated they do not plan on going cashless 30%
indicated they plan to or are already cashless
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Marketing Statistics & Trends
 Word of mouth is still the best marketing
È
 Digital prescence just as important
È
È
È
y
yDirectory listings
yTraditional marketing
 Food business owners continue to invest in marketing
È34% of food businesses 56% plan to
spend the same as in 2023, and 9% plan to decrease their spending
Food Business Insurance Statistics & Trends
 Problems continue to happen and owners are relying on insurance in their time of need
ÈThe number of food business insurance claims increased 2.3% in 2023 over 2022
ÈThe top insurance claim type in 2023 was an Auto or Trailer Incident, representing 28% of all claims. Below are
y
y
y
y
y
y
y
y
y
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
The average cost of food business insurance was
$46/month
The average payout of all insurance claims was
$4,632
È Caterers, Food
Truck/Trailers, and Farmers Market Vendors
Â
percentage)
 Over 60% resulted in a payout
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Bakers Statistics & Trends
Â
ÈThe bakery sector grew by 2.45% in 2023
 Bakers tend to have a prot margin ranging from 5% to 15%
È
 Median pay for labor in baking is $15.76
È
Â
È
È
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Â
ÈCookies
ÈCakes
ÈDonuts
purchase value
 "Treat yourself" remains leading promotion
ÈThe American Bakers Association reported that
84% of Americans consider it acceptable to
occasionally treat themselves to baked goods
 Clean ingredients help sell
ÈBakery products claiming to contain natural and
organic ingredients have witnessed increased
 Bakery menu trends
È
ÈInstagram-worthy treats
È
ÈLaminated dough dessert
 Operating margin
È
ranging from 5% to 15% while
bakeries with higher-priced artisanal goods might
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Bartenders Statistics & Trends
 The mobile bartending sector is growing
ÈThe mobile bartending sector grew by 3% in 2023
È
 Bartenders are charging more
ÈMobile bartenders have increased their rates by 17% in 2023 over 2022 with an average cost of $40-$55 per
hour, per bartender
 Special events and holidays come at an upcharge
ÈMobile bartenders are charging 30-50% more
 Specialized menus are a must
ÈSignature drinks and menus prove to be popular and can boost sales when events are pay-per-drink
È
menus
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Employment of bartenders, by state, May 2022
Employment
Blank areas indicate data not available.
Â
È
ÈRum continues to lead in consumer preference
ÈSpritz cocktails are a hot trend with specially designed cocktails gaining interest
ÈConsumers interest in alcohol-free or lower-alcohol choices at an all-time high
È"Craft gin" distilled locally continues to gain traction
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Caterers Statistics & Trends
 The catering sector is growing rapidly
ÈThe catering sector is growing at a 7.7% rate YoY
surpassing $12.2B in 2023
y
y
the states with the most number of caterers
ÈThe average prot margin for the catering sector
was 7-8% in 2023
ÈThe number of people employed in the catering
È 3.0
employees
ÈThe average minimum catering order
$350
È
yGrazing tables
yInstagrammable
yPersonalization
ySustainable/support Local
yVertical food & bev Stations
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Event-Based Food Business Statistics & Trends
 Attendance at events featuring food is increasing
ÈMore than two out of ve US consumers likely to attend
FARMERS MARKET VENDORS
Â
È
growth is slowing
ÈTotal estimated annual sales at Farmers Markets in
2023 was an estimated $1 billion
Â
ÈThe average number of attendees to farmers markets
ÈMany farmers markets do not track the number of
attendees
Â
È
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
20 Market-Wide report
Â
ÈStudies indicate that farmers market vendors receive between 40%-70% more for their products at the market
than selling them through wholesale outlets
 Booth fees are still low
ÈThe average cost of a farmers booth is $50-$60 in the US;
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
FOOD TRUCK/CART STATISTICS & TRENDS
 Food trucks/carts are on the rise
ÈThere are 43,215+ food truck businesses
È
Èsurpass $2 billion by 2030
 The proof is in the numbers
ÈMost full-time food trucks generate between $250,000 to $500,000 in gross revenue per year
È
È
ÈHot dog cart ownersan average prot of $100,000 per year
È
FUN FACT
Insurance claims for food
truck and cart businesses
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
22 Market-Wide report
Â
È
È
 Food and labor are majority of costs
ÈAround 27% of total costs incurred by a food truck go toward paying employee wages
ÈFood purchases account for 43.1% of total food truck costs
 Menu trends
È
È
 More customers means more revenue
È
depending on the type of food
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
23
Market-Wide report
Personal Chefs Statistics & Trends
 The personal chef sector is still growing
ÈThe personal chef sector is growing at a 2.4% rate YoY,
surpassing $4.5B in 2023
y
employees
ÈThe average operating margin for personal chefs is
average
margins of 80%
ÈBoth men and women are actively participating in
ÈThe average weekly cost of “out-of-home” personal
ÈThe average daily cost of “in-home” personal chef
the cost of food)
ÈAverage hourly costs of personal chefs are between
ÈThe average salary for a private chef is around $110,000
to $225,000.
ÈMenu trends for personal chefs continue to move
y
ySustainable and “earth-friendly” choices
yPreference-based “fusions” and custom concepts
ÈTikTok has emerged as one of the best marketing
celebrities and the ultra-wealthy
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
24 Market-Wide report
Home Food (Cottage) Business Statistics & Trends
 The home food (cottage) business sector is growing
È
È
y
Â
Cakes Preserves
Cookies Pie Fillings
Cupcakes Dry Nuts
Pies Dry Cereals Candy / Candies
Breads Granola
Jams Popcorn Pet Foods (fastest
growing category)
Jellies Kettle Corn
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
 Getting started has never been easier
È
ÈLaws are slowly changing to allow for more home-based food businesses. Most cottage food laws describe what
year or transition their businesses into a commercial kitchen space and out of the home
 States allowing shipping and even interstate sales
ÈA major opportunity for home-based (cottage) food businesses is the shift to allowance of interstate sales
ÈArkansasFloridaOklahoma
those states. AlabamaCaliforniaNew Mexico also improved their laws by allowing in-state shipping
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Key Takeaways
 The food business is growing industry-wide
Èspending on out-of-home dining increased by 6% over 2022 with 42% of diners spending $11-
20 per person for a meal when dining out
È69%91% foresee ticket prices increasing
2023
 Food costs are stabilizing
È
È
 Insurance remains imperative
È
È
Closing Note from FLIP
valuable for benchmarking your business and fostering its growth in the upcoming year. Although this comprehensive
are truly grateful for the opportunity to support you on your business journey.
- The FLIP Team
LEARN MORE AND DISCOVER WHAT INSURANCE YOUR
BUSINESS NEEDS AT FLIPROGRAM.COM
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
Bibliography and Sources
cost/.
states/
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
industry-in-2023/
truck-industry-stats/
for-2024
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
Market-Wide report
2024 FOOD INDUSTRY ECONOMIC AND TREND OUTLOOK REPORT
30 Market-Wide report
