Foodservice industry presents opportunities for technology, meat alternatives

The foodservice industry remains resilient despite considerable headwinds. While weak same-store sales and declining traffic continue to put pressure on operators, US restaurant sales are projected to grow 3.6 percent to top $860 billion in sales in 2019, by the National Restaurant Association (NRA). Sales at full-service restaurants hit $285.3 billion, up 3.8 percent from last year, while the quick-service segment grew 3.2 percent to $246.7 billion. Investments in delivery and technology continue to provide avenues for growth in a market marred by fierce competition, tightening margins and labor shortages. Off-premise business now accounts for 60 percent of foodservice occasion and nearly 80 percent of restaurant operators say it’s a major strategic priority, according to the NRA and Technomic. More than one in three consumers used delivery more this year than in 2018, and 79 percent used the service at least once a month.  Read more