2024 Food and Beverage Industry Trends and Statistics
Find out what’s cooking in the culinary industry this year and download our free economic outlook report today!
Introducing FLIP’s 2024 Food Industry Economic and Trend Report
A new year brings with it new developments in the food and beverage industry—developments that business owners in this space need to know in order to strategically plan for the future.
To keep you up to date, Food Liability Insurance Program (FLIP) is proud to share our 2024 Food Industry Economic and Trend Report. We’ve surveyed FLIP policyholders and curated data from sources like the United States Department of Agriculture (USDA) and US Foods to provide you with helpful insights into the state of the industry this year.
The best part? You can download your copy for free today!
Discover everything from industry-wide stats to business-specific data for:
- Food truck owners
- Bakers
- Caterers
- Bartenders
- Farmers market vendors
- And more
Not ready to download yet? Here’s just a taste of what you can expect in the report.
Eating Out Is In
2024 is shaping up to be a big year for eating out. In 2023, food purchased away from home increased by 9% over the previous year and accounted for 56.2% of all food spending in the U.S.
In general, the average person eats out 3 times per month. As for takeout orders, that number increases to 4.5 times per month.
Food Business Owners Predict Growth This Year
When asked to choose how their business would fare in 2024, FLIP customers were optimistic. 80.2% of survey respondents said they expect their business to grow this year. 15% expect their business to remain flat and only 4.8% predict a decline.
Let’s Talk Trends in the Food Truck Industry
Food trucks have seen a rise in popularity over recent years, growing at a 9.9% annual rate between 2018 and 2023. With a market share of $1.4 billion, this industry is expected to see even more growth in the coming years.
On average, the annual revenue for a food truck business ranges from $250,000–$500,000, with the total income for all food trucks expected to surpass $2 billion by 2030.
Catering Bounces Back from the Pandemic
One of the biggest developments in the catering industry is that office catering orders have returned to pre-pandemic levels. With more workplaces requiring employees to return to the office at least part-time, companies have found catering lunch to be a great incentive for in-person work.
Thanks to changes like these, the U.S. catering industry continues to grow, with 90,919 registered catering businesses in 2023 (up 5.2% from 2022).
Hungry for More Info on Food Industry Trends?
Our 2024 Food Industry Economic and Trend Report has even more information on what’s trending for your food business type and the industry as a whole. Stay up to date and download yours today!
