Restaurants & Nightlife
Restaurants, Bars & Food Services
Companies in this industry provide meals, snacks, and beverages to customers for on-site or off-site consumption. Major companies include restaurant operators such as Darden Restaurants, McDonald's, Starbucks, and Yum! Brands.
The global consumer food services industry, including restaurants, generates more than $3 trillion in annual sales, according to Technomic, as cited in Restaurant Business. Industry growth is expected to continue through 2022, Euromonitor International reports, with most coming from the Asia/Pacific region. Slower growth is projected for Western Europe and North America due to intense competition and market saturation.
The US restaurant, bar, and food services industry includes about 657,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $678 billion.
Restaurants and bars are benefiting from rising consumer interest in gourmet foods, craft beers, and premium spirits, which can be sold at higher margins than traditional fare. Many establishments have expanded their food and beverage selections to compete for patrons who are willing to pay more to try something new and unique. Some operators work closely with local farms, breweries, and distilleries to keep up with the latest trends. Dining and bar culture ...