Technomic revises foodservice industry forecasts reflecting sales growth of 21% in 2021 after significant decline in 2020

Technomic shares their forecasts that have been updated from a May 2020 release to incorporate a delay in expected recovery

CHICAGO, Aug. 12, 2020—Technomic has revised its forecasts for the remainder of 2020 and into 2021 as the pandemic continues to disrupt the foodservice industry. This data is presented using three scenarios: Best Case, Middle Case and Worst Case. After a dramatic dip in sales in 2020, Technomic’s Middle Case scenario predicts that the industry will grow by 21% next year but sales are expected to still be down 11% from 2019 industry sales levels.

Key findings from the updated release include:

  • Depending on scenario, the industry is expected to lose anywhere from $250 billion to almost $300 billion in sales this year compared to 2019
  • Quick service is among the segments performing the best, while full-service restaurants, bars, business and industry, travel and leisure, and education are struggling
  • Industry prospects going forward are tied directly to medical advances related to COVID-19, such as a vaccine or advanced therapies as well as underlying economic recovery

“Few industries have felt the repercussions of the COVID-19 pandemic quite like foodservice,” explains Joe Pawlak, managing principal at Technomic. “Restrictions are wreaking havoc, especially on the segments that depend upon on-premise consumption. What we are seeing is continued decline for the remainder of the year but aggressive growth in 2021. However, it will still take longer to fully bounce back, and we’ll be updating our forecasts as circumstances continue to shift and evolve.”

These forecasts and future updates are available to Technomic clients who are either members of the Foodservice Planning Program or subscribers of Ignite Company. Learn more about Technomic’s offerings at technomic.com.

Contacts:

Press inquiries: Joe Pawlak, (312) 506-3940, jpawlak@technomic.com
Purchase inquiries: Patrick Noone, (312) 506-3852, pnoone@technomic.com

About Technomic
Technomic, Inc., a Winsight company, was founded as a management consulting firm in 1966. Since then, Technomic’s services have grown to encompass cloud-based B2B research tools, consumer and menu trend tracking, as well as other leading strategic research and analytic capabilities, to prioritize and size business opportunities. Our clients include food manufacturers and distributors, restaurants, retailers and multiple other business verticals aligned with the food industry that are looking to make informed decisions to support their business growth. Visit Technomic at www.technomic.com.

About Winsight
Winsight LLC is a business-to-business information company serving the restaurant and noncommercial foodservice, convenience and petroleum retailing and grocery industries. Winsight provides research and analytics, branding solutions, face-to-face opportunities, lead generation initiatives, and content marketing services through products including subscription data products, reports, research tools, research programs, fully custom studies, conferences, custom marketing services, meetings, print and digital trade media. To learn more, visit winsightmedia.com.

Winsight LLC is a portfolio company of Pamlico Capital.

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