International Foodservice Manufacturers Association Projects Growth in 2022 Foodservice Industry Forecast; Phil Kafarakis Comments



International Foodservice Manufacturers Association Projects Growth in 2022 Foodservice Industry Forecast; Phil Kafarakis Comments


Sponsored Message
Summer love Learn More

CHICAGO, IL - The International Foodservice Manufacturers Association (IFMA) is predicting good news on the horizon for the foodservice industry, projecting a 4.6 percent growth this year over last despite operator spend not yet reaching the levels it saw in 2019. This projection comes as part of the association’s recently released 2022 Foodservice Industry Forecast, which showcased growth from 2021 and the continued recovery of the sector.

Phil Kafarakis, President and Chief Executive Officer, International Foodservice Manufacturers Association“The good news is that the foodservice industry is in full recovery mode,” said Phil Kafarakis, IFMA President and Chief Executive Officer. “Consumer demand for away-from-home meal occasions is back. However, the infrastructure to support that demand, in the form of labor and supply shortages, is lagging, resulting in higher cost of goods.”

IFMA went into detail on the foodservice industry and segment growth projections on its IFMA Scope platform. According to the release, the forecast models were created in conjunction with Datassential, a leading foodservice research firm, and validated by operators from the Foodservice Leadership Councils, who act as advisors to IFMA and its Board of Directors.

Due to recent volatility in the marketplace, the projections utilize calendar year 2019 as a benchmark and are based upon several key assumptions, including 2022 average inflation, supply chain constraints, labor shortages, and white-collar employees continuing to work remote.

The International Foodservice Manufacturers Association has launched its 2022 Foodservice Industry Forecast, projecting a 4.6 percent growth over last year

Some key highlights from the segment comparisons to 2019 include:

  • The total restaurant category is projected to nearly return to 2019 levels by end of 2022
  • Quick service restaurants (QSR) are expected to surpass 2019 operator spend levels by seven percent

IFMA members can access all projections, including an early look at 2023, through the IFMA Scope portal, which provides real-time segment and market demographic information.

As the foodservice sector continues to ebb and flow in the wake of the pandemic, AndNowUKnow will keep you updated.

International Foodservice Manufacturers Association