Technomic lowers food service growth forecast
May 19, 2008
by FoodBusinessNews.net Staff
CHICAGO — Technomic has lowered its 2008 food service industry nominal growth forecast to 2.2% from 3.6% as the result of current economic indicators worsening.
The food service consultancy said some chain restaurants are still delivering solid growth but limited-service restaurant growth has lowered significantly, and full-service restaurants are facing even greater challenges.
"Retail hosts, including supermarket food service and c-stores are one bright spot," said Ron Paul, president. "We expect this group to enjoy solid 5% growth this year — further evidence of our observation that consumers are ‘trading down’ to more economical foodservice alternatives."
Total food service retail sales in 2007 were $532.797 billion, which was 3.8% nominal growth.