Technomic lowers food service growth forecast

by FoodBusinessNews.net Staff
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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.

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