Foodservice industry could lose close to $300B in 2020

As the effects of COVID-19 continue to roil U.S. foodservice, the industry’s resulting sales loss for 2020 could come close to $300 billion, according to revised projections from researcher and FSD sister company Technomic.

Sales will recover somewhat in 2021, Technomic predicts, rising 21% from the current year but staying 11% below the levels seen in 2019.

“Few industries have felt the repercussions of the COVID-19 pandemic quite like foodservice,” Joe Pawlak, managing principal at Technomic, said in a statement. “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.”

While quick-service concepts are faring the best during the pandemic, eateries tied to education and business and industry are among those struggling the most, the researcher notes.