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The food system, including food service and food retailing supplied $1.24 trillion worth of food in 2010 in the US, $594 billion of which was supplied by food service facilities, defined by the USDA as any place which prepares food for immediate consumption on site, including locations that are not primarily engaged in dispensing meals such as recreational facilities and retail stores. [2]
The US restaurant industry was projected at $899 billion (~$1.04 trillion in 2023) in sales for 2020 by the National Restaurant Association, the main trade association for the industry in the United States. [2] [3] An estimated 99 percent of companies in the industry are family-owned small businesses with fewer than 50 employees. [4]
A US food retail trade group advised retailers to accelerate ordering and consider rationing to prevent empty shelves. [8] Food retailers were "among the most affected by the coronavirus, but one of the few businesses that might actually benefit," at least in the short term according to the television channel Cheddar. [9] Some areas saw price ...
In the service sector, for example, Choi and colleagues date the industry cycles of the US hotel industry and restaurant industry. [12] They establish the mean duration of the business cycle, measured with aggregate activities in absolute level, as about 7.3 years for the U.S. hotel industry; and for the U.S. restaurant industry, as about 8 years.
The UK Food Standards Agency describes it as "the whole food industry – from farming and food production, packaging and distribution, to retail and catering". [2] The Economic Research Service of the USDA uses the term food system to describe the same thing, stating: "The U.S. food system is a complex network of farmers and the industries ...
[1] [2] An estimated 99% of companies in the industry are family-owned small businesses with fewer than 50 employees. [3] The industry as a whole as of February 2020 employed more than 15 million people, representing 10% of the workforce directly. [1] It is the nation's second largest private employer and the third largest employer overall.
Strategic Group Analysis (SGA) aims to identify organizations with similar strategic characteristics, following similar strategies or competing on similar bases. Such groups can usually be identified using two or perhaps three sets of characteristics as the bases of competition. Examples of the SGA: Extent of product (or service) diversity.
A graphical representation of Porter's five forces. Porter's Five Forces Framework is a method of analysing the competitive environment of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.