The food industry is one of the most important industries around the world. Different from the grocery industry, food industry specialists provide people with prepared foods or ready-to-eat items that they can take with them or have served to them. It is one of the biggest industries in terms of employment around the world.
Food Service Industry Statistics
More than 10 million people are employed by the food industry in the United States alone.
Let’s face it: without food, there is no life. People can grow their own foods at home and many do thanks to a homesteading type of lifestyle, but for the average person, they need to purchase foods that are grown by others commercially. Because of this need, there is a massive market for products and the food service industry will always be in existence.
Three Fast Facts About the Food Service Industry
1. Total revenues generated by the food service industry in 2012, the last year information has been reported, was over $7.6 trillion.
2. The total value of all food service assets around the world is estimated to be at $1.3 trillion.
3. 50% of the fish that is eaten daily by the global population is raised because of efforts of the food service industry.
Takeaway: As food resources continue to be needed in an ever-expanding way, the food service industry has continued to step up to the plate to provide people with alternatives that they need in order to survive. Where else can you get over 1,000 calories of nutritional input for less than $2? Outside of the food service industry, it just can’t be feasibly done for a profit. Because of this, more people who live in poverty have a chance to grow and thrive.
Other Facts to Consider About This Industry
1. Sales at food service industry locations is up 3.2% over the previous year as of the time of this writing.
2. The unemployment rate within this industry is higher than average at 10.2% as of February 2014.
3. The largest sector of employment in this industry is waitstaff, accounting for over 2 million jobs in the US alone.
4. The average salary of a non-management employee in the food service industry is about $11 per hour, including tips.
5. Being represented by a union in this industry equates to a jump in wages of nearly 25%.
6. There are over 589,000 food service industry locations generating revenues in the United States alone. On average, this means the typical employment location has just 4 employees.
7. Packaged food accounts for $2.1 trillion in global revenues annually.
Takeaway: Unfortunately the food service industry survives on some very tight margins for the average provider. Although there are plenty of individuals who can make seven figure salaries thanks to this industry, the average worker within the field takes home less than $20,000 per year while working full-time. This discrepancy in pay has many calling for changes to compensation structures, with a movement on the West Coast growing to pay food service industry workers $15 per hour. Will this create change? Will food service industry revenues continue to increase? Only time will tell.