Restaurant Industry Trends: What You Need to Know in 2024

“Quick summary” Over the last two decades, the restaurant industry has witnessed numerous remarkable transformations, valuing it as a 3,119.73 billion-dollar market in 2024. Industry players not only adapted to rapidly evolving changes to sustain themselves in the sector but also to meet customers' expectations.

Earlier, restaurant businesses emphasized serving fresh farm-to-table delights. Years passed, and then came personalized dining experiences and gorging the appetite of foodies with fusion cuisine.

Today, we have health-conscious menus boasting vegan & dairy-free options and sustainable cooking practices like eco-friendly packaging & implementing energy-efficient operations. Further, advanced technology such as contactless payments and interactive kiosks are also on the rise to simplify the customer journey.

Curious to learn in-depth about them? Stay tuned with us as we walk you through the emerging trends of the restaurant industry in 2024.

Skyrocket the Growth of Your Restaurant with These 4 Industry Trends

1. Technology

Not just IT and healthcare, technology is also sowing its seeds in the restaurant industry. Its demand spiked during COVID-19 when online giants like Zomato, Swiggy, Uber Eats, FoodPanda, and GrubHub delivered delicious and warm meals with a click on customers’ doorstep.

People started saying ‘I’m Loving It’ (pun intended), not only because of the convenience but also because of secure transactions, no queues, quick and hassle-free delivery, endless culinary choices, and most importantly, safety from unwanted infections and diseases.

• Did you know that almost 60% of diners prefer online ordering in 2022? In fact, its revenue is forecasted to reach US$1.22tn in 2024.
• Digital payments have 68.31% domination in the online delivery segment.
• The food delivery industry is expected to grow $165 billion by 2029.

These staggering figures prove that online food delivery is not a passing trend but is built to last.

While mobile delivery and digital payments are at their peak, diners anticipate having swipe machines, digital menus, QR scanners, full-service restaurant POS systems, & kiosks to streamline payments and provide a seamless ordering experience.

2. Different Revenue Streams

Whether you are a customer or a restaurant owner, you definitely would know the most mainstream model of earning revenue — B2C or business-to-customer. This revenue stream is quite simple where restaurant businesses serve appetizing meals to diners and online buyers to generate sales and increase them gradually.

Beyond this obvious model, restaurants can earn substantial capital by selling alcoholic and non-alcoholic beverages like soft drinks, juices, coffee, tea, beer, wine, and more.

There are also various other ways, such as providing caring services at parties, corporate events, & gatherings and selling branded or personalized merchandise like hats, mugs, photo frames, and t-shirts.

Loyalty programs & gift cards, meal kits, cooking classes, and collaborating with similar businesses & brands are a few other means to source revenue & profits while boosting your visibility and staying relevant in this ever-evolving market.

While multiple revenue models can excite you and open opportunities to gain fruitful results, choosing the one that goes hand in hand with your end goal, expertise, targeted demographics, and long-term market demand is crucial.

3. Consumer Preferences

Gone are the days when restaurants merely satisfied customers with delectable delicacies. In the 21st century, people have certain expectations from restaurants. They desire an experience that revolves around quick turnaround times, personalization, and impeccable services that promise to not only satiate their palate but also their soul.

But let’s address the elephant in the room. How do you keep your customers happy?

Well, you have two solutions for it.

The first is adapting to the demands, and the second is understanding your customers' needs.

• Adapting to the market:

Keeping an eye on the market and evolving alongside it is one sure-shot way to excel in the restaurant business. You must be attentive to what’s trending in your sector, including the latest culinary innovations, dietary preferences, and dining trends. This will help you position yourself at the top in the hearts of your customers and the minds of your competitors, making your restaurant the leader in the industry.

Today, many restaurants offer a glimpse into a variety of cultures by serving global-inspired dishes. Hosting seasonal and themed events and tableside cooking are two of the most popular innovations incorporated to create a fresh and unique dining experience.

• Customer Needs:

You also have to embrace technology by using quick service POS systems, online payments, and digital menus and leveraging social media. Instagram, LinkedIn, X, Pinterest, and your website are great ways to promote your brand, create awareness, engage customers, and, most importantly, gain insights into what your consumers like and don’t, guiding you to plan your strategy.

While online gives you an upper hand in staying ahead of the digital curve and identifying the choices of your diners, offline marketing remains a golden standard, helping you reach out to local patrons.

You can market your restaurant through newspapers and hoardings, but to elevate customer experience, collecting their feedback is crucial. This will help you determine your key areas of improvement and make necessary improvements, exceeding their expectations.

4. Go Green

Go Green is the new way of living, and restaurant businesses have sailed their boat in this tidal wave of change, recognizing that sustainability is not just a drop but an ocean.

A food and beverage survey by L.E.K Consulting said 93% of consumers want to eat healthily at least some of the time, with 63% trying to eat healthy most or all of the time.

This statistic shows that people are rapidly changing their approach to a clean and nutritious diet, improving their overall well-being and taking them closer to a sustainable environment.

We know that concerned restaurant owners may still question whether the ‘Go Green Movement’ is at the whim of the moment. But let’s show you the other side of the coin.

According to market research by Data Bridge, the global health and wellness food market is expected to reach USD 1,647.38 by 2030 and make a CAGR of 9.5% from 2023 to 2030.

So, if you have not yet aligned your restaurant to this profound transformation, this is your cue to satisfy consumers’ taste buds and contribute to a greener planet.

Conclusion

This was all about the four restaurant industry trends. So far, we discovered that technological advancements, diverse revenue streams, healthy eating practices, and consumer-driven philosophy are ways to stay relevant and flourish in this fluid market.

Of course, navigating through this terrain can be challenging and overwhelming, although favorable outcomes are guaranteed for those willing to adapt.