Half of restaurants operating at a loss or breaking even despite overall growth in 2023: Restaurants Canada
October 25, 2023
By Bakers Journal
Toronto – More than half of restaurants and food-service businesses in Canada are operating at a loss or barely breaking even, despite being on track to reach a value of $110 billion in 2023, according to Restaurants Canada’s 2023 Foodservice Facts guide.
For 31 years, the report has provided a snapshot of the current state of the industry and a look at its future through food-service statistics, trends and forecasts.
The report indicates the Canadian food-service industry is on track to reach a value of $110 billion in 2023. “This is a testament to the hard work, resourcefulness and entrepreneurial creativity of the individuals who drive our industry,” the organization said in a news release. “With this incredible growth as the fourth largest private employer, serving 22 million people a day, it is evident the foodservice industry matters to communities across the country.”
Despite this growth, the report says more than 50 per cent of restaurants and food-service businesses are operating at a loss or barely breaking even.
“While we navigate the aftershocks of the pandemic and manage extraordinary levels of inflation, our industry is in a period of rebalancing,” said Kelly Higginson, president and CEO of Restaurants Canada. “We must regain predictability for operators, and the data in this report will guide us to reassess what is required for our members to thrive.”
With contributions from industry experts, the Foodservice Facts guide covers a wide range of topics, including consumer preferences, market trends, operational and profitability strategies, and sustainability practices.
The 2023 annual Foodservice Facts guide is available for purchase and download.
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