The food industry is worth $1.5 trillion annually in the United States.
The food industry is a significant sector of the economy in the United States, with an estimated worth of over $1.5 trillion. According to the USDA, the food and beverage industry is one of the largest manufacturing sectors in the U.S. economy, accounting for over 4% of GDP.
The food industry in the US is divided into different sectors; agriculture and food manufacturing account for the largest share of the food industry’s worth, with revenues of over $500 billion and $700 billion respectively. Food retail, which includes supermarkets and other food stores, is also a significant part of the industry, with over $800 billion in revenues. The food service sector, which includes restaurants, catering, and other food establishments, is also a major contributor to the industry, with revenues of over $800 billion. Some of the many other sectors within the food industry include foodservice, food distribution, and food marketing. The industry includes everything from small, family-owned farms and restaurants to huge retailing chains and large public food conglomerates. Altogether, these businesses generate nearly one-fifth of the nation’s total GDP.
The industry employs nearly 15 million people and is responsible for generating $400 billion in wages and salaries. The food industry also pays nearly $100 billion in federal, state, and local taxes. The food industry is also a major source of exports, with shipments totaling more than $115 billion in 2016. Although retail channels have blurred over the past decades, the supermarket remains the most common place where Americans buy food, and there are more than 38,000 supermarkets in the United States.
The food industry is constantly evolving. Supermarkets are becoming more like restaurants, and restaurants are becoming more like supermarkets and all the while consumers are getting comfortable buying food online. These trends are changing the way Americans eat and impacting the way the food industry does business. Overall, the food industry in the US is a large and important sector of the economy, providing jobs and economic opportunities for many people, and supplying the country and the world with food products.
Some helpful links: