The fast casual restaurant market growth is driven by the change in consumer preference toward fast casual restaurants for convenient food choices. The rise in the number of food delivery services along with increase in number of internet users have high potential to drive the market growth in coming years.
PORTLAND, Ore., Nov. 25, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Fast Casual Restaurant Market by Food Type (Burger/Sandwich, Pizza/Pasta, Asian/Latin American Food, Chicken, and Others) Mode of Operation (Dine-in and Takeaway), and Nature (Franchised and Standalone): Global Opportunity Analysis and Industry Forecast, 2022–2032″. According to the report, the global fast casual restaurant market was valued at $124.5 billion in 2022, and is projected to reach $337.8 billion by 2032, registering a CAGR of 10.4% from 2023 to 2032.
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Prime determinants of growth
The rapid growth of fast casual restaurants is majorly driven due to low barriers to entry from the competitors and the potential for high profits, which has led to a proliferation of such restaurant chains in both developed and developing economies across the globe. Moreover, the food service industry has experienced a significant shift toward adopting technology to improve operational efficiency. Thus, by implementation of scheduling software, digital inventory tracking, automated purchasing tools, and digital reservation table managers, the industry has seen significant improvements in revenue generation, inventory management, customer satisfaction, and overall operation efficiency.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2022–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$337.8 million |
|
Market Size in 2032 |
$337.8 million |
|
CAGR |
10.4 % |
|
No. of Pages in Report |
275 |
|
Segments covered |
Type, Source, Application, and Region. |
|
Drivers |
· Changing consumer preference toward fast casual restaurants · Low entry barriers and high profits resulting in rapid proliferation of fast casual chains in both developing and developed economies · Rise of food delivery platforms |
|
Opportunities |
· Early adoption of advanced technologies to create new growth avenues for the fast casual restaurants owners |
|
Restraints |
· Upsurge in competition from other segments of restaurant industry · High cost compared to counter quick service restaurant might limit target segments |
The burger/sandwich segment to maintain its leadership status throughout the forecast period
By food type, the burger/sandwich segment held the highest market share in 2022, accounting for more than one-fourth of the global fast casual restaurant market revenue and is estimated to maintain its leadership status throughout the forecast period. High market share of the burger/sandwiches segment is attributed to convenience and ease of availability in the restaurants. Most of the fast-food restaurants serve burgers and sandwiches to their consumers. The preparation time of these products is less, which makes these foods quite popular among the consumers.
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The dine-in segment to maintain its leadership status throughout the forecast period
By mode of operation, the dine-in segment held the highest market share in 2022, accounting for more than three-fifths of the global fast casual restaurant market and is estimated to maintain its leadership status throughout the forecast period. Millennials are rapidly transforming the way they dine-in. A paradigm shift toward values of societal and environmental good, along with pursuing for new kind of restaurant experience that majorly focuses on local food, healthy options, sustainability, and moderate prices. As a result, the fast casual restaurants have seen exponential growth in terms of revenue and footfall. Furthermore, millennials seek unique dining experience while giving preference for exquisite flavors, locally sourced and natural ingredients & raw material.
The franchised segment to maintain its leadership status throughout the forecast period
By nature, the franchised segment held the highest market share in 2022, accounting for more than four-fifths of the global fast casual restaurant market and is estimated to maintain its leadership status throughout the forecast period. The leading brands in the fast casual restaurants are expanding their geographical presence and footprints by franchising. Franchised fast casual restaurants account for a higher value share, as the segment has a comparatively larger customer base, which is loyal to its brand and product offerings. Such restaurants have unique trademark that is used for promotional activities as well as for selling their products.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. The North American consumers have seen rapid transition toward healthy preferences in terms of food choices. Consumer tastes, habits, and purchasing behavior are rapidly evolving in the region. Numerous factors such as high labor costs, high interest rates, and sustained economic growth create a complex operational environment for the market players in the fast casual restaurant market. As a result, established players face intense competition from well-funded and assertive disruptors in the industry. The key players continue to benefit from the trend of increased reliance on food from fast casual restaurants by Americans owing to hectic schedule and fast-paced lifestyle.
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Leading Market Players: –
- Chipotle Mexican Grill
- Wingstop Restaurants, Inc.
- EXKI SA
- Panda Restaurant group, Inc.
- Five Guys Enterprises, LLC.
- Famous Brands Limited
- Restaurant Brands International Inc.
- Zaxby’s Franchising LLC.
- Erbert & Gerbert’s Sandwich Shop
- Tortilla Mexican Grill PLC.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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