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NEW YORK, Oct. 2, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Global Fast Casual Restaurants Market size is estimated to grow by USD 302.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
15.2%
during the forecast period. Demand for innovation and customization in food menus
is driving market growth,
with a trend towards
rise in popularity of chef-driven fast casual restaurant franchises. However,
intense competition from quick-service restaurants
poses a challenge - Key market players include Chipotle Mexican Grill Inc., DICKEYS BARBECUE RESTAURANTS Inc., Erbert and Gerberts Sandwich Shop, EXKi SA, Famous Brands Ltd., Five Guys Enterprises LLC, Godfathers Pizza Inc., LYKE Kitchen, McAlisters Franchisor SPV LLC, MOD Super Fast Pizza LLC, Noodles and Co., Panda Restaurant Group Inc., PORTILLOS Inc., Potbelly Corp., Restaurant Brands International Inc., Shake Shack Inc., Smashburger Servicing LLC, The Wendys Co., Wingstop Inc., and YUM Brands Inc..
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Technavio has announced its latest market research report titled Global fast casual restaurants market 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Fast Casual Restaurants Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2017 - 2021 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 15.2% |
| Market growth 2024-2028 |
USD 302.5 billion |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
12.85 |
| Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
| Performing market contribution |
APAC at 40% |
| Key countries |
US, China, UK, Germany, and Canada |
| Key companies profiled |
Chipotle Mexican Grill Inc., DICKEYS BARBECUE RESTAURANTS Inc., Erbert and Gerberts Sandwich Shop, EXKi SA, Famous Brands Ltd., Five Guys Enterprises LLC, Godfathers Pizza Inc., LYKE Kitchen, McAlisters Franchisor SPV LLC, MOD Super Fast Pizza LLC, Noodles and Co., Panda Restaurant Group Inc., PORTILLOS Inc., Potbelly Corp., Restaurant Brands International Inc., Shake Shack Inc., Smashburger Servicing LLC, The Wendys Co., Wingstop Inc., and YUM Brands Inc. |
Market Driver
The chef-driven fast casual restaurant market is experiencing significant growth, with Chipotle Mexican Grill and Steve Ells often cited as pioneers. Millennials' foodie culture and tech-savvy, social media habits contribute to this trend. Chef-driven fast casuals offer high-quality food at fast casual prices, with a focus on efficiency and training. Professionally trained chefs provide innovative menus and proprietary recipes, appealing to taste- and health-conscious millennials. Consistency is crucial for success. Established chains like The Chickery, Slapfish, Bobby's Burger Palace, and Carla Hall's Southern Kitchen lead the way in North America. Global expansion by established chefs is expected to fuel further market growth.
Fast Casual Restaurants: Trends Shaping the Industry The Fast Casual Restaurant market is witnessing significant trends. Food offerings are shifting towards burger or sandwich, pizza or pasta, with an emphasis on high-quality ingredients , locally sourced produce, and fresh food. Culinary independence is a key driver, with many establishments offering organic food and ethnic-inspired dishes. Dine-in experiences are being complemented by takeaway services, with standalone and franchised restaurants adapting to the changing landscape. The Coronavirus outbreak has accelerated the adoption of online ordering systems, mobile apps , self-service kiosks, and delivery services. Chicken is a popular choice, with menu items expanding to include salads, sandwiches, wraps, bowls, and even alcoholic beverages. Fast food outlets are adding seating areas, Wi-Fi, and even cloud kitchens to enhance the customer experience. Internet penetration is driving third-party aggregated apps and online menu browsing. Automation is also playing a role, with many restaurants using self-service kiosks and delivery services to streamline operations and improve customer engagement. Panera Bread and other players are leading the way in this evolving market.
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Market
Challenges
Fast-casual restaurants are targeting millennials by offering healthier food options made from fresh ingredients, as this demographic prefers nutritious meals with fewer processed and artificial components. To cater to their customers' busy lifestyles, quick-service restaurants are also focusing on reducing ordering and payment time durations. On-the-go food has gained popularity in North America and is increasingly preferred in Asia and the Middle East due to hectic lifestyles and growing consumer purchasing power in developing economies like China and India. However, the increasing preference for quick-service restaurants could potentially impact the growth of the market during the forecast period. For instance, McDonald's has introduced nutritious offerings like Fruit n Yogurt Parfait and Garden Salad to attract health-conscious consumers and retain their existing customer base. The global quick-service and fast-casual restaurant market is expected to grow due to these trends, offering opportunities for businesses to cater to the rising demand for convenient, healthy food options.
Fast Casual Restaurants face several challenges in today's Food Service Industry. Menu diversity, including Salads, Sandwiches, Wraps, Bowls, and Alcoholic Beverages, caters to various customer preferences. Seating areas and Wi-Fi are essential for Dine-in segments. Cloud kitchens and Online ordering, including Door-to-door delivery services , cater to Takeaway and Franchised segments. Customer engagement through Automation, Scheduling software, Digital inventory tracking, and Automated purchasing tools are crucial for Inventory management and Customer Satisfaction. Economic recession impacts Chicken segment and Premium product sales. Franchise opportunities in Quick Service Restaurants require careful planning. Challenges include Health consciousness among Millennials and Generation Z, Plant-based offerings, Sustainable food alternatives, and International flavors. Self-service and Fast-food locations require efficient operations. Food delivery services, Organic, natural, and clean-labeled foods add to the complexity. Culinary traditions and culinary innovation continue to shape the market.
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Segment Overview
This fast casual restaurants market report extensively covers market segmentation by
Channel
Product
2.1 North American
2.2 Italian
2.3 Mexican
2.4 Others
Geography
3.1 North America
3.2 APAC
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1
Dine-in-
The global fast casual restaurants market is experiencing growth due to the increasing population of adults aged 25-49 years. This demographic prefers dining out for convenience, helping them maintain a work-life balance. Consumers seek menu flexibility and variety. Quick-service restaurant operators respond by offering multi-cuisine dishes, attracting customers and boosting sales. Vendors also provide promotional offers and discounts, enhancing customer experience and providing valuable customer feedback for future product development. These factors positively impact the eat-in service segment, contributing to market growth during the forecast period.
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Research Analysis
Fast casual restaurants offer a unique dining experience, blending the convenience of fast food with the quality and variety of a sit-down restaurant. Menus feature a range of options including salads, sandwiches, wraps, and bowls, often with international flavors and culinary traditions. Alcoholic beverages may also be available. Seating areas provide a comfortable space to enjoy your meal, and many locations offer Wi-Fi and self-service kiosks for added convenience. Premium products, fresh food , and high-quality ingredients are key, with an emphasis on health consciousness and catering to the preferences of millennials and Generation Z. Food delivery services have also become increasingly popular, allowing customers to enjoy their favorite fast-casual meals from the comfort of their own homes. Fast-food outlets continue to evolve, offering organic food, locally sourced produce, and fine dining options like ethnic-inspired dishes and Panera Bread's artisan breads and pastries.
Market Research Overview
Fast Casual Restaurants: A Thriving Market of Salads, Sandwiches, Wraps, Bowls, and More! The Fast Casual Restaurant market is a vibrant and ever-evolving segment of the Food Service Industry. This sector offers a diverse menu, including Salads, Sandwiches, Wraps, Bowls, and Alcoholic Beverages, catering to various dietary preferences and cultural palates. Fast Casual Restaurants provide a unique blend of Quick Service and Seating Areas, offering customers the convenience of Fast Food Outlets with the ambiance of a traditional Dine-In experience. Wi-Fi availability, Cloud Kitchens, Online Ordering, Delivery Services, and Customer Engagement tools add to the appeal. Franchise Opportunities, Scheduling Software, Digital Inventory Tracking, and Automated Purchasing Tools are essential elements of this market's infrastructure, ensuring efficient Inventory Management and high Customer Satisfaction. The Chicken segment, Dine-In segment, Takeaway segment, Franchised segment, and Standalone segment all contribute to the market's growth. Digital platforms, Plant-Based Offerings, and Sustainable Food Alternatives cater to the evolving preferences of health-conscious consumers, particularly Millennials and Generation Z. Fast-Food Locations, Self-Service, Premium Products, International Flavors, and Culinary Traditions continue to drive innovation in this sector. Organic, Natural, Clean-Labeled Foods, Burger or Sandwich, Pizza or Pasta, Dine-In, Takeaway, Standalone, Franchised, or Culinary Independence – the Fast Casual Restaurant market has something for everyone! However, the market faces challenges, such as Economic Recession, Coronavirus Outbreak, and the increasing dominance of Food Delivery Services. Adaptation to these changes through Online Ordering Systems, Mobile Apps, Self-Service Kiosks, and Door-to-door Delivery Services is crucial for survival and growth. Internet Penetration and Third-Party Aggregated Apps are transforming the way customers interact with Fast Casual Restaurants, making it essential for businesses to stay updated with the latest trends and technologies. In conclusion, the Fast Casual Restaurant market is a dynamic and exciting space, offering a wealth of opportunities for innovation, growth, and customer satisfaction. Whether you're a business owner, investor, or consumer, this sector is sure to provide an engaging and delicious experience!
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Channel
Product
North American
Italian
Mexican
Others
Geography
North America
APAC
Europe
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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