The fast casual restaurants market size is anticipated to grow from USD 138.91 Billion in 2022 to USD 380.45 Billion in 10 years. The market ought to witness a positive growth rate owing to rising popularity food delivery services across developed and developing nations. U.S., Canada and Mexico are the key countries contributing towards the regional market growth and development.
Newark, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global fast casual restaurants market will grow from USD 138.91 Billion in 2022 to USD 380.45 Billion by 2032. The market for fast-casual restaurants in Europe reflects the region's vast cultural diversity and culinary legacy. With an increasing number of consumers looking for alternatives that offer a medium ground between typical fast food and formal dining, the market share in Europe is substantial. Global influences and local originality characterise Europe's fast-casual restaurant industry. France, Germany, and the UK have become important European market share contributing countries in Europe. The fast-casual industry has incorporated a diverse range of flavours and cuisines due to the varied palates of European consumers. European fast-casual restaurants are dedicated to quality food with their Mediterranean-inspired menus and fusion concepts that combine traditional and modern culinary features.
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Key Insight of the Fast Casual Restaurants Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global Fast casual restaurants market. The Asia-Pacific region would significantly expand. Emerging nations such as China, India, Japan, and South Korea are prominent countries in the Asia Pacific region. Factors such as rapid urbanization, rising per-capita income, and cultural emphasis contribute to regional market growth and development. The fast-casual restaurant sector in Asia-Pacific has grown due to the rising working-class population. The working-class population within the region prefers fast-casual restaurants because they offer quicker and more convenient cooking options. Because the chains provide fresh and healthy products, the Asia-Pacific market has enormous growth potential. Fast-casual restaurant penetration is low in this area, which gives the major competitors plenty of room to grow and acquire the first-mover advantage.
The burger/sandwich segment is expected to grow at the highest CAGR during the forecast period.
The food type segment includes burger/sandwich, pizza/pasta, Asian/Latin American food and others. The burger/sandwich segment is expected to grow at the highest CAGR during the forecast period. Because of its iconic reputation and wide-spread appeal, the Burger/Sandwich segment enjoys a significant market share within the worldwide fast-casual restaurant business. Because they offer a short yet fulfilling meal experience, burger restaurants and sandwich shops have significantly shaped the fast-casual dining landscape. This segment's market share is defined by well-known brands and a steady stream of creative ideas that renew old favorites. The Burger/Sandwich market has seen a spike to meet the increasing demand for vegetarian and vegan options. This change aligns with more general consumer trends prioritizing sustainability and wellness. Further, technology integration—such as smartphone apps and digital ordering platforms—has improved the effectiveness and accessibility of services in this segment.
The takeaway segment is expected to grow at the highest CAGR during the forecast period.
The mode of operation segment is bifurcated into takeaway and dine-in. The takeaway segment is expected to grow at the highest CAGR during the forecast period. The fast-casual restaurant industry has witnessed a notable increase in the market share of takeaway services due to factors such as evolving consumer preferences, the growing popularity of meal delivery services, and on-the-go dining. The ease of use, quickness, and flexibility in meeting hectic schedules define the market share of takeout services. The rate at which taxi services gain market share is directly related to how quickly technology develops and how the restaurant business goes digital. The takeaway experience now requires mobile apps, third-party delivery platforms, and effective internet ordering mechanisms. Quick-service restaurants that effectively incorporate these technologies tend to have a competitive advantage in the market.
The franchised segment is expected to grow at the highest CAGR during the forecast period.
The nature segment is bifurcated into franchised and standalone. The franchised segment is expected to grow at the highest CAGR during the forecast period. Fast casual restaurants that operate without a standardized brand and business strategy through franchising play a key role in the global market share. The franchising process entails permitting people or organizations to run stores under the parent company's well-known name, procedures, and support networks. Scalability, consistency, and the capacity to employ a variety of geographic markets are the attributes that define the market share of franchised models. The efficacy of franchised fast-casual restaurants' operating strategies, the popularity of their brand, and their capacity to deliver consistent experiences across multiple locations all impact their market share dynamics. Franchised models can attain economies of scale and grow quickly because of continuous marketing, training initiatives, and supply chain management advantages.
Impact of Covid-19 Pandemic
The COVID-19 epidemic has profoundly impacted the fast-casual restaurant business worldwide, altering industry dynamics and improving established conditions. Following lockdowns, limitations, and increased health concerns, fast casual restaurants expanded even before interruptions. A vital component of the fast-casual experience, dine-in services suffered greatly when costs and capacity issues resulted from social distancing efforts. Off-premise dining sharply increased in the market, with takeout and delivery services taking longer. Remote work and safety concerns in consumer behaviour drastically changed dining habits. Fast casual restaurants had to adopt digital technology such as contactless payment methods, online ordering, and efficient delivery services to stay competitive. To ensure customers, restaurants implemented strict sanitation practices in response to the pandemic, which also placed a renewed emphasis on hygiene standards.
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Market Dynamics
Driver: Adaptability to Culinary Trends
One important factor driving the market is the ability of fast casual restaurants to drive culinary trends and adapt to them. These plaques frequently act as breeding grounds for innovative food ideas, bringing in novel ingredients, cooking methods, and tasty combinations. With the introduction of snack foods and the growth of plant-based options, fast casual restaurants have shown that they are well aware of the latest trends in food. This flexibility draws in customers looking for the latest culinary advice in addition to keeping the menu interesting and fresh for current patrons. Fast casual restaurant companies' global reach supports the industry's steady expansion. Many prosperous fast-casual companies have gone global by capitalizing on the popularity of their ideas. Globalization allows these businesses to reach a wider audience, cater to local professionals, and operate globally. Successful global expansion in the fast-casual business is contingent on the capacity to practice brand consistency while accommodating regional professionals, which enhances the brand's resilience and reach. This factor is boosting the market growth and development.
Restraint: Economic Volatility and Consumer Spending
The market for fast-casual restaurants is not resistant to the effects of economic instability, and shifts in customer spending greatly impact how well businesses operate. Consumer discretionary entertainment may decline during uncertain or down turning economic times, affecting how frequently people eat out. Even though fast-casual restaurants are priced in the middle of typical fast food and casual dining, they may still have difficulties when customers evaluate their priorities. Consumer behaviour can be influenced by economic variables such as unemployment and inflation, which can also put fast casual restaurants' financial viability at risk. The dedication of quick casual restaurants to providing premium, frequently fresh, and locally sourced ingredients is one of their distinguishing features. However, sustaining these standards is becoming increasingly difficult, which is a significant concern. Fast-casual restaurants struggle between staying profitable and meeting consumer expectations for high-quality ingredients. Weather, supply chain interruptions, and geopolitical events can all impact industrial prices, which can fluctuate and make it difficult for fast-casual restaurants to uphold their commitment to quality. These factors may limit the market growth.
Opportunity: Technological Advancements
The food service sector is changing quickly, and implementing new technologies to improve and streamline operations is becoming increasingly important. The food service industry has witnessed enormous gains in revenue production, inventory management, customer happiness, and operational efficiency by integrating scheduling software, digital inventory monitoring, automated purchasing tools, and digital revenue management. It is anticipated that integrating this software will continue to provide a profitable channel for the involved parties in the fast-casual restaurant to offer various purchases, industries, lines, and other crucial operations. One area that is greatly impacted by modern technologies is the ordering and delivery process. To improve the convenience and effectiveness of the ordering process, fast-casual restaurant operators are putting self-service kiosks, smartphone apps, and online ordering systems into place. Customers can customize their meals, place orders in advance, and even follow their orders in real-time thanks to this technology. This efficient method boosts the operational efficiency of restaurant owners while also improving customer happiness. These factors are anticipated to provide lucrative growth opportunities in the upcoming years.
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Some of the major players operating in the Fast Casual Restaurants Market are:
• MOD Super Fast Pizza LLC
• Chick-fil-A, Inc.
• EXKi SA
• LYFE Kitchen, LLC
• Dickey's Barbecue Restaurants, Inc.
• Firehouse Restaurant Group, Inc.
• Chipotle Mexican Grill, Inc.
• In-N-Out Burgers
• Five Guys Enterprises LLC
• Godfather's Pizza, Inc.
• McDonald’s Corporation
• KFC Corporation
• Nando’s Restaurant Group, Inc.
Key Segments Cover in the Market:
By Food Type:
• Burger/Sandwich
• Pizza/Pasta
• Asian/Latin American Food
• Others
By Mode of Operation:
• Dine-in
• Takeaway
By Nature:
• Standalone
• Franchised
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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