NEW YORK, May 21, 2024 /PRNewswire/ — The fast casual restaurants market size in US is estimated to grow by USD 65.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 12.09% during the forecast period.
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Channel (Dine-in and Takeaway), Product (North American, Italian, Mexican, and Others), Application (Franchised and Standalone), and Geography (North America) |
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Region Covered |
US |
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Key companies profiled |
Amergent Hospitality Group Inc., BurgerFi International Inc., Chipotle Mexican Grill Inc., Dominos Pizza Inc., Five Guys Enterprises LLC, Godfathers Pizza Inc., Inspire Brands Inc., Focus Brands LLC, MOD Super Fast Pizza LLC, Noodles and Co., Panda Restaurant Group Inc., Panera Bread Co., PORTILLOS Inc., Qdoba Restaurant Corp., Restaurant Brands International Inc., Shake Shack Inc., The Wendys Co., Uncle Maddios Pizza, Wingstop Inc., and YUM Brands Inc. |
Key Market Trends Fueling Growth
The fast casual restaurant market in the US is witnessing a surge in demand for bold flavors and exotic combinations. Millennials are driving this trend, seeking innovative and customizable options to meet their evolving tastes and dietary preferences. Customization is key, with customers opting for personalized meals tailored to their calorie intake and nutritional needs.
Fast casual chains like BurgerFi and IHOP are responding by introducing new technologies and creative strategies to enhance customer experience and combat labor shortages. BurgerFi offers premium ingredients like wagyu beef and antibiotic-free chicken, while IHOP’s fast-casual concept, Flipd, focuses on freshly made breakfast foods and beverages. With an emphasis on customization and innovation, the fast casual restaurants market in the US is poised for significant growth in the forecast period.
Market Challenges
- Fast-casual restaurants in the US face rigorous regulations from entities like the USDA and FDA, covering permits, market entry, waste management, and food safety. The FDA enforces state-specific codes, ensuring food quality. Menu categorization drives restaurants to enhance menu item nutrition. Compliance proves challenging for fast-casual joints, impeding new entrants and stifling menu innovation. This regulatory burden hampers market growth.
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Segment Overview
- Channel
- 2.1 North American
- 2.2 Italian
- 2.3 Mexican
- 2.4 Others
- 3.1 Franchised
- 3.2 Standalone
1.1 Dine-in- The dine-in segment of fast casual restaurants in the US is set to expand notably in the coming years. Typically, customers place orders and pay at a counter or kiosk, then take a seat to enjoy their meal. This segment, valued at USD 44.71 billion in 2018, represents the largest portion of the market.
Recent growth can be attributed to consumers seeking a blend of fast food convenience with the relaxed atmosphere of a casual restaurant. Moreover, the rise of fast-casual dining is fueled by increasing demand for healthier menu options and sustainable food service practices. These factors are poised to drive further growth in the US fast-casual restaurant market.
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Research Analysis
The fast-food industry is witnessing a shift towards high-quality ingredients sourced locally, offering fresh and organic options. Fine dining elements are being incorporated into fast-casual chains, serving burgers, sandwiches, salads, and bowls with an ethnic twist. Cloud kitchens and deliver-to-door services are on the rise, capitalizing on online food delivery and internet penetration.
Automation, scheduling software, and inventory tracking enhance operational efficiency and customer satisfaction. Standalone restaurants offer specialized, freshly prepared dishes in modern or rustic settings with free Wi-Fi. Entrepreneurs and investors eye growth and franchise opportunities, leveraging first-mover advantages. Quick service outlets cater to health-conscious consumers with plant-based options and customizable menus.
Sustainability practices include eco-friendly packaging and energy-efficient designs, aligning with health and safety regulations. Multinational chains adapt to regional tastes while promoting affordability and organic, clean-labeled foods. Digital platforms streamline ordering and delivery, appealing to Generation Z’s preferences for convenience and culinary independence.
Market Research Overview
The fast-food landscape is undergoing a transformative shift towards locally sourced, fresh, and organic ingredients, mirroring the evolving consumer demand for quality. Fast-casual chains are embracing elements of fine dining, infusing ethnic twists into classic favorites like burgers, sandwiches, salads, and bowls. This culinary evolution extends to cloud kitchens and door-to-door delivery services, leveraging the exponential growth of online food delivery and internet accessibility.
Operational efficiency and customer satisfaction are paramount, driven by automation, scheduling software, and advanced inventory tracking systems. Standalone restaurants are carving out niches with specialized, freshly prepared offerings in modern or rustic settings, often accompanied by complimentary Wi-Fi.
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
- Application
- Geography
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: www.technavio.com/
SOURCE Technavio
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