The Fast Casual Restaurants Market is being driven by Demand for innovation and customization in food menus
The Fast Casual Restaurants Market is expected to grow at a CAGR of 15.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 302.5 billion. The fast casual restaurant market has experienced significant growth, with chef-driven concepts leading the charge. Chipotle Mexican Grill, spearheaded by Steve Ells, is often cited as a pioneer in this sector. However, the rise of chef-driven fast casuals can also be attributed to the influence of the foodie culture among tech-savvy and socially engaged millennials. Professionally trained chefs and celebrity culinarians are increasingly turning to fast casual formats and franchising as lucrative avenues for showcasing their innovative menus and proprietary recipes. These restaurants prioritize high-quality food at fast casual prices, with a keen focus on kitchen efficiency and rigorous training to enable franchisees to effortlessly replicate chef-curated offerings.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.2% |
Market growth 2024-2028 |
USD 302.5 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2023-2024(%) |
12.85 |
Key countries |
UK, Canada, US, China, France, Italy, India, Japan, South Africa, Saudi Arabia, Brazil, and Argentina |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Fast Casual Restaurants market is experiencing a significant shift in consumer preferences, with an increasing demand for fresh, organic, and locally sourced food. Brands like Panera Bread are leading this trend, offering ethnic-inspired dishes, premium products, and self-service, while still maintaining affordable prices. This new generation of fast casual restaurants caters to the health consciousness of Millennials and Generation Z, who value fresh food, high-quality ingredients, and international flavors. Burgers and fries have given way to bowls, wraps, sandwiches, and salads, as consumers seek out more nutritious options. Fast food outlets are now offering seating areas, Wi-Fi, and even alcoholic beverages, transforming the dining experience into something more akin to fine dining. Food delivery services have also become a crucial part of the fast casual market, allowing customers to enjoy their favorite meals from the comfort of their own homes. As the market continues to evolve, expect to see more innovation in menu offerings, with a focus on sustainability, culinary traditions, and unique flavors. Fast casual restaurants are poised to disrupt the traditional fast food industry, offering a more satisfying and enjoyable dining experience for consumers.
The global market for parent companies in the hotels, resorts, and cruise lines sector encompasses organizations involved in the operation of hotels, resorts, and cruise ships, in addition to travel agencies, tour operators, and related services. According to Technavio's market analysis, the industry's total revenue is derived from the combined earnings of companies specializing in casinos and gaming, hotels, resorts and cruise lines, leisure facilities, and fast casual restaurants. The expansion of the global travel and tourism industry, with annual growth from both emerging and developed economies, is a primary driver for market growth in this sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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