NEW YORK, The fast casual restaurants market is estimated to grow by USD 150.10 bn from 2019 to 2024. In addition, the growth momentum of the market is expected to progress at a CAGR of 12% during the forecast period, according to Technavio.
Fast Casual Restaurants Market: Drivers and Challenges
Factors such as the demand for innovation and customization in food menus will drive the growth of the fast casual restaurants market. However, intense competition from quick service restaurants will challenge the market growth during the forecast period.
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Fast Casual Restaurants Market: Segmentation Analysis
By cuisine type, the fast casual restaurants market has been segmented into North American, Italian, Mexican, and others. The North American segment will have significant market share growth during the forecast period. According to industry research, around one-third of children and teenagers in the US have sandwiches, burgers, or other quick-serve foods on a daily basis. About one-fifth of them obtain more than half of their daily diet requirements from these foods. Therefore, fast-casual restaurants in the US include many healthy meal options in their menu to cater to the daily nutritional requirements of children and teenagers. Millennials are the major consumers of sandwiches in the US as they seek fast, fresh, and convenient meal options.
By geography, the fast casual restaurants market has been segmented by North America, APAC, Europe, South America, and MEA. North America will account for 44% of the market’s growth during the forecast period. The US and Canada are the key countries for the fast casual restaurants market in the region. Customization is a key element that numerous consumers in North America look for, especially millennials.
Fast Casual Restaurants Market: Vendor Analysis
The fast casual restaurants market is fragmented, and the vendors are deploying various growth strategies to compete in the market. The key offerings of some of the vendors are listed below:
Chipotle Mexican Grill Inc. – The company operates a chain of fast casual restaurants, such as Pizzeria Locale, a fast casual pizza restaurant that has two restaurants in Denver, Colorado. Firehouse Restaurant Group Inc. – The company offers a wide variety of food products, such as subs, salads, sides, and others, through its franchises, located in more than a thousand locations across the US and Canada. Noodles & Co. – The company offers lunch and dinner menu, which includes high quality dishes, such as noodles, pasta, soups, salads, and appetizers. Panda Restaurant Group Inc. – The company offers a wide variety of Chinese cuisines through its brands PANDA EXPRESS, PANDA INN, and HIBACHI SAN. Potbelly Corp. – The company offers sandwiches, signature salads, hand-dipped shakes, and other fresh menu items through its franchises, located globally.
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.
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