NEW YORK, Feb. 4, 2022 /PRNewswire/ — The global fast casual restaurants market size is expected to increase by USD 150.10 billion between 2019 and 2024, progressing at a CAGR of over 12% during the forecast period.
Factors such as increasing urbanization, changing lifestyles, and rising working population have reduced the time to cook at home. These factors coupled with rising purchasing power and increasing consumer expenditure on dining out are creating several growth opportunities for vendors in the market.
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Fast Casual Restaurants: Key Drivers and Challenges
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the increasing demand for innovation and customization in food menus, increase in demand for gluten-free dining, and the introduction of healthy meals in food menus. However, the intense competition from quick service restaurants will reduce the growth potential in the market.
Fast Casual Restaurants: Segmentation Analysis
The fast casual restaurants market is segmented by cuisine type (North American, Italian, Mexican, and Others) and geography (North America, APAC, Europe, South America, and MEA).
By cuisine type, the market is witnessing high growth in the North American segment. The growth of the segment can be attributed to the increasing consumption of sandwiches, burgers, and other quick-serve foods among children and adults. Also, the rising demand for grab-and-go sandwiches from the millennial population is contributing to the growth of the segment.
In terms of geography, North America will present significant growth opportunities for market players during the forecast period. The region currently holds 44% of the global market share. The market in North America is observing continuous innovations in food menus. Also, the growing consciousness regarding health and wellness among consumers is driving vendors to include healthy and gluten-free food options and a variety of vegetarian and vegan foods to their food menu. All these factors are contributing to the growth of the fast casual restaurant market in North America.
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Companies Mentioned
- 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 thousand locations across the US and Canada.
- Noodles & Co.: The company offers lunch and dinner menus, which include 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.
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Fast Casual Restaurants Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2019 |
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Forecast period |
2020-2024 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12% |
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Market growth 2020-2024 |
USD 150.10 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
10.71 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
North America at 44% |
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Key consumer countries |
US, China, UK, Germany, and Canada |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Chipotle Mexican Grill Inc., Firehouse Restaurant Group Inc., Noodles & Co., Panda Restaurant Group Inc., Potbelly Corp., Shake Shack Inc., and YUM! Brands Inc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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