Fast Casual Restaurants Market in US | Demand for Innovation and Customization in Food Menus to Drive Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 22, 2020--
The fast casual restaurants market size in US is set to grow by USD 35.01 billion accelerating at a CAGR of almost 8%, during the period spanning over 2020-2024. One of the key factors driving growth is the demand for innovation and customization in food menus. The demand for new flavors and combination food infused with premium flavors is on the rise in the US. Changing lifestyles and a rise in demand for on-the-go food is a significant trend that will further stimulate market growth. The rise in the number of dual-income families and busy lifestyles have increased the preference for on-the-go food among consumers.
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Technavio has announced its latest market research report titled Fast Casual Restaurants Market in US 2020-2024 (Graphic: Business Wire)
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Parent Market Analysis
Technavio categorizes the fast Casual Restaurants Market in US as a part of the global restaurant market within the overall hotels, restaurants, and leisure market. The parent global restaurant market covers companies, owners, and operators of restaurants, hotels, bars, pubs, fast-food joints, take-out facilities, and food catering services. Growth in the global restaurant market will be driven by the increase in online food orders.
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Fast Casual Restaurants Market in US: Segmentation by Product
The North American food segment was leading the market in 2019. It includes food products such as chicken wings, burgers, BBQ, sandwiches, and other North American cuisines. These are widely consumed by children and teenagers in the US and most of them obtain more than half of their daily diet requirements through these foods. Besides, many fast casual restaurant chains are opening new stores across the US with a wide range of North American food menus. These factors are fueling the growth of the segment in the market. This report provides an accurate prediction of the contribution of all the segments to the growth of the fast casual restaurants market size.
Fast Casual Restaurants Market in US: Growth Drivers
The market is driven by the increasing demand for innovation and customization in food menus. Constantly evolving taste has increased the demand for exotic cuisine among consumers. This is evident among the millennials who prefer innovative and exotic-flavored food. Besides, the growing awareness of nutritious and low-calorie diets and rising incidence of food allergies have increased the demand for customized meals that suit the needs of customers. Hence, many casual restaurant vendors are offering personalization from menu choices to tastes such as opting for freshly-baked bread to adding the preferred type of cheese and meats, extra fixings, jalapeño, bell peppers, and spreads. This helps casual restaurant vendors to increase the probability of repeat customer visits.
Fast Casual Restaurants Market in US: Challenges to Overcome
The rising stringency of regulations has compelled fast casual to offer food with high nutritional quality. The growing need to continuously comply with such regulations is hindering the entry of new players and creating roadblocks for market players to introduce innovative products in their food menu.
Fast Casual Restaurants Market in US: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading fast casual restaurants companies, including:
- Amergent Hospitality Group Inc.
- Chipotle Mexican Grill Inc.
- Five Guys Enterprises LLC
- Jimmy Johns Franchisor SPV LLC
- Noodles & Co.
- Panera Bread Co.
- Potbelly Corp.
- Shake Shack Inc.
- Wingstop Inc.
- YUM! Brands Inc.
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Customer Landscape
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Vendor landscape
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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View source version on businesswire.com:https://www.businesswire.com/news/home/20201022005204/en/
CONTACT: Technavio Research
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KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR FOOD/BEVERAGE
SOURCE: Technavio Research
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PUB: 10/22/2020 03:30 AM/DISC: 10/22/2020 03:30 AM