The new report by Expert Market Research titled, ‘Global Fast Casual Restaurant Market Growth, Share, Size, Trends, Scope, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fast casual restaurant market, assessing the market based on its segments like food types, mode of operation, nature, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 189.7 billion
- Forecast CAGR (2023-2028): 11.5%
- Forecast Market Size (2028): USD 364.52 billion
The robust development of fast casual restaurant chains worldwide, owing to the increasing popularity of Asian, Latin, and Mexican foods, among others, is driving the market growth. Increasing disposable income, rising population, and rapid urbanisation are anticipated to propel the market growth.
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Moreover, the increasing popularity of fast casual restaurants among the working-class population owing to the pocket-friendly meals and fast delivery system in these restaurants is likely to spearhead the market growth in the forecast period. In terms of region, the Asia Pacific region accounts for a significant share in the market owing to the high population density in India and China, and the rising demand for high quality food in restaurants.
Fast Casual Restaurant Industry Definition and Major Segments
Fast casual restaurant is a type of restaurant which provides fast food to the consumers without the full service of dining. These restaurants offer high-quality food with speedy service.
The experience in a fast casual restaurant includes standing in line, ordering from cashier at the counter, and taking to go or eating at the table. Moreover, the food available on these restaurants is freshly prepared and provides deep consumer satisfaction.
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On the basis of food type, the market can be segmented into:
- Asian/Latin American Food
Based on mode of operation, the market can be classified into:
The market can be bifurcated based on nature into:
The regional markets for fast casual restaurant include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Fast Casual Restaurant Market Trends
The key trends in the fast casual restaurant market include the robust automation in these restaurants, which includes the emergence of online platforms for food bringing the convenience of door-step delivery, scheduling software, digital inventory tracking, and automated purchasing tools, among others. Technology enabled fast casual restaurants bring greater convenience to the people and the need for standing in line gets avoided.
Meanwhile, the increasing prevalence of picnicking, family gatherings, social reunions, and festive celebrations, are anticipated to propel the popularity of fast casual restaurants in the forecast period. For instance, these restaurants also offer the booking for entire day for birthday celebrations.
Key Market Players
The major players in the market are Chipotle Mexican Grill, Inc., EXKi SA, Famous Brands Limited, Firehouse Restaurant Group, Inc., Five Guys Enterprises, LLC, Panda Restaurant Group, Inc., and Wingstop Restaurants, Inc., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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