Fast Food Market Expected to Reach USD 301.6 Billion by 2032, Growing at a CAGR of 6.6%: Straits Research

Fast Food Market Size, Share and Trends Analysis Report by Food Type (Burger/Sandwich, Pizza/Pasta, Asian/Latin American Food, Chicken, Others), by Operation Mode (Dine-in, Take-out), by Nature (Franchise, Standalone) and by Region (North America, Europe, APAC, Middle East & Africa, LATAM) Forecast, 2023-2031

New York, United States, Aug. 13, 2024 (GLOBE NEWSWIRE) — According to the latest report from Straits Researchthe world Fast-casual restaurant market size was rated at $168.1 billion in 2023It is expected to reach $301.6 billion by 2032with a CAGR of 6.6% during the forecast period (2024-2032).

Fast casual restaurants emerged in the late 1990s but gained popularity in 2009. They differentiate themselves from fast food restaurants by preparing fresh food rather than relying on assembly-line methods. Fast casual restaurants emphasize high-quality ingredients, sourcing locally and offering fresh and organic options. Although their prices are higher than those of fast food chains, they are still more affordable than fine dining establishments. Fast casual restaurants have gained consumer attention by emphasizing fresh ingredients, healthier menu choices and customizable options to meet evolving preferences. The primary goal is to incorporate high-quality ingredients such as locally sourced produce and sustainable proteins to create tasty and nutritious meals. This shift toward fast casual dining reflects consumers’ desire for convenient yet health-conscious options beyond traditional fast food.

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Changing Consumer Preferences: Growing Preference for Fast-Casual Restaurants

The rise of fast casual restaurants can be attributed to the shift in consumer preferences towards a healthier lifestyle. Fast casual restaurants have become increasingly popular, with a focus on healthy, natural, and freshly prepared foods. Innovative offerings are also contributing to the success of fast casual restaurants. For example, major chains like Panera Bread offer varied menus with low-fat and gluten-free options. They also offer customization options, such as half-portions or thinner bread, to cater to the needs of weight-conscious people. This flexibility and customization offered by fast casual restaurants have been the major drivers of the market growth. Furthermore, the shift towards healthier eating habits is another major factor influencing consumer preferences. People are becoming more conscious about the nutritional value and quality of their meals. Fast-casual restaurants are responding to this demand by sourcing local produce and offering customizable menu options, allowing customers to tailor their meals to their specific dietary needs and preferences.

Early adoption of advanced technologies creates enormous opportunities

The restaurant industry is undergoing a rapid transformation, with a strong focus on adopting advanced technologies to improve operations. The integration of scheduling software, digital inventory tracking, automated purchasing tools, and digital reservation table management has revolutionized revenue generation, inventory management, customer satisfaction, and overall operational efficiency. Implementing such software offers fast-casual restaurant owners a promising opportunity to efficiently manage queues, inventory, purchasing, and other crucial operations. Additionally, fast-casual restaurants are adopting online ordering systems, mobile apps, and self-service kiosks to improve ordering convenience and efficiency. These technologies allow customers to place orders in advance, customize their meals, and track them in real-time. This streamlined approach improves customer satisfaction and enhances operational efficiency for restaurant owners.

Regional analysis

North America is the largest global player in the fast food market and is expected to grow at a CAGR of 8.9% during the forecast period. Mexico, Canada, and the United States are all studying the fast food sector in North America. The U.S. economy, which has more flexibility than Western European companies when it comes to macroeconomic considerations, is the largest in the world in terms of GDP. On the other hand, Canada’s industrial economy is based on high technology. The country’s economy grew less slowly in 2008, although it has recovered more quickly. North American consumers’ taste for healthy foods has changed rapidly in recent years. Natural, clean, and organically grown foods are becoming more popular among customers in the region. In addition, issues such as obesity and diabetes are becoming more common. As a result, customers are choosing their meals carefully, leading to a preference for fast-casual restaurants.

Europe is expected to grow at a CAGR of 10.5% during the forecast period. In 2016, the European Union’s exports and imports ranked second in the world. After the 2008 recession, the overall growth rate of the European economy declined. Despite Brexit, the European market offers attractive potential for the food and beverage industry. The popularity of fast casual restaurants with healthy menu options has increased due to Europe’s high standard of living. Fast casual restaurants make life easier for professionals, giving them more time for other activities. In addition, the rise of food establishments is further encouraging the expansion of fast casual restaurants in this region. European consumers have a strong preference for locally produced products and ingredients. Three out of five Europeans prefer to buy locally produced products. Fast casual restaurants have started providing fresh, natural and locally sourced products to satisfy this desire. Another factor driving demand for fast-casual restaurants in the area is the desperate lifestyle there.

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Key Highlights

• The global fast casual restaurant market size was valued at USD 168.1 billion in 2023. It is projected to reach USD 301.6 billion by 2032, at a CAGR of 6.6% during the forecast period (2024-2032).

• Based on the food type, the global fast food market is segmented into pizza/pasta, burgers/sandwiches, Asian/Latin American, chicken, and others. The pizza/pasta segment dominates the global market and is expected to register a CAGR of 13.1% during the forecast period.

• Based on the mode of operation, the global fast food market is divided into takeaway and dine-in. The takeaway segment holds the global market and is expected to exhibit a CAGR of 11.2% during the forecast period.

• By its nature, the global fast food market is divided into two categories: independent restaurants and franchise restaurants. The independent restaurants segment holds the largest market share and is expected to witness a CAGR of 12.2% during the forecast period.

• North America is the major shareholder in the global fast food market and is expected to grow at a CAGR of 8.9% during the forecast period.

Competitive players

1. Chipotle Mexican Grill

2. Panera Bread

3. Shake Shack

4. Five guys

5. Noodles & Company

6. Panda Express

7. Wing stop

8. At Zaxby’s

9. Qdoba Mexican Meals

10. Pizza Blaze

11. Jersey Mike’s Subs

12. AGAINST pizza

13. Soft green

14. HOW ARE YOU

15. Ready to Eat

Recent developments

• January 2022– Chipotle Mexican Grill (CMG) has announced that it will open a new restaurant in New York City. Chipotle Mexican Grill (CMG) has announced that it will open a new restaurant in New York City. The restaurant, which is located in Times Square, is the company’s first location in the city.

• May 2023- Stratford has announced a new destination for fast-casual Middle Eastern cuisine with the launch of Tahini’s first location in Festival City, which celebrated its grand opening on Mother’s Day.

Market segmentation

1. By food type

1. 1. Burger/Sandwich

   2. Pizzas/Pastas

   3. Asian/Latin American Cuisine

   4. Chicken

   5. Others

1. By operating mode

1. 1. Dining inside

   2. Take away

1. By nature

1. 1. Franchise

   2. Autonomous

2. By region

   1. North America

   2. Europe

   3. Asia Pacific

   4. Latin America

   5. Middle East and Africa

Get detailed market segmentation @ https://straitsresearch.com/report/fast-casual-restaurant-market/segmentation

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