Rise in popularity of fast causal restaurants and low entry barriers & high profits resulting drive the global fast casual restaurant market
PORTLAND, Oregon, July 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Fast Casual Restaurant Market by Food Type (Burger/Sandwich, Pizza/Pasta, Asian/Latin American Food, Chicken, and Others), Mode of Operation (Dine-In and Takeaway), and Nature (Franchised and Standalone): Global Opportunity Analysis and Industry Forecast, 2021–2027. "According to the report, the global fast casual restaurant market garnered $125.6 billion in 2019, and is estimated to reach $209.1 billion by 2027, registering a CAGR of 10.6% from 2021 to 2027.
Drivers, restraints, and opportunities-
Increase in popularity of fast causal restaurants and low entry barriers & high profits resulting drive the growth of the global fast casual restaurant market. However, high cost compareto quick service restaurants hinders the market growth. On the other hand, early adoption of technologies and hygienic cooking environmentare anticipated to offer new opportunities in the coming years.
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- The operational disruption in food & beverages industry, due to COVID-19 outbreak, has impacted the fast casual restaurant market.
- During the coronavirus pandemic, the consumer demand for outside food has been decreased, however, will rebound quickly.
- Halt in the services offered by the restaurants industry due to active lockdown and social distancing has adversely affected the growth of this industry.
The burger/sandwichsegment to maintain its lead status-
Based on food type, the burger/sandwich segment accounted for nearly one-third of the global fast casual restaurant market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to convenience and ease of availability. However, the pizza/pasta is estimated to portray the highest CAGR of 13.6% from 2021 to 2027. The rise in influence of western food across the globe drives the growth of the segment.
The dine insegment to maintain its leadership position-
Based on mode of operation, the dine in segment contributed to the highest market share with two-thirds of the global fast casual restaurant market in 2019, and is estimated to maintain its leadership position during the forecast period. This is due to the availability of freshly prepared, and high quality food. However, the takeaway segment is estimated to generate the fastest CAGR of 11.9% from 2021 to 2027. This is attributed to adoption of online services for ordering food across the globe.
North America is anticipated to dominate the market by 2027-
Based on region, North America accounted for the highest share based on revenue, holding for nearly half of the global fast casual restaurant market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is due to rapid transition toward healthy preferences in terms of food choices in this region. However, the Asia-Pacificis estimated to generate the fastest CAGR of 13.7% from 2021 to 2027. This is attributed to the increase in middle class and working population in this region.
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Leading market players
- Chipotle Mexican Grill
- Erbert&Gerbert's Sandwich Shop
- Panda Restaurant Group
- EXKi SA
- Zaxby's corporate
- Five Guys Holdings, Inc. (Five guys burger and fries)
- Roark Capital Group (Wingstop)
- Tortilla Mexican Grill
- Firehouse Subs
- Famous Brands (Gourmet Burger Kitchen).
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