NEW YORK, March 9, 2022 /PRNewswire/ -- The fast casual restaurants market is estimated to grow by USD 150.10 bn from 2019 to 2024. In addition, the growth momentum of the market is expected to progress at a CAGR of 12% during the forecast period, according to Technavio.
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Fast Casual Restaurants Market: Drivers and Challenges
Factors such as the demand for innovation and customization in food menus will drive the growth of the fast casual restaurants market. However, intense competition from quick service restaurants will challenge the market growth during the forecast period.
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Fast Casual Restaurants Market: Segmentation Analysis
By cuisine type, the fast casual restaurants market has been segmented into North American, Italian, Mexican, and others. The North American segment will have significant market share growth during the forecast period. According to industry research, around one-third of children and teenagers in the US have sandwiches, burgers, or other quick-serve foods on a daily basis. About one-fifth of them obtain more than half of their daily diet requirements from these foods. Therefore, fast-casual restaurants in the US include many healthy meal options in their menu to cater to the daily nutritional requirements of children and teenagers. Millennials are the major consumers of sandwiches in the US as they seek fast, fresh, and convenient meal options.
By geography, the fast casual restaurants market has been segmented by North America, APAC, Europe, South America, and MEA. North America will account for 44% of the market's growth during the forecast period. The US and Canada are the key countries for the fast casual restaurants market in the region. Customization is a key element that numerous consumers in North America look for, especially millennials.
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Fast Casual Restaurants Market: Vendor Analysis
The fast casual restaurants market is fragmented, and the vendors are deploying various growth strategies to compete in the market. The key offerings of some of the vendors are listed below:
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Fast Casual Restaurants Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12% |
Market growth 2020-2024 |
USD 150.10 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.71 |
Regional analysis |
North America, APAC, Europe, South America, and MEA |
Performing market contribution |
North America at 44% |
Key consumer countries |
US, China, UK, Germany, and Canada |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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. |
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, |
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. |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Cuisine Type
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
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Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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