NEW YORK, Dec. 21, 2016 /PRNewswire/ -- The Sushi Restaurants industry is serving up a fresh round of growth over the period. The industry, which is highly fragmented and consists mainly of small, owner-operator establishments, is doing well despite the high competition it experiences from other retailers serving sushi and the range of ethnic restaurants and American food service establishments that are also in direct competition.
For the full report, visit IBISWorld's Sushi Restaurants in the U.S. industry report page.
The industry has been boosted by the expanding palates of American consumers who are increasingly seeking out more diverse ethnic cuisines, especially in urban areas. Therefore, IBISWorld expects overall industry revenue to grow at an annualized rate of 3.3% over the five years to 2016. In 2016, as the economy grows, the industry is expected to grow 1.8% to $2.3 billion.
Over the five years to 2021, operating conditions are forecast to continue to improve. As consumers' disposable incomes increase, demand for sit-down restaurants is anticipated to follow suit. In addition, seafood prices are projected to fall, allowing restaurant owners to capitalize on lower input costs, thereby widening their margins. According to IBISWorld Industry Analyst Viraj D'Costa, "The continued increases in profit levels are forecast to entice more restaurateurs into the industry, which will increase competition." Despite the presence of a number of small sushi chains, the industry will remain highly fragmented.
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