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What is the fast casual restaurant industry?

What is the fast casual restaurant industry?

Fast-casual restaurants offer consumers freshly-prepared, higher-quality food in an informal setting, with counter service to keep things speedy.

How big is fast food industry?

The fast food market size was valued at $647.7 billion in 2019 and is estimated to reach $931.7 billion by 2027, growing at a CAGR of 4.6% during the forecast period. Fast food is defined as food that is quick to prepare and serve.

How big is the dining industry?

As a leading contributor to the global restaurant market, the U.S. restaurant industry’s food and drink sales have more than doubled since 2000, reaching an all-time high of approximately 800 billion U.S. dollars in 2017.

How much do fast casual restaurants make?

Although factors like franchise affiliation may affect profit margins, fast casual restaurants typically have an average profit margin of 6-9%. This profit margin reflects the lower labor costs for pre-prepared food in the kitchen and a higher table turnover rate due to faster service.

How big is the fast casual restaurant market?

The fast casual restaurant market size was valued at $125.6 billion in 2019, and is expected to reach $209.1 billion by 2027, registering a CAGR of 10.6% from 2021 to 2027. The burger/sandwich segment led in terms of fast casual restaurant market share in 2019 and is expected to retain its dominance throughout the forecast period.

What are the trends in the fast casual industry?

Increasingly consumers are interested in leveraging technology to streamline or improve their overall eating experience. Three-quarters of consumers surveyed will at least view menus on their smartphone before trying a new location, and almost 40% indicate they will pay with their phone when they can.

What foods are popular in fast casual restaurants?

Many fast casual businesses are targeting a less-commonly seen ethnic cuisine such as Vietnamese, or are taking a new look at the classics, such as pizza or even burgers. Of course with a higher a quality of food and a more upscale atmosphere comes a slightly higher price point – though consumers have not been hesitant to pay!

Which is the fastest growing fast casual segment?

The burger/sandwich segment led in terms of fast casual restaurant market share in 2019 and is expected to retain its dominance throughout the forecast period. The introduction of concept of cloud kitchens reduces the capital expenditure. Low capital costs and higher profit margins result into significant investment on fast casual restaurants.

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