NEW YORK, Nov. 22, 2021 /PRNewswire/ -- "Fast Casual Restaurants Market by Cuisine Type and Geography - Forecast and Analysis Report 2020-2024" has been added to Technavio's offering. The report features Chipotle Mexican Grill Inc., Firehouse Restaurant Group Inc., and Noodles & Co. among others as dominant players in the market.
The market witnessed a YOY growth rate of 10.71% in 2020 and will progress at a CAGR of over 12% during the forecast period. The report segments the market by cuisine type (North American, Italian, Mexican, and others) and Geography (North America, APAC, Europe, South America, and MEA).
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The global fast casual restaurants market is fragmented due to the presence of several global and regional players.
Vendors are adopting various growth strategies to compete in the market. Some of the strategies include mergers and acquisitions and introduction of new and innovative products.
For instance, in October 2019, Potbelly Corp. announced a nationwide partnership with Grubhub, a leading online and mobile food-ordering and delivery marketplace of the US, to support its delivery service expansion in more than 450 locations.
In January 2020, Chipotle Mexican Grill Inc. launched Supergreens salad mix, which is made of hand-cut romaine, antioxidant-rich baby kale, and crisp baby spinach.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Chipotle Mexican Grill Inc.
Firehouse Restaurant Group Inc.
Noodles & Co.
Panda Restaurant Group Inc.
Shake Shack Inc.
YUM! Brands Inc.
Find additional highlights on the growth strategies adopted by vendors and their product offerings. Read Free Sample Report.
Geographical Market Analysis
North America is the largest market for fast casual restaurants, holding 44% of the global market share.
The market in Canada is observing constant innovations and redesigning of the food menus across fast casual restaurants as consumers are becoming more aware of the benefits of consuming natural and fresh food ingredients.
This is encouraging vendors in the region to focus on adding healthy and gluten-free food options, including vegetarian and vegan foods to their food menus.
Countries such as the US, China, the UK, Germany, and Canada are expected to emerge as prominent markets for fast casual restaurants during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. www.technavio.com/report/fast-casual-restaurants-market-industry-analysis
Key Market Drivers & Challenges:
The market is driven by the rising demand for innovation and customization in food menus.
In addition, factors such as increase in demand for gluten-free dining and the introduction of healthy meals in food menus will have a positive impact on the growth of the market during the forecast period.
The increasing competition from quick service restaurants will be a major challenge for the growth of vendors.
Also, the need to adhere to stringent regulations and guidelines and fluctuations in food commodities prices will reduce the growth opportunity.
View free sample for highlights on market Trends & Challenges affecting the fast casual restaurants market.
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Fast casual restaurants Market Value Chain Analysis
It includes the following core components:
Marketing and sales
Fast Casual Restaurants Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of over 12%
Market growth 2019-2024
USD 150.10 billion
YoY growth (%)
10.71% in 2020
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 44%
Key consumer countries
US, China, UK, Germany, and Canada
Leading companies, competitive strategies, consumer engagement scope
Chipotle Mexican Grill Inc., Firehouse Restaurant Group Inc., Noodles & Co., Panda Restaurant Group Inc., Potbelly Corp., Shake Shack Inc., and YUM! Brands Inc.
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 forecast period.
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