LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global fast casual restaurants market to grow at a CAGR of close to 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global fast casual restaurants market for 2017-2021. The report also lists North American, Italian, Mexican and others as the four main segments based on cuisine type, of which North American cuisine accounted for more than 47% of the market share in 2016.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “The market is driven by the continuous innovation and customization in food menus as consumers prefer authentic, healthier, and traditional-style food with bold flavors and ingredients and spicy toppings. Over the years, fast-casual restaurants have emerged as a convenient place for teenagers, families, and young working professionals to socialize.”
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Technavio food and beverage analysts highlight the following three market drivers that are contributing to the growth of the global fast casual restaurants market:
- Demand for innovation and customization in food menus
- Introduction of healthy meals in food menus
- Increase in demand for gluten-free dining
Demand for innovation and customization in food menus
Customers are looking for a combination of food infused with new and bold flavors. The demand for innovative and exotic flavored food is more prominent among millennials. In addition, they are looking for options to customize their food based on their calorie intake per day. For instance, in January 2016, Shake Shack launched Chick’n Shack, its debut chicken sandwich, across its chains in the US. The product is made using all-natural antibiotic-free and hormone-free chicken breast, and toppings like shredded lettuce, pickles, and buttermilk herb mayo can be customized based on consumer preferences.
“Consumers prefer the option to customize their menu choices to their tastes. Getting the exact flavor aids fast-casual restaurants market players in increasing the probability of repeat customer visits,” says Manjunath.
Introduction of healthy meals in food menus
Consumers have become more health-conscious and as a result, often refrain from consuming unhealthy or fatty food products. Appealing to this insight, many fast-casual restaurants have introduced nutritious and healthy meals in their menu, thus helping their customers in reducing their total calorie intake.
Fast-casual restaurants are now adapting to consumers’ evolving demands for unique, high-quality, and better-for-you food ingredients by offering healthier food in their menu. This will help increase their market reach during the forecast period. For example, fast-casual restaurants such as Pie Five Pizza, Chipotle Mexican Grill, and Smashburger are offering fresh salads in their menu.
Increase in demand for gluten-free dining
There is a significant rise in the number of fast-casual eating establishments in the North America and Western Europe that are offering a gluten-free menu. This is owing to the growing awareness about celiac disease. Based on the article published by the University of Chicago, one in every 133 Americans, which is about 1% of the total population in the US, has celiac disease.
It has been observed that customers preferring gluten-free food tend to visit the same eating establishments repeatedly after a positive eating experience and later can become loyal and profitable customers.
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