LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the fast casual restaurant market in the US is expected to reach USD 66.87 billion by 2020, growing at a CAGR of more than 10%.
This research report titled ‘Fast Casual Restaurant Market in the US 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considers the revenue generated through sales of food and beverages by fast casual restaurants in the US.
Millennials, those aged between 20 and 35 years, are the target consumers for the fast casual restaurants market in the US. For instance, in 2015, it was estimated that around 33% of the millennials in the US use social media, online advertising, and online ratings to gain information about the food available in fast casual restaurants. Furthermore, as today's consumers face a time crunch, many consumers prefer to eat in fast casual restaurants during work hours. In terms of employment scenario, 68% of people aged between 15 and 64 in the US had a paid job in 2015, and out of which, around 73% of men had a paid job in comparison to 63% of women. This has reduced the time spent cooking at home and increased the visits to fast causal restaurants. This has encouraged people to increase their spending on eating out, leading to the increase in demand for foodservice establishments.
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Technavio’s food and beverage analysts categorize the fast casual restaurant market in the US into four major product segments:
- North America food
- Italian food
- Mexican food
- Other food and beverages
Fast casual restaurants market in US by product 2015
|North American food||56.37%|
|Other food and beverages||12.57%|
The top three product segmentation for the fast casual restaurant market in the US are:
North American food in fast casual restaurants market in US
North American foods will continue to dominate the market in the US and is likely to occupy a total share of around 56%, growing at a CAGR of more than 10% by 2020.
According to various research studies, around 33% of children and teenagers in the US have sandwiches, burgers, or other quick serve foods on a daily basis. About 12% of them obtain 50% of their daily diet requirements from these foods. Therefore, fast casual restaurants in the US are including many healthy meal options in their menu to cater to the daily nutritional requirements of children and teenagers. For example, Muscle Maker Grill Nation uses United States Department of Agriculture (USDA)-certified grass-fed beef, all-natural lean chicken, and fresh fruits and vegetables as ingredients for preparing sandwiches, pasta, and other food items.
According to Arushi Thakur, an industry expert in food from Technavio, “The demand for fresh and healthy salads among millennials is also rising. For instance, Sweetgreen, a fast casual restaurant chain with over 30 outlets, focuses on seasonal and innovative salads made with locally sourced ingredients for its health-conscious consumers.”
The market penetration of breakfast sandwiches, egg dishes, pancakes, waffles, and French toast for breakfast at fast casual restaurants is expect to rise during the forecast period. As per the research studies in 2014, consumers in the US on an average eat eight breakfast meals per capita per year at restaurants. For instance, Shake Shack is now serving breakfast dishes at the JFK Airport, Washington D.C.’s Union Station, and NYC’s Grand Central Terminal Shacks.
Italian food in fast casual restaurants market in US
Italian food is the second highest segment in the market in the US and is likely to occupy a total share of over 16%, growing at a CAGR of almost 11% by 2020.
The growing demand for customization in pizza and rising consumer preference for fast casual pizza are key driving factors for market growth in this region. Customization is a key element that numerous consumers in the US look for, especially millennials. For example, pizza restaurants like PizzaRev serve custom-crafted personal-sized pizza to customers with any toppings for one price. Also, pizza fast casual chains are emphasizing the benefits of using locally-sourced fresh ingredients, hormone-free meat, minimally-processed food ingredients, and fresh herbs in the preparation of pizza served in their outlets.
“A consumer's average pizza occasions per month in the US was four in 2015. Pizza fast casual restaurants with gluten-free offerings in their menu are gaining popularity in the US. PizzaRev, MOD Pizza, and several other players offer gluten-free crust pizza in the US,” says Arushi.
Mexican food in fast casual restaurants market in US
Mexican food is the fastest growing segment in the market in the US and is likely to occupy a total share of above 15%, growing at a CAGR of almost 11% by 2020.
The rising popularity for Tex-Mex cuisine in the fast casual restaurants is the main impetus for market growth. Burritos, salsa, tacos, fajitas, and nachos are extremely popular food served in fast casual restaurants in the US. For example, Chipotle Mexican Grill offers wide variety of burritos and tacos. Its crispy corn and soft flour tacos are favorite among the fast casual customers in the US.
The demand for breakfast tacos and burritos is also expected to increase during the forecast period. For example, Qdoba Mexican Grill, a fast casual Mexican style restaurant, offers breakfast burritos at some locations in the US.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Chipotle Mexican Grill
- Firehouse Restaurant
- Five Guys
- Panda Express
- Panera Bread
Browse Related Reports:
- Global Foodservice Market 2016-2020
- Global Quick Service Restaurants Market - Market Analysis 2015-2019
- Quick Service Restaurant Market in the US 2015-2019
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