The full-service restaurant market is predicted to be worth US$ 1.51 trillion in 2023, rising to US$ 1.93 trillion by 2033. The demand for full-service restaurants is anticipated to mark a CAGR of 2.5% during the projected period.
Full-service restaurants have become more and more popular because of their wide menu options, relaxed atmosphere, and attentive service. An increasing number of people are looking for quick and easy dinner options as a result of urbanization. Customers can enjoy a stress-free dining experience at full-service restaurants, which provides a respite from their hectic lives. These factors are what propel full-service restaurants’ widespread adoption over the anticipated period.
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Consumer food preferences are shifting as they seek new and unique dining experiences. Full-service restaurants have responded to this trend by offering various gourmet and ethnic cuisine options, attracting food lovers and adventurous diners. In addition, an increasing number of women entering the workforce has led to a shift in traditional gender roles, with more disposable income and dining out more often. Full-service restaurants cater to this demographic by offering a range of menu options and a relaxed atmosphere.
The expansion of the full-service restaurant market share has also been aided by the expanding travel and tourism sector. Tourists frequently look for distinctive dining experiences, and full-service restaurants provide a wide range of menu options and a welcoming ambience that appeals to both domestic and foreign visitors.
Quick-service and casual dining establishments, which provide more economical menu options and quicker service, compete with full-service eateries. Due to this, it has become more challenging for full-service restaurants to draw in budget-conscious clientele. Additionally, the profitability of full-service restaurants has been impacted by the rising cost of food and labour. Restaurant businesses are under pressure to maintain profit margins due to rising food costs and higher minimum wages.
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Key Takeaways from the Full-Service Restaurants Market:
- The chained consumer food service segment dominates the full-service restaurant industry, accounting for more than 56% of the market in 2022.
- Casual dining restaurants are the market leader in the full-service restaurant industry, accounting for 62% share in 2022.
- The full-service restaurant business in the United States accounts for a sizable portion of the global market, with a share of over 45% expected in 2022.
- A sizable market share, approximately 30% in 2022, is held by the full-service restaurant industry in China.
- Germany’s market share in the full-service restaurant sector was approximately 25% in 2022, according to FMI.
- In 2022, the Japanese full-service restaurant industry accounted to hold a market share of roughly 20%.
Who is Winning?
The full-service restaurants market is highly competitive, with several well-established players in the market. The leading players in the market include Applebee’s, Red Lobster, Olive Garden, and others. These players are focusing on expanding their market presence through new restaurant openings, menu innovation, and strategic partnerships.
Recent Developments in the Full-Service Restaurants Market
- In August 2019, Applebee’s introduced its new nationwide delivery network, in which the company will deliver its food and other products to the doorstep, anywhere in the United States.
- In 2019, Red Lobster inaugurated its new restaurant in Deer Park, New York, focusing on increasing its market presence and market share in the regional, full-service restaurants market.
- Olive Garden has recently launched its new menu items, including gluten-free options and vegetarian dishes, to cater to the growing demand for healthier and more diverse food options. This move is aimed at attracting health-conscious customers and maintaining its market share
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Key Segments
By Model:
- Independent Consumer Foodservice
- Chained Consumer Foodservice
By Service:
- Casual Dining Restaurants
- Fine Dining Restaurants
By Location:
- Standalone
- Retail
- Travel
- Leisure
- Hotels
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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