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- Over the predicted period, service restaurants are expected to grow at a compound annual growth rate of 2.5%.
The extensive menu selections, laid-back ambiance, and attentive attention of full-service restaurants have contributed to their increasing popularity. As a result of urbanization, more and more individuals are searching for quick and simple meal options. Full-service restaurants offer its patrons a stress-free dining experience as a break from their busy lives. Over the projected timeframe, these reasons will drive the broad adoption of full-service restaurants.
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Food preferences among consumers are changing as they look for novel and distinctive eating experiences. In response to this trend, full-service restaurants have introduced a variety of gourmet and ethnic cuisine selections, drawing in foodies and daring eaters. 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 growing travel and tourism industry has also contributed to the increase in the market share of full-service restaurants. Travelers often seek out unique dining experiences, and full-service restaurants offer a large selection of menu items and a warm atmosphere that draws in both local and international patrons.
Full-service restaurants are in competition with quick-service and casual dining places, which provide more affordable menu options and faster service. This has made it harder for full-service restaurants to attract customers who are on a tight budget. The growing cost of labor and food has also had an effect on the profitability of full-service restaurants. The demand to preserve profit margins is on restaurant operations because of growing food costs and increased minimum salaries.
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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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