Global fast-casual restaurant market size to grow by US$302.5B between 2024 to 2028- Technavio

GLOBAL – Leading market analytics firm, Technavio, has predicted that the global fast-casual restaurant market size will grow at a combined annual growth rate (CAGR) of 15.2% between 2024 and 2028.

This growth rate is an equivalent of US$302.5 billion during the forecast period, reflecting the potential and opportunities in the market.

According to the report, the global fast-casual restaurant market is expanding, driven by the rising population of adults aged 25-49 who prioritize convenience in dining to maintain work-life balance.

This demographic’s demand for menu variety and flexibility encourages quick-service restaurants to offer multi-cuisine options, promotional deals, and discounts to attract customers and boost sales.

These strategies also enhance customer feedback, influencing product development and contributing to the growth of the eat-in service segment during the forecast period.

Fast-casual restaurants combine the speed of fast food with the quality and variety of sit-down dining.

Menus typically include salads, sandwiches, wraps, bowls, and dishes inspired by international flavors and culinary traditions, with some outlets offering alcoholic beverages. Comfortable seating, Wi-Fi, and self-service kiosks enhance the dining experience.

These establishments emphasize fresh, premium, and health-conscious ingredients, appealing particularly to Millennials and Generation Z.

Technavio also reveals food delivery services have also gained popularity, enabling customers to enjoy fast-casual meals at home.

The market is evolving with innovations such as organic, locally sourced, and clean-labeled food offerings.

Menu options now include ethnic-inspired dishes, artisan bread, and plant-based alternatives. Franchise opportunities, digital inventory tracking, scheduling software, and automated purchasing tools are integral to maintaining efficient operations and high customer satisfaction.

The market segments—chicken, dine-in, takeaway, franchised, and standalone—each play a significant role in driving growth.

Digital platforms, sustainable food alternatives, and premium products continue to cater to health-conscious consumers. Fast-casual restaurants also leverage self-service options, mobile apps, and online ordering systems to adapt to shifting consumer behavior.

However, challenges such as economic recessions, the COVID-19 pandemic, and the rise of food delivery services impact the market.

Businesses must embrace technological advancements, including third-party aggregator apps, increased internet penetration, and door-to-door delivery services, to remain competitive.

By adopting these innovations, the fast-casual restaurant market continues to address evolving customer preferences and maintain its growth trajectory.

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