What Are The 5 Takeaways From The Full Service Restaurants Market Overview 2024
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The full-service restaurants market size has grown strongly in recent years, increasing from $1,441.25 billion in 2023 to $1,514.23 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth during the historical period can be attributed to the expansion of delivery and takeout services, the rise of international food chains and franchises, the growing food and beverage industry, the rising outdoor food services, and the increasing demand for ready-to-eat foods. The market is expected to continue to grow robustly in the coming years, projected to reach $1,868.46 billion in 2028 at a CAGR of 5.4%. This anticipated growth is driven by factors such as the increasing popularity of online food ordering, organic food options, the rising number of tourists, and the growing demand for convenience foods, alongside an increase in cardiovascular diseases. Key trends in the forecast period include the development of well-established online platforms, the implementation of digital inventory tracking systems, advancements in quick-service restaurant technology, innovative dining concepts, and the emergence of new operational software.
The demand for convenience foods is driving the full-service restaurant market. Convenience foods, which are pre-packaged or pre-prepared for quick consumption, cater to busy lifestyles and the desire for simple meal solutions. Full-service restaurants capitalize on this trend by offering ready-to-eat meals for dining in, takeout, or delivery. In 2023, the US Department of Agriculture reported an increase in the total value of US processed food exports to $36.59 billion, a 1.7% rise compared to previous years. This growth will continue to influence the full-service restaurant market in 2024 and into 2028 as consumer preferences evolve.
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What Are The Key Trends That Influence Full Service Restaurants Market Share Analysis?
Major companies in the full-service restaurants market are adopting advanced solutions like automated ordering systems to enhance operational efficiency. Automated ordering systems streamline the ordering process by enabling customers to place orders and make payments directly, reducing wait times and improving order accuracy. For instance, in April 2024, Fiserv, a US-based financial technology company, introduced Clover Kiosk and Clover Kitchen Display System, a self-service kiosk technology for restaurants. This innovative solution features intuitive touchscreens, integrated payment systems, and real-time order tracking. The Clover Kiosk simplifies the ordering process with its 24-inch touch screen and 8-inch payment terminal, allowing customers to browse menus, customize orders, and complete transactions without waiting in line. The Clover Kitchen Display System (KDS) complements the kiosk by enhancing communication between front-of-house and back-of-house operations, displaying orders in real-time to help kitchen staff efficiently manage and prioritize tasks.
Which Market Players Are Driving Growth In The Full Service Restaurants Market?
Major companies operating in the full service restaurants market are Darden Restaurant Inc., Sizzler USA, Bloomin’ Brands Inc., Brinker International Inc., Texas Roadhouse Inc., Red Lobster Hospitality LLC, Cheesecake Factory Incorporated, Cracker Barrel Old Country Store Inc., Red Robin Gourmet Burgers Inc., Cheddar’s Scratch Kitchen, Yard House USA Inc., MOD Super Fast Pizza Holdings LLC, Hillstone Restaurant Group, Fogo de Chao Inc., The ONE Group Hospitality Inc., Cooper’s Hawk Winery & Restaurants, Maggiano’s Little Italy, Bahama Breeze, J. Alexander’s Holdings Inc., Firebirds International LLC
How Is The Global Full Service Restaurants Market Segmented?
The full service restaurants market covered in this report is segmented –
1) By Service: Casual Dining Restaurants, Fine Dining Restaurants
2) By Model: Independent Consumer Foodservice, Chained Consumer Foodservice
3) By Location: Standalone, Retail, Travel, Leisure, Hotels
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The Full Service Restaurants Global Market Report 2024 provides an overview of the full service restaurantsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The full service restaurants market forecast analyzes full service restaurants market size, full service restaurants market share, leading competitor and their market positions.
The Table Of Content For The Full Service Restaurants Market Include
1. Full Service Restaurants Market Executive Summary
2. Full Service Restaurants Market Segments
3. Full Service Restaurants Market Size And Template Market Growth Rate
4. Key Full Service Restaurants Market Trends
5. Major Full Service Restaurants Market Drivers
……
25. Key Mergers And Acquisitions In The Full Service Restaurants Market
26. Top Full Service Restaurants Companies
27. Full Service Restaurants Market Opportunities And Strategies
28. Full Service Restaurants Market, Conclusions And Recommendations
29. Appendix
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