Technavio: Fast-casual restaurants continue steep growth
Nov. 2, 2016
by MEAT+POULTRY Staff
LONDON – The fast-casual restaurant market in the United States is expected to reach $66.87 billion by 2020, growing at a compound annual growth rate of more than 10 percent, according to a market study released by Technavio, a global research firm.
The report, titled “Fast Casual Restaurant Market in the US 2016-2020,” provides an analysis of the market regarding revenue and emerging trends.
The study focused on millennials and their contribution to the fast casual industry. The report talked about the impact of social media and how 33 percent of millennials use social media, online advertising, and online ratings to gain information about the food available in fast-casual restaurants. Also, the study found that many consumers, not just millennials, prefer to eat in fast-casual restaurants during work hours.
Technavio’s food and beverage analysts categorize the fast casual restaurant market in the US into four major product segments American food (56.4 percent), Italian food (15.9 percent), Mexican food (15.2 percent), and other food and beverages (12.6 percent). To calculate the market size, the report considers the revenue generated through sales of food and beverages by fast casual restaurants throughout the United States.
Take a look at the entire report here.