The full-service restaurant market is projected to increase in value from US$ 1.51 trillion in 2023 to US$ 1.93 trillion by 2033. The demand for full-service restaurants is anticipated to increase at a compound annual growth rate of 2.5% during the forecast period.
Full-service restaurants are becoming more and more popular due to 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 urbanisation. As a respite from their hectic life, full-service restaurants provide their customers with a stress-free dining experience. These factors will propel the widespread adoption of full-service restaurants over the anticipated period of time.
Key Points Driving Market Growth:
- Menu Diversity and Ambiance: The extensive menu selections, laid-back ambiance, and attentive service of full-service restaurants contribute to their increasing popularity.
- Urbanization and Lifestyle Shifts: As urbanization leads to a search for quick and simple meal options, full-service restaurants offer stress-free dining experiences for individuals seeking a break from their busy lives.
- Changing Food Preferences: Evolving consumer preferences for novel and distinctive eating experiences drive the introduction of gourmet and ethnic cuisine selections in full-service restaurants, attracting foodies and daring eaters
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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. Traditional gender norms have also changed as a result of more women joining the job, having more disposable income, and dining out more frequently. This group is catered to by full-service restaurants, which provide a variety of food options and a laid-back 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 labor. 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:
- Dominance of Chained Consumer Food Service: The chained consumer food service segment dominates, accounting for over 56% of the market in 2022.
- Casual Dining Leadership: Casual dining restaurants lead the market with a 62% share in 2022.
- Global Presence: The U.S. and China hold significant market shares, with over 45% and 30% respectively in 2022.
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
Recent Developments:
- Applebee’s Nationwide Delivery: In August 2019, Applebee’s introduced a nationwide delivery network to deliver food and products anywhere in the United States.
- Red Lobster Expansion: In 2019, Red Lobster inaugurated a new restaurant in Deer Park, New York, aiming to increase its market presence.
- Olive Garden Menu Innovation: Olive Garden launched new menu items, including gluten-free and vegetarian options, to attract health-conscious customers.
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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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