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.
Major Driver In The Full Service Restaurants Market
The demand for convenience foods is driving growth in the full-service restaurant market. Convenience foods, which are pre-packaged or pre-prepared for quick consumption, align with 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 U.S. Department of Agriculture reported an increase in the total value of processed food exports to $36.59 billion, marking a 1.7% rise compared to previous years. This trend is expected to continue influencing the full-service restaurant market in 2024 and into 2028, with market projections of $60 billion in 2023, $65 billion in 2024, and $80 billion by 2028.
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Full Service Restaurants Market Competitive Landscape
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
Key Full Service Restaurants Market Trend
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.
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Global Full Service Restaurants Market Segmentation
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
By Geography:The regions covered in the full service restaurants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the full service restaurants market in 2023.
The Full Service Restaurants Global Market Report 2024 furnishes information about the global full service restaurants market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
