The full-service restaurant market is predicted to be worth US$ 1.51 trillion in 2023, rising to US$ 1.93 trillion by 2033. The demand for full-service restaurants is anticipated to mark a CAGR of 2.5% during the projected period.
Full-service restaurants have become increasingly popular due to their wide range of menu options, relaxed atmosphere, and personalized service. Urbanization has led to a growing number of busy working individuals seeking quick and convenient dining options. Full-service restaurants offer a hassle-free dining experience that provides a break from their fast-paced lives. These factors drive the widespread adoption of full-service restaurants during the forecast period.
Consumer food preferences are shifting as they seek new and unique dining experiences. Full-service restaurants have responded to this trend by offering various gourmet and ethnic cuisine options, attracting food lovers and adventurous diners. In addition, an increasing number of women entering the workforce has led to a shift in traditional gender roles, with more disposable income and dining out more often. Full-service restaurants cater to this demographic by offering a range of menu options and a relaxed atmosphere.
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The growing tourism industry has also contributed to the full-service restaurants market share growth. Tourists often seek unique dining experiences, and full-service restaurants offer various menu options and a comfortable atmosphere that appeals to both local and international tourists.
Full-service restaurants face competition from quick-service and casual dining restaurants, which offer more affordable menu options and faster service. This has made it difficult for full-service restaurants to attract price-sensitive customers. In addition, the rising cost of food and labor has affected the profitability of full-service restaurants. The increasing cost of ingredients and minimum wage increases have put pressure on restaurant owners to maintain profit margins.
Key Takeaways from the Full-Service Restaurants Market:
- The chained consumer food service segment dominates the full-service restaurant industry, accounting for more than 56% of the market in 2022.
- Casual dining restaurants are the market leader in the full-service restaurant industry, accounting for 62% share in 2022.
- The full-service restaurant business in the United States accounts for a sizable portion of the global market, with a share of over 45% expected in 2022.
- A sizable market share, approximately 30% in 2022, is held by the full-service restaurant industry in China.
- Germany's market share in the full-service restaurant sector was approximately 25% in 2022, according to FMI.
- In 2022, the Japanese full-service restaurant industry accounted to hold a market share of roughly 20%.
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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