News

New study: Fast food is star of the industry

May 3, 2017

Quick-service restaurants and take-out food will be the stars of the U.S. restaurant market for the next five years, according to the latest analysis of the nation's restaurant industry from Research and Markets, which shows that these two areas are the top growing trends for the sector, according to a news release. 

The data analysis concern says that the nation's food service restaurant market is expected to grow at a CAGR of 10 percent over that same period, making it the second-largest foodservice market on the planet due to an increasing culture of dining out worldwide. 

What's driving growth?
Increased food service digitalization is making it easier to book and pay online even in advance. The company also said that the 100 percent home delivery system, mainly in the case of pizza delivery, has been another major driver for the market. 

Likewise, an increasingly multinational work culture is expanding our palates to fan the flames on a growing love for exotic tastes and combinations. But again, we work a lot and the company said particularly in the U.S. that is driving a huge café market in the U.S. 

But we also eat a lot and that combined with growing health awareness, particularly related to fast food, is changing the business, although the increasing cost of ingredients, quality and safety are other restraining factors. 

Nonetheless, as far as market drivers are concerned, the list includes home delivery, specialty coffee shops, exotic flavors and international specialties, as well as increasing digital dependency in the restaurant business and promotion through pricing to drive sales. 

Opportunities identified in the current market, include:
•    Domestic franchise offerings.
•    Food chains specializing in healthful and organic offerings. 

The study found that the major players in the current market include McDonald's, Yum! Brands, Burger King, Starbucks and Chipotle Mexican Grill.