Full Service Restaurants Market

Full Service Restaurants Market Outlook (2023 to 2033)

The global full service restaurants market has registered a value CAGR of 2.3% and is expected to valued at US$ 1,580.6 billion in 2023. As per this study by Persistence Market Research, global sales of full service restaurants are projected to increase at around 2.8% CAGR to reach a market size of approximately US$ 2,083.4 billion by the end of 2033.

The global full service restaurants market is estimated to witness substantial growth over the coming years on the backdrop of the growing global food & beverage industry and rising per capita spending on outdoor food services. The demand for fresh food among consumers is growing at a rapid rate in the global market. The full service restaurants market participants are focusing on providing food with fresh ingredients to attract customers. For fresh food, the companies are sourcing locally produced ingredients, which is expected to propel the market growth of full service restaurants in the upcoming years.

Additionally, consumers are focusing on more convenient way of food consumption, which is expected to drive the demand for organized food services in the global full service restaurants market. Thus, the market of full service restaurants is estimated to register significant growth in the forthcoming years.

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What are the Key Trends Driving the Demand for Full Service Restaurants?

“Enhanced Restaurant Quality and Experience- Key Growth Influencers”

The rising demand for healthy food coupled with creative presentation is becoming a key trend in the global food service market. Nowadays consumers are more influenced by the food quality and service experience of a restaurant. Full service restaurants can offer better customer service and healthy food according to the demand of the consumers.

High-end restaurants for formal and casual dining are the main choice of consumers in the full service restaurants market. This trend has been followed not only in high end but also in lower-cost and casual dining full service restaurants. The aforementioned factors are anticipated to create significant opportunities for the growth of full service restaurants in the global market.

“Technology and Consumer Trends Remain Key Strategies in the Full Service Restaurants Market”

The global full service restaurants market is highly competitive and most of the market players are focusing on expanding their presence and market share in the global market. As the global per capita expenditure is increasing, the focus of consumers is shifting towards quick service restaurants and full service restaurants. The key players in the full service restaurants market are focusing on improving their online presence to stand out in the competitive environment. Moreover, before visiting a restaurant consumers check the details and reviews of a restaurant. The full service restaurants with better reviews will be most likely to attract more customers, owing to which the market players always focus on collecting positive reviews and feedbacks online to gain an advantage in the market.

On the other hand, prominent software developers in the retail and service market are developing new software for handling and operations of full service restaurants. LS Retail ehf, a software development company launched LS Nav, a new tailored software solution for the smooth operations of full service restaurants. These technological advancements are expected to remain a key trend in the global full service restaurants market.

“Growing Demand of Locally Grown Produce in Restaurants is Spurring the Market Growth”

The demand for locally grown products and sourced food in full service restaurants is increasing at a significant rate. In 2022, according to the National Restaurant Association, around 38% of consumers would like to visit a restaurant that offers locally produced food items over other restaurants.

The prime reason for consumer preferences towards locally grown products is its freshness and that it will support the farms and food producers in their community.

Additionally, according to the National Restaurant Association’s research, around 57% of fine-dining full service restaurants serves locally sourced food products. The growing demand for locally sourced food products in full service restaurants is projected to boost the growth of the global market over the forecast period.

“High Cost Services and Increasing Health Related Issues Hindering the Global Full Service Restaurants Market”

The full service restaurants offer a wide range of luxurious services, such as a variety of delicious cuisine as well as other services, which in turn, charges a high cost of service, which is a major key restraint for the full-service restaurants market.

Furthermore, the consumer is more aware of their food intake due to the increasing several diseases such as cardiovascular and other heart diseases; thus consumer, avoid the consumption of any outside food. In addition, increasing awareness towards their fitness is a key restraint to the full service restaurants market.

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Country-wise Insights

What Makes Canada a Lucrative Market for Global Full Service Restaurants Market?

“Increasing Extension of Global Foodservice Brands”

Canada full service restaurants market is a rapidly growing market at a CAGR rate of around 2.2% owing to the growing millennial population in the country. Thus can be attributable due to the foodservice brands are opening its new food outlets near universities and colleges.

• For instance, Yum! Brands, one of Canada's major food service providers, is embarking on enormous expansion plans across the country to successfully establish its presence in targeted cities such as Montreal, Toronto, Calgary, Vancouver, and Halifax.

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Category-wise Insights

Which Type of Service is Lucrative in the Global Full Service Restaurants Market?

“Increasing Concentration on Food Experience and Quality to Benefit Market Growth”

The food served at fine dining restaurants is prepared from fresh, high quality, and organically grown local ingredients, which enhances both the taste and the diners' overall dining experience. Therefore, consumers who want to enjoy luxurious dining experience and eat fresh foods are willing to pay more for fine dining services. However, the fine-dining restaurants is expected to capture a significant growth rate of around 7.3% during the forecast period.

What are the Different Models in Full Service Restaurants Available in the Market?

“Increasing Availability of Chained Consumer Foodservice Boosts Demand”

The global full service restaurants market is segmented into different models, including independent consumer foodservice, and chained consumer foodservice. The chained consumer foodservice is expected to grow at a high CAGR rate of around 3.8%. This can be attributed to the increasing demand of convenience foods, rising foodservice options, and growing urbanization & flourishing middle-class population.

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Competitive Dashboard

Manufacturers in the global market for full service restaurants are emphasizing on digital inventory tracking and HACCP (Hazard Analysis and Critical Control Point) food safety checklist to ensure proper food and service. The global full service restaurants market is highly fragmented with the independent market players dominating the global market. Despite the dominance of independent players, the chained players are expected to exhibit higher growth in the coming years owing to growing popularity in urban areas, as the chained full service restaurants focus on better customer experience. Moreover, many manufacturers for fresh food sourcing locally produced ingredients, which is one of the major factors propelling the demand for full service restaurants.

• In May 2023, Darden Restaurants, Inc. signed a definitive merger agreement to acquire Ruth's Hospitality Group, Inc. for US$ 715 million. This will help the company to expand its restaurant chains in the upcoming years.
• In August 2019, Applebee's, one of the leading full service restaurants company, introduced its new nationwide delivery network in which the Applebee’s Neighborhood Grill + Bar will deliver its food and other products at the doorstep of anywhere in the United States. The delivery can be made online through company’s website or mobile application.
• In September 2019, Red Lobster Hospitality LLC, a leading restaurant chain in United States inaugurated its new restaurant in Deer Park, New York. By doing so, the company is focusing on increasing its market presence and market share in the regional, full service restaurants market.

Full Service Restaurants Industry Report Scope

Full Service Restaurants Industry Research Segmentation

By Model:

• Independent Consumer Foodservice
• Chained Consumer Foodservice

By Service Type:

• Casual Dining Restaurants
• Fine Dining Restaurants

By Location:

• Standalone
• Retail
• Travel
• Leisure
• Hotels

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa