Persistence Market Research’s report on the full service restaurants market has introduced notable insights about the gradually expanding market growing with a CAGR of 2.3% during 2019 to 2027. The market analysis has revealed that the changing consumer preferences towards restaurants for a meal and rising per capita expenditure for food have led to significant growth of the full service restaurants market. The market value of full service restaurants pegged at ~US$ 1,400 Bn in 2018, and the global full service restaurants market and is estimated to grow at a promising rate during the forecast period, owing to the growing food & beverage industry across the globe. In addition, the growing demand for locally sourced food products and the online footprint of restaurants are among the key factors estimated to boost the market growth of full service restaurants over the forecast period.
Asia Pacific is one of the most prominent markets for full service restaurants, owing to significant growth opportunities in the developing countries of the region. The number of online food orders from restaurants is increasing at a remarkable rate in the regional full service restaurants market. The developing countries in the region such as China and India are the centers of some of the most popular cuisines in the world. The rising demand of organized food services and growing trend of out-of-home dining in the markets are expected to boost the growth of full service restaurants market in the Asia Pacific region. Rising income levels, growing internet penetration, and changing consumer preferences are also among the prominent factors forecasted to propel the growth of full service restaurants market.
Widespread Use of Plastic Money Driving the Out-of-Home Dining Trends
According to PMR study, the growing use of “plastic money” i.e. debit and credit cards has resulted in increasing per capita spending among the consumers. The consumers are seeking out more convenient way of payment to save time, due to which the number of plastic card users is increasing at a significant rate around the globe. The acceptance of plastic money and payment through digital sources has been accepted in almost all the full service restaurants to attract the consumers in the market. Additionally, the incentive such as, cash-back offers and discounts on the plastic card payment options have lured the consumers towards the cashless spending. The full service restaurants are grabbing this opportunity and providing several offers on cashless payment to lure the consumers.
Casual Dining Gaining Traction in the Full Service Restaurants Market
In the full service restaurants the casual dining is more preferred as compared to fine dining. The fine dining is a more expensive and formal food service in the full service restaurants. The fine dining full service restaurants can offer upscale service and more expensive menu options for the consumers. On the other hand the casual dining is a less expensive foodservice, and can provide satisfactory service to the consumers in lower prices. Thus, casual dining is growing at a significant rate, accounting for relatively high share in the global full service restaurants market.
Furthermore, the key market players are focusing on expanding their casual dining chains in the emerging and high growth potential markets. Companies such as, Panera Bread, Noodles & Company, Chipotle, etc. are among the key casual dining full service restaurants in the North America region.
The PMR report offers a forecast of the full service restaurants market for the period 2019-2027. According to the report, the full service restaurants market is projected to create more than US$ 290 Bn incremental $ opportunity from 2019 to 2027. The growing food service sector continues to generate lucrative opportunities for leading market players to amplify their market share in the full service restaurants segment.