According to new research from global technology research and advisory company Technavio, the fast-casual restaurant market is poised to grow by 12% over the course of 2020-2024.
Technavio’s research said that the market is currently fragmented, and it forecasts that “the degree of fragmentation will accelerate during the forecast period.”
Chipotle., Firehouse Restaurant., Noodles & Co., Panda Restaurant, Potbelly Corp., Shake Shack., and YUM! Brands Inc. are some of the major market participants covered in the research.
According to Technavio, to make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
“Rising demand for gluten-free dining has been instrumental in driving the growth of the market,” Technavio said in a release.
“However, intense competition from quick-service restaurants, adherence to stringent regulations and guidelines, and fluctuations in food commodities prices might hamper the market growth.”
