Foodservice
Fast casual is speeding up
Remarkable. For the first quarter in two years, the food service industry is facing a bit of a slump. However, the drop in visitors is slim, as some niches show promising, strong growth. Take fast casual, the hybrid form of fast food and casual dining, anticipated to keep rising at a considerable rate between 2023 and 2031.
The global market size of fast casual concept was valued at around $169 billion in 2022. It is estimated to reach $407 billion by 2031, a staggering CAGR of 10.2% between 2023 and 2031. This growth is mainly thanks to changing consumer preferences: people cut back on the more pricy casual dining experiences, but still want healthy, natural and freshly prepared food.