Full Service Restaurants Market Report 2024

This Full Service Restaurants market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The full service restaurants market size has grown strongly in recent years. It will grow from $1.44 trillion in 2023 to $1.51 trillion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth during the historical period can be attributed to several factors such as the expansion of delivery and takeout services, the rise of international food chains and franchises, growth in the food and beverage industry, increased outdoor food services, and a rising demand for ready-to-eat foods.

The full service restaurants market size is expected to see strong growth in the next few years. It will grow to $1.86 trillion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The projected growth during the forecast period can be attributed to several factors such as rising online food ordering, increasing popularity of organic food, a growing number of tourists, greater demand for convenience foods, and a rise in cardiovascular heart diseases. Key trends expected to shape this period include the development of well-established online platforms, implementation of digital inventory tracking systems, the use of technologically advanced equipment in quick-service restaurants, introduction of new and innovative dining concepts, and the development of new software for managing operations.

The increasing demand for convenience foods is anticipated to drive growth in the full-service restaurant market. Convenience foods, which include pre-packaged or pre-prepared items designed for quick and easy consumption with minimal preparation, are typically ready-to-eat or require only simple steps such as heating or mixing. This trend caters to busy lifestyles characterized by a lack of time for cooking and the need for quick, easy meal solutions. Full-service restaurants provide a range of ready-to-eat meals that appeal to consumers seeking high-quality dining experiences without the effort of home cooking. Moreover, the availability of convenient takeout and delivery options enhances the accessibility of gourmet meals. For example, in 2023, the United States Department of Agriculture reported that the total value of US processed food products exported reached $36.59 billion, reflecting a 1.7% increase from previous years. Thus, the growing demand for convenience foods contributes to the expansion of the full-service restaurant market.

Leading companies in the full-service restaurant sector are investing in advanced technologies such as automated ordering systems to improve operational efficiency. These systems facilitate streamlined ordering by enabling customers to place orders and make payments directly, which reduces wait times and enhances order accuracy. For instance, in April 2024, Fiserv, a US-based financial technology firm, launched the Clover Kiosk and Clover Kitchen Display System. This self-service kiosk technology features user-friendly touchscreens, integrated payment systems, and real-time order tracking. The Clover Kiosk, with its 24-inch touchscreen and 8-inch payment terminal, allows customers to browse menus, customize orders, and complete transactions without queuing. Complementing this, the Clover Kitchen Display System (KDS) improves communication between front-of-house and back-of-house operations by displaying orders in real-time, which enables kitchen staff to view, track, and prioritize tasks effectively, thereby enhancing kitchen efficiency and reducing errors.

In May 2023, Darden Restaurants Inc., a US-based full-service restaurant company, acquired Ruth's Hospitality Group for $715 million. This acquisition enables Darden Restaurants Inc. to expand its portfolio with distinctive brands and reinforces its commitment to providing exceptional dining experiences. Ruth's Hospitality Group is also a US-based full-service restaurant company.

Major companies operating in the full service restaurants market are Darden Restaurant Inc., Sizzler USA, Bloomin' Brands Inc., Brinker International Inc., Texas Roadhouse Inc., Red Lobster Hospitality LLC, Cheesecake Factory Incorporated, Cracker Barrel Old Country Store Inc., Red Robin Gourmet Burgers Inc., Cheddar's Scratch Kitchen, Yard House USA Inc., MOD Super Fast Pizza Holdings LLC, Hillstone Restaurant Group, Fogo de Chao Inc., The ONE Group Hospitality Inc., Cooper's Hawk Winery & Restaurants, Maggiano's Little Italy, Bahama Breeze, J. Alexander's Holdings Inc., Firebirds International LLC.

Asia-Pacific was the largest region in the full service restaurants market in 2023. The regions covered in the full service restaurants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the full service restaurants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A full-service restaurant is an establishment that offers a comprehensive dining experience, where guests are typically greeted and seated by a host or hostess and have their meals ordered and served by waitstaff. These restaurants focus on ambiance and customer experience, providing a more leisurely dining atmosphere compared to fast food or quick-service establishments.

The main types of full-service restaurants are casual dining and fine dining. Casual dining restaurants provide a relaxed and comfortable environment with moderately priced menus that feature a variety of cuisines. Full-service restaurant models include independent consumer food service and chained consumer food service, with locations in standalone venues, retail spaces, travel hubs, leisure settings, and hotels.

The full-service restaurants market research report is one of a series of new reports that provides full-service restaurants market statistics, including full-service restaurant industry global market size, regional shares, competitors with a full-service restaurant market share, detailed full-service restaurant market segments, market trends, and opportunities, and any further data you may need to thrive in the full-service restaurant industry. This full-service restaurant research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The full-service restaurants market includes revenues earned by providing table reservations, delivery services, and parking services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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