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The heightened investments in the food and beverage sector are expected to drive the global fast casual restaurant industry. In addition, the development of creative menus with the adoption of innovative food production strategies is also anticipated to aid the market growth in the coming years. For instance, the growing preference for fusion cuisines and healthy and fresh ingredients is being observed among the population. In addition, the growing demand for online food delivery and takeaways among the gen Z and working population is anticipated to support the market growth. The improved living standards and the increasing disposable incomes are leading to increased consumer interests in dining out, thereby aiding the market.
The growing emphasis of key market players in the development of innovative flavours to attract more consumers, with the use of creative cooking methods and promotional strategies, is predicted to bolster the industry growth in the forecast period. For instance, in August 2021, Chipotle Mexican Grill, Inc. (NYSE: CMG) announced to introduce its new plant-based chorizo, the company’s latest menu innovation that would be available in selected branches in Denver and Indianapolis. The offering provides the deep flavours of chorizo and is made exclusively using fresh farm produce. Furthermore, in June 2021, Thighstop, a new virtual restaurant concept initiated by Wingstop Restaurants, Inc. (NASDAQ: WING), announced the launch of new flavour options for consumers on their online website and through its delivery partner DoorDash. Such developments are expected to positively impact the market for fast casual restaurant in the forecast period.
Market Breakup by Food Type, Mode of Operation, Nature, and Region:
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The major players in the global fast casual restaurant market are Chipotle Mexican Grill, Inc., EXKi SA, Famous Brands Limited, Firehouse Restaurant Group, Inc., Five Guys Enterprises, LLC, Panda Restaurant Group, Inc., and Wingstop Restaurants, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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