As technology has advanced, consumers now expect more. Innovation is driving change and restaurants need to provide fast service and better offerings in order to stay top of mind for customers. That said, it’s also becoming more competitive as more restaurants are entering the market. How would we analyze the fast food industry?Ī quick analysis of the fast food industry shows that it’s indeed growing. Those who aren’t making the changes necessary may not be around much longer. The fast food restaurants that want to survive are nimbly adapting to these customer demands. Because technology has advanced so rapidly, consumers have come to expect ultimate ease and convenience in everything they do. UberEats and GrubHub do the same, but with food. Amazon allows consumers to order almost any product to their door with just a click.
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That customer service stretches beyond just diet-it trickles over into the full customer experience. From vegan and plant-based to keto and low-carb, the rise in specialty diets has forced even fast food restaurants to make adjustments. And not just one type of customer, but customers with many different preferences and dietary needs. The fast food industry’s trending toward serving the customer more fully. What are some of the latest fast food industry trends?
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That’s what makes these fast food restaurants stand out above the rest. What sets them apart? Taste, service, and nearly fanatical customer loyalty.
Raising Cane’s was third in that category. What about sales per unit? That’s where Chick-Fil-A wins out. When it comes to other metrics, like number of units sold, Subway is number one. In 2020, they had $40.53 billion in sales revenue, $22 billion more than the chain in second. Per Statista, McDonald’s has the highest brand value. Which fast food brand has the highest brand value? Full service restaurants (FSR) make up the other half of the restaurant industry. This piece of the industry accounts for over 50% of all restaurant sales. Fast food restaurants and fast casual restaurants are both part of the QSR or LSR segment. What type of industry is fast food?įast food falls into the quick service restaurant (QSR) or limited service restaurant industry (LSR) industry. Even though the COVID-19 pandemic caused a roughly 20% decrease in the fast food industry from 2019 to 2020, it rebounded quickly, with 2021 projected to end with a $3 billion higher market size than 2019. Yes, the fast food industry is growing steadily. Expect fast food industry revenue to continue to grow year over year with more restaurants entering the market. Statista is projecting it to reach more than $281.6 billion by the end of 2021. How big is the fast food industry?Īccording to IBISWorld, the fast food industry in the United States is worth $278.6 billion dollars in 2021. You’ve got questions and we’ve got answers. Here are some of the most interesting fast food industry statistics for 2021. Good news! We’ve gathered some great data for you. So you want all the juicy fast food industry statistics. What are some fast food industry statistics?
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Finally, we’ll give some tips on how to stand out if you own a fast food restaurant. From there, we’ll provide some general analysis. What should you expect in this post? First, we’ll walk you through the main fast food industry trends and statistics for 2021. Yep, more than eight in ten people! While the pandemic may have slowed sales a bit for a time, overall the fast food market has rebounded remarkably and continues to thrive.ĭon’t go running for that fast food burger just yet, because we’ve got some interesting stats to show you. Research shows that around 83% of Americans eat at quick service or fast food restaurants at least once a week. If you’re thinking about zipping through the drive thru right about now, you’re not alone.
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