The outlook for global restaurants market has been quite an optimistic one in the last few decades and the same is reflected in the restaurant business all over the world. The huge markets in regions like Asia Pacific, Europe, and the United States have exhibited robust growth in recent years and the same is likely to continue in years to come.
Service type and region are the two parameters based on which the global restaurants market has been split for better evaluation of the global restaurants market.
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Global Restaurants Market: Notable Developments
One of the recent developments that offer a glimpse into the changing course of the global restaurants market is as follows:
- In May 2019, New York-based Carrols Restaurant Group, Inc announced that it has completed the acquisition of 55 Popeyes and 165 Burger King restaurants. They made the purchase from Cambridge Franchise Holdings, LLC. The acquisition came in effect in 10 Southeastern and Southern states. Following the acquisition, Carrols becomes the biggest franchisee of Restaurant Brands International, Inc. It is expected that the acquisition will expand the regional reach of the company.
Some well-known organizations in the global restaurants market comprise the below-mentioned:
- Carrols Restaurant Group Inc.
- Allied Hotel Properties Inc
- Ark Restaurants Corp
- Carrols Restaurant Group Inc
- Brinker International Inc
- Chanticleer Holdings Inc
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Global Restaurants Market: Key Trends
The following drivers, opportunities, and restraints characterize global restaurants market over the review period, from 2019 to 2027.
Hectic Lifestyle of People Holds Lucrative Opportunities for the Market
The global restaurants market is expected to gather momentum from the emerging trend of eating out across the globe. The industry comprises restaurants where customers make payment for quick service of food items even before eating. Food items, thus bought, can be eaten at the restaurant or taken away or it can be delivered at the desired place of consumption. In the modern world, people lead a very hectic lifestyle and therefore, there is never enough time. People want to do several tasks in a short period of time. In most cases, people with a busy schedule of work do not prefer to cook and prepare food and opt for eating in restaurants, which fuels the growth of the global restaurants market.
The global restaurants’ industry is gaining traction as the consumer tastes are changing and there is a positive trend in the spending habit of the people across the globe. There has been a rise in the disposable income of the people with increased propensity to spend on luxurious habits, like dining out. In addition to that, eating in restaurants helps families and friends spend time together with each other. The concern and debate over health problems and obesity due to eating out have compelled restaurants to prepare healthy food options as well. These factors propel the growth of the global restaurants market over the period of assessment.
Global Restaurants Market: Geographical Analysis
The global restaurants market has been divided on the basis of geography. The regional segmentation is likely to offer an all-inclusive view of the regional markets and their influence over the global market scenario over the forecast tenure. North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific are the key regions of the market.
Considering geographies, North America is likely to hold a large chunk of the market owing to the presence of a huge number of working people. With no time for cooking and frequent visits to groceries, the regional restaurants market is likely to witness growth over assessment tenure.
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