Foodservice businesses make up a huge chunk of the economy in the United States, accounting for more than $800 billion in sales in 2020. In addition, the industry is rapidly growing, with many of the fastest-growing Restaurant Chains primed to double their revenue in the coming years. In 2021, venture capital and private equity are focusing more money than ever on the foodservice industry. Market watchers, restaurant owners and entrepreneurs alike are all trying to stay atop this ever-changing landscape.
To make informed decisions in the foodservice industry, it is critical for companies to understand the domestic and global restaurant trends. Utilizing data-driven insights such as menu analysis, tech adoption trends, and sales prospecting provides a unique advantage for organizations of all sizes. Data further enables strategic marketing, production operations expansion, and sales team efficiency.
In this article, we dig deeper into the fastest-growing restaurant chains for 2023, looking at past and projected growth rates, menu trends, and which segments are currently leading the charge. We also offer some suggestions on how restaurant technology providers can leverage company intelligence to stay informed and help their customers succeed.
Overview of the Fastest-Growing Restaurant Chains
The restaurant industry is highly competitive, and the past decade has seen the opening of thousands of new restaurant concepts, while many more have had to close their doors. According to a report by the National Restaurant Association, the segment is expected to add nearly three million jobs by 2029, making this an ideal place to invest.
The fastest-growing restaurant chain in 2021 is Texas-based Whataburger, which has seen its growth rate double over the past year. Similarly, franchised fast-casual concept Chipotle Mexican Grill and Tennessee-based taxicab burger chain Checkers/Rally’s also experienced impressive growth over the same period.
Other notable entries on the list of fastest-growing restaurant chains include:
• Popeyes Louisiana Kitchen, a quick-service restaurant specializing in Cajun-style dishes: 130 percent growth
• Amazing Sushi Express, a fast-casual restaurant located in Massachusetts: 37.5 percent growth
• Blaze Pizza, a fast-casual pizza chain offering customizable pies: 30 percent growth
• On the Border Mexican Grill & Cantina, a full-service Mexican restaurant: 28.6 percent growth
• Moe’s Southwest Grill, a fast-casual Tex-Mex chain: 25.3 percent growth
Menu Trends and Cuisines
The restaurant industry is constantly changing, and predicting trends is an important part of staying competitive. Menu data analysis is a critical piece of the puzzle, allowing companies to tailor offerings to meet the demands of their consumer base.
Recent data indicates that Mexican cuisine remains popular, with sales increasing 10.1 percent from 2018 to 2019. In addition, fast-casual restaurants are continuing to experience robust growth, mainly due to their convenience and value. Similarly, the fast-food sector is doing especially well, with sales reaching almost $200 billion in 2019. Other popular options include Asian-style cuisine, burgers, and pizza.
Restaurant Technology
Innovation is essential for restaurants to remain competitive and meet the needs of their customer base. Technology such as mobile ordering, AI-assisted menus, digital payment apps, and data tracking platforms are becoming increasingly popular. These tools have the potential to streamline operations and improve the customer experience.
Innovative restaurant technology providers can help foodservice organizations get the most out of their data and stay on top of the most current trends. This can give them the edge they need to survive in an ever-evolving industry.
Conclusions
The foodservice industry is growing rapidly, with the potential for even more significant growth in the years ahead. Understanding menu and restaurant trends can help restaurants of all sizes stay competitive and provide the best food options for their customers.
In addition, many of the fastest-growing restaurant chains are utilizing technology to achieve greater efficiency and optimize operations. Restaurant technology providers can provide the data and insights companies need to stay informed and ensure their businesses remain successful.
