About the Industry
Quick Serve sales topped $188 billion in 2013, with continued growth predicted.
A Healthy Outlook
Sales of fast casual specialty/ethnic food in the U.S. are on a steady increase. The specialty/ethnic fast food market is going up by about 5% every year and specialty/ethnic foods have a 12% annual stake in all U.S. retail food sales. These numbers are supported by an overall trend toward retail food sales. In 1963, over 70% of a family’s food budget was spent on meals prepared at home and just fewer than 29% went to restaurants. By 2005, however, the percentages were split nearly 50/50.
Retail fast and quick serve food sales are projected to expand even further in the years to come, with notable growth in the fast casual/ethnic sector, of which Ninja Sushi is a part. With a demand for convenient, inexpensive food that breaks away from standard fast food, fast casual outlets are expected to grow by 15-to-20% in the next five years.
Focused on Success
Together with the growth of specialty/ethnic fast food and the fast casual market, single-item menus are a driving trend in retail food sales. According to Quantified Marketing Group’s 2008 Restaurant Trend Forecast, “specialization will continue as a primary factor fueling restaurant industry growth. Restaurant brands that find a following with a single, well-produced product… will stand out in the restaurant world and potentially dominate a market niche they help carve out themselves.”
By the Numbers:
Americans spent $660 billion on food away from home in 2013
Quick Serve sales topped $188 billion in 2013
The percentage of American food budgets going to food away from home has increased by over 30% since the 1960s
Fast casual restaurant growth is expected to increase 15-to-20% in the next five to ten years
The average fast food restaurant had $773,000 in sales in 2012
When it comes to leisure time, 80% of Americans prefer to spend it eating out
Across the country, the restaurant industry takes in $1.5 billion on any given day
The average American visited a restaurant 5.2 times each week in 2013