Despite macroeconomic challenges, the restaurant industry looks well-positioned for growth due to easing inflation, increased consumer spending, and rapid digitization. Therefore, quality restaurant stocks Ark Restaurants Corp. (ARKR – Get Rating), Carrols Restaurant Group, Inc. (TAST – Get Rating) and Nathan’s Famous, Inc. (NATH – Get Rating) could be wise additions to your portfolio now.
Before delving deeper into their fundamentals, let’s discuss what’s happening in the restaurant industry.
Technology is revolutionizing the restaurant industry, transforming interactions, transactions, and experiences. Online ordering, delivery platforms, self-service kiosks, digital menus, mobile apps, and social media enable restaurants to connect with customers, promote offerings, and gather feedback for service refinement.
Moreover, generative AI is revolutionizing the restaurant industry, enhancing operations and customer experience through automated order-taking, personalized recommendations, and AI-powered chefs.
The global fast-food industry is expected to reach $797.70 billion in 2023, with the US market expected to be $296.60 billion amid robust demand. This expansion can be attributed to a number of factors, including changing consumer preferences, urbanization, and the convenience provided by fast-food restaurants.
The global food and beverage sector is predicted to grow at a 6.3% CAGR to $9.23 trillion by 2027. Food and beverage sales have increased steadily in recent years. Despite some considerable ups and downs, this sector is gradually heading toward innovation. The sector is now incorporating cutting-edge technology to create new trends.
In addition, the United States full service restaurants market is predicted to reach $554.12 billion by 2029, increasing at an 11.2% CAGR.
In light of these encouraging trends, let’s look at…
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