$170.1bn
$X.Xbn
2m
84,316
$XX.Xbn
The Burger Restaurants industry has performed well over the past five years as per capita disposable income increased, providing consumers will spend more money to eat away from home. Although the industry experienced increased competition from the broader food service market, burger restaurants still represent the market's largest segment, especially among limited-service restaurants. However, economic slowdowns caused by the COVID-19 pandemic somewhat decreased burger demand. Nevertheless, burgers were highly demanded as a takeout food when a large share of the population stayed home. Industry revenue recovered in 2021 as the government eased COVID-19 restrictions. Consequently, industry revenue is anticipated to grow at a CAGR of 4.1% to $170.1 billion over the past five years, including an expected 2.4% growth in 2023 alone.<br />Furthermore, during the five-year period, there has been a surge in food service establishments outside of the Burger Restaurants industry. As consumers become more health-conscious and expand their palate to include various ethnic and fusion foods, burger restaurants have struggled to maintain domestic food service market dominance. Many burger restaurants have slowly begun to respond to these changing trends by altering their menus or expanding their offerings beyond the traditional hamburger. Furthermore, some restaurants have had to reduce product prices to remain competitive, which has pressured profit growth. However, profit has risen over the past five years as burger demand strengthens.<br />The industry will likely fall despite an expanding economy over the next five years. As burger restaurants implement menu changes and expand their product variety, they can prevent further effects from the changing consumer trends and growing competition. The Burger Restaurants industry will also continue to approach market saturation, forcing many major companies to seek growth through acquisition or international expansion. Nevertheless, a deterioration in the labor market and a rising interest in healthy diets will disincentivize consumers to dine out at burger restaurants. Overall, industry revenue is forecast to fall at an annualized rate of 0.3% to $167.9 billion over the five years to 2028.
Industry revenue has grown at a CAGR of 4.1 % over the past five years, to reach an estimated $170.1bn in 2023.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Mcdonald’s Corporation | 2,836.0 | 429.0 | 15.1 | |
Burger King Corp | 24.5 | 13.0 | 53.1 |
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Burger Restaurants in the US
Industry revenue is measured across several distinct product and services lines, including Take-out food service, Drive-thru food service and On-premise food service. Take-out food service is the largest segment of the Burger Restaurants in the US.
The most popular food service provided is on-premise food services
The industry comprises chain, independent and franchised restaurants that primarily sell burgers but may also sell alcoholic and other beverages. Burger restaurant formats range from fast food to full-service.
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NAICS 72251 - Burger Restaurants in the US
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Including values and annual change:
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Key data sources in the US include:
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The market size of the Burger Restaurants in the US industry in United States is $170.1bn in 2024.
There are 84,316 businesses in the Burger Restaurants in the US industry in United States, which has grown at a CAGR of 0.2 % between 2018 and 2023.
The market size of the Burger Restaurants in the US industry in United States has been growing at a CAGR of 4.1 % between 2018 and 2023.
Over the next five years, the Burger Restaurants in the US industry in United States is expected to decline.
The biggest companies operating in the Burger Restaurants market in United States are Mcdonald’s Corporation and Burger King Corp
Operating quick-service burger restaurants and Operating sit-down burger restaurants are part of the Burger Restaurants in the US industry.
The company holding the most market share in United States is Mcdonald’s Corporation.
The level of competition is high and steady in the Burger Restaurants in the US industry in United States.