We @technomic have been tracking the #restaurant chain market going back to at least 1970. We've just released our eagerly awaited report with annualized 2023 chain data, and I wanted to share some insights into the current state of the chain restaurant market. 1/
The Top 500 chains encompass $424 billion in sales and 233k outlets. They are a huge part of the industry; the top 500 as a whole account for 65% of all restaurant industry sales. Chain success is critical to the industry. 2/
The top 500 #restaurant chains rose by 7.8% in sales in 2023; this was driven both by unit additions (overall locations grew by 1.8%) but also by increases in same store sales. Higher #menu prices certainly helped drive sales as well. 3/
Limited service chains have been pretty solid as a group - LSR was up 8.5% in sales in 2023. Full service restaurants (FSR) in aggregate were only up 5%. #QSR and #fastcasual are the drivers of growth in the restaurant industry right now. 4/
The chicken menu segment features 5 chains with >$1 billion in sales that also hit double digit sales growth in 2023: Chick-fil-A, Popeyes, Raising Cane’s, Wingstop, and Bojangles. Popeyes also jumped past KFC to become the 2nd largest chicken chain. 5/