What does the Restaurant chains market landscape look like in the US?

The US restaurant chain landscape remains structurally diverse, as the top 50 chains account for ~61% of total industry spending while representing only ~24% of all locations. Of these 50 chains, 34 are quick-service restaurants, 11 are casual dining chains and 5 are midscale operators (Circana, March 2025). While chains represent ~77% of fast-food establishments in the US, they account for only ~39% of full-service restaurants, wherein the majority operate as standalone units. Across fast food and fast casual segments, many large chains rely on a franchise-based model to scale quickly with lower capital outlay (e.g. Yum! Brands), while some incumbents retain company-owned locations to maintain greater control over operations and quality (e.g. In-N-Out Burger). Additionally, large restaurant chains and multi-brand restaurant operators pursue growth through strategic M&A and proprietary technology systems that enhance efficiency and customer retention. For instance, Domino’s built an in-house tech ecosystem that automates and optimizes various internal processes (e.g. order management, inventory tracking and communication), while Darden Restaurants acquired Ruth’s Chris Steak House to expand its fine dining portfolio. Within the long tail, incumbents differentiate through niche specialization, regional focus or concept innovation. For example, Golden Krust specializes in Jamaican patties and other Caribbean cuisines, while Bojangles primarily serves the Southeastern region of the US.