$7.9bn
$XXX.Xm
88,711
4,069
$X.Xbn
The Premium Steak Restaurants industry has fared relatively well most of the past five years, following similarly positive trends in the domestic economy. The industry is characterized by high-end dining establishments, with average customer checks totaling $50.00 or more. As a result, growth in per capita disposable income, consumer spending and the prevalence of households earning more than $100,000 in annual income has benefited the industry, enabling consumers to opt for premium steak establishments for dining experiences. However, the industry suffered significant revenue losses in 2020 due to the nonessential business closure order from the COVID-19 outbreak. Fortunately, the restrictions were eased in 2021 as the coronavirus vaccine has been rolled out, enabling premium steak restaurants to reopen for dine-in services. Although industry revenue recovered, rising inflation pressured industry revenue as customers reduced discretionary expenses. Over the five years to 2024, IBISWorld expects industry revenue to rise an annualized 3.6% to $7.9 billion, including a rise of 2.4% in 2024 alone.
Industry revenue has grown at a CAGR of 3.6 % over the past five years, to reach an estimated $7.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Darden Restaurants Inc. | 447.1 | 57.2 | 12.8 | |
Ruth’s Hospitality Group, Inc. | 381.5 | 44.5 | 11.7 | |
Fleming’s Prime Steakhouse and Wine Bar | 273.5 | 25.7 | 9.4 |
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Industry revenue is measured across several distinct product and services lines, including Classic steak restaurants, Steak and seafood restaurants and Premium Brazilian steak restaurants. Classic steak restaurants is the largest segment of the Premium Steak Restaurants in the US.
The most popular is the traditional American steakhouse
The industry includes chain, franchised and single-location restaurants that provide premium steak to consumers. Customers order and are served by waiters or waitresses while seated, and they pay after eating. These establishments may provide food services in combination with selling alcoholic and other beverages.
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NAICS 72251 - Premium Steak Restaurants in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Industry demand is influenced primarily by economic factors that directly affect consumer end markets. Since industry establishments offer high-end dining experiences, corpor...
Learn about an industry's products and services, markets and trends in international trade.
All of the restaurants included in the Premium Steak Restaurants industry are fine-dining steak restaurants. However, the industry can be segmented by specialty cuisines that...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Premium steak restaurants generally follow population and household income distribution trends. As a result, regions boasting comparatively higher per capita incomes or that ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Low barriers to entry result in the industry being highly fragmented. However, each restaurant has its own recipe, lowering the degree of competition that they face.
Learn about the performance of the top companies in the industry.
The industry’s largest management companies each hold a portfolio of multiple chains catering to wildly different consumer tastes. A change in the availability or price of on...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The Premium Steak Restaurants industry receives no formal assistance from any state or local governments. However, this industry does receive assistance from several industry...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
The Premium Steak Restaurants industry has a high product turnaround but low profit, which makes it susceptible to any adverse changes in demand (including any economic declin...
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Premium Steak Restaurants in the US industry in United States is $7.9bn in 2024.
There are 4,069 businesses in the Premium Steak Restaurants in the US industry in United States, which has grown at a CAGR of 2.6 % between 2019 and 2024.
The market size of the Premium Steak Restaurants in the US industry in United States has been growing at a CAGR of 3.6 % between 2019 and 2024.
Over the next five years, the Premium Steak Restaurants in the US industry in United States is expected to grow.
The biggest companies operating in the Premium Steak Restaurants market in United States are Darden Restaurants Inc., Ruth’s Hospitality Group, Inc. and Fleming’s Prime Steakhouse and Wine Bar
Independently (non-chain or franchised) operated premium steak restaurants and Franchised premium steak restaurants are part of the Premium Steak Restaurants in the US industry.
The company holding the most market share in United States is Darden Restaurants Inc..
The level of competition is moderate and increasing in the Premium Steak Restaurants in the US industry in United States.