Market Overview:
The global quick service restaurants market size was worth USD 894.68 billion in 2023 and is projected to grow from USD 971.36 billion in 2024 to USD 1,930.14 billion by 2032, exhibiting a CAGR of 8.96% during the forecast period.
A quick-service restaurant refers to a restaurant that delivers food items that take the least time to prepare and reduce customers’ waiting time. These restaurants offer a vast variety of services to their customers. The business of food delivery has grown exponentially in recent years due to the rising development of food delivery applications and websites. Quick-service restaurants are also looking for different ways to deliver their food services to customers, which will further fuel the quick-service restaurants market growth.
Fortune Business Insights™ displays this information in a report titled, “Quick-Service Restaurants Market, 2024-2032.”
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Chick-fil-A (U.S.)
- Papa John’s International, Inc. (U.S.)
- Subway IP LLC (U.S.)
- Starbucks Corporation (U.S.)
- Yum! Brands, Inc. (U.S.)
- McDonald’s Corporation (U.S.)
- Restaurant Brands International Inc. (Canada)
- The Wendy’s Company (U.S.)
- Dunkin (Inspire Brands) (U.S.)
- Domino’s Pizza, Inc. (U.S.)
Segments:
Growing Consumer Interest in Restaurant Dining to Boost Preference for Dine-In Services
Based on service type, the market is segmented into dine-in, takeaway, and delivery. The dine-in segment is expected to dominate the quick-service restaurants market share during the forecast period as more customers prefer to dine-out in restaurants to get the complete dining experience, especially after the COVID-19 pandemic.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/quick-service-restaurants-market-103236
Report Coverage:
The report provides a detailed analysis of the market and covers key areas such as leading market players and their competitive landscape. It also offers leading insights into the latest market trends and focuses on top industry developments. Besides the abovementioned factors, the report covers several factors contributing to the market‘s growth.
Drivers and Restraints:
Growing Network of Food Malls to Drive Market Progress
Consumers are increasing their preference for shopping malls that have several brands under one roof. Keeping this trend in mind, many food service providers are launching multi-brand food malls and courts to boost their customers’ shopping experience. These malls are equipped with advanced technologies to decrease customer waiting time and offer ease in ordering various food items. These advantages will drive customers’ preference for quick-service restaurants.
However, growing popularity of cloud kitchens can impede the market growth.
Regional Insights:
North America to Lead Market Growth with Rapid Expansion of Fast Food Chains
North America is expected to dominate the global market as the region has a vast presence of fast food chains due to increasing number of dual income households and changing lifestyle of customers.
Asia Pacific will also hold a major global market share as the popularity of quick-service restaurants is growing at a commendable pace in India, Malaysia, Indonesia, South Korea, and China.
Quick Service Restaurants Market Trends:
- Digital Integration: The adoption of self-ordering kiosks, mobile apps, and digital menus is enhancing customer convenience and operational efficiency. These technologies streamline the ordering process and reduce wait times.
- Health-Conscious Offerings: There’s a growing demand for healthier menu options, including salads, fruit, and plant-based items, as consumers become more health-conscious. This shift is prompting QSRs to diversify their menus to cater to these preferences.
- Value Promotions: In response to economic pressures, QSRs are introducing value meals and promotions to attract cost-conscious customers. For example, McDonald’s launched a $5 Meal Deal, leading to increased customer visits.
- Sustainability Initiatives: There’s an increased focus on sustainable practices, such as reducing food waste, sourcing responsibly, and minimizing environmental impact. Consumers are increasingly favoring brands that demonstrate environmental responsibility.
- Delivery and Takeout Expansion: The demand for delivery and takeout services has surged, prompting QSRs to enhance their delivery capabilities and partner with third-party platforms to meet customer expectations.
Competitive Landscape:
Key Companies to Focus on Launching New Products to Retain Market Dominance
The market is witnessing notable growth as key players operating in this industry are increasing their focus on launching innovative products to enhance the dining experience of customers. Some of the major market players include Burger King, McDonald’s Corporation, Pizza Hut, Taco Bell, and many more.
Key Industry Development:
- August 2023: American sandwich chain Subway entered a definitive agreement to sell its business to the affiliates of Roark Capital. Roark Capital focuses mainly on investments in consumer business service companies, specializing in franchise and franchise-like businesses.