Market Overview
Quick Service Restaurant Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 5.45% during the forecast period (2022-2029).
Quick service restaurants (QSR) are the restaurants which offer certain food items which require minimal preparation time and can be delivered through quick services. Basically, quick service restaurants or QSRs cater to fast food items over a limited menu as they can be cooked in lesser time with minimum possible variation. QSR restaurants are known to have standardized, modular and efficient processes which help them in reducing the lead times to fulfill the orders but still are able to maintain the quality expected by the customers.
Moreover, consumers find it easy to buy a product from quick service restaurants owing to their easy availability, moderate price ranges, quick service along with good taste which increases the demand for quick service restaurants in coming years. Thus, owing to these benefits the demand for food through quick service restaurant services among the consumers has increased the demand globally.
Market Dynamics: Rise in income levels of consumers is driving the growth of global quick service restaurants market
The rise in the income levels of the consumers enables them to afford the fast food or the food from restaurants. The rise in disposable income and the availability of the quick & convenient food chain is helping the market to grow. In addition, most of the quick service restaurant services offer food which is healthy as well as tasty, and the demand for the food from outside restaurants has increased owing to innovation in food products and new product launches, as consumers want to try new cuisines, and food despite of their prices which ultimately helps the market to grow.
Furthermore, an increase in disposable income boosts consumer buying power and increases the probability of consumer spending in leisure activities. For instance- In August 2022, according to, Bureau of Economic Analysis, personal income increased $47.0 billion (0.2 percent) in July, and disposable personal income (DPI) increased $37.6 billion (0.2 percent) and personal consumption expenditures (PCE) increased $23.7 billion (0.1 percent). Moreover, the growing working culture, busy lifestyle, and hectic work schedules enables consumers to opt for easily available options. Additionally, the growth in personal income adds to the growth of personal consumption of food such as quick service restaurants and chain outlets food which ultimately adds to the growth of the market. Thus, due to rise in income, there is rise demand and consumption of food from outside which includes quick service restaurants, chain restaurants and others, increases its production which ultimately adds to the growth of the market thereby propelling the market growth in the forecasted period.
However, the growth in health conscious consumers, who prefer natural, and healthy food products, along with rise in health issues such as, heart problems, diabetes, obesity and others. This may enable consumers to switch to natural & healthy products which are expected to hamper the growth of the global quick service restaurants market.
Market Segmentation: Single restaurants account for the highest share in global quick service restaurant market
In 2021, the single restaurants in quick service restaurant dominated the market and accounted for YY share of the global revenue. The category includes restaurants with very few branches or subsidiaries with the same name and of the same type. The growth of this segment is attributed to the fact that these restaurants serve food that is more inclined to the local taste and other cuisines. Consumers are more familiar with the local flavors, and thus standalone quick service restaurants enjoy a wider penetration among the common mass Thus, manufacturers are contributing to the growth of the segment by introducing new products in the market to fulfill consumer demands which adds to the growth of the segment. For instance, in 2020, dish Society is a Houston-based fast food restaurant that operates through two units. The restaurant offers toasts, tacos, sandwiches, salads, crackers, cakes, cookies, and biscuits and is focused on offering meals for half the cost.
Geographical Penetration: North America is the dominating region during the forecast period
In 2021, North America had the highest revenue share of YY percent. The region has well-developed food & beverage industry. In addition, different types of fast food have been popular in the U.S., Canada, and Mexico. For instance, in 2022, according to a report released by the Center for Disease Control & Prevention, 84.8 million U.S. adults consume fast food every day and other startling findings.
On the other hand, Asia Pacific is the fastest growing regional market with a revenue share of YY percent. The region has a wide penetration of foreign as well as local fast food restaurant chains. McDonald’s, Burger King, and KFC are some of the most popular American restaurant chains in the region. Additionally, some of the domestic fast-food restaurants in the region are Trung Nguyen Coffee in Vietnam; Kebab Turki Baba Raffi in Indonesia; Caf? Amazon in Thailand; and Jollibee Foods in the Philippines.
Competitive Landscape:
The global quick service restaurant market is competitive and comprises players such as Subway IP LLC, McDonald’s Corporation, Restaurant Brands International Inc., Yum! Brands, Inc., The Wendy’s Company, Domino’s Pizza, Inc., Dunkin Brands Group, Chick-fil and Burger King among others. The quick service restaurant market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as acquisitions, new product launches, product innovations with healthy alternatives, regional expansion and others. Moreover, growing busy lifestyle, urbanization and rising disposable income will propel the market growth in coming years. For instance, in November, 2021, Subway, expanded its presence in India, Sri Lanka and Bangladesh, as the company signed a master franchise agreement with Everstone Group (Everstone), a South Asia focused leading private investment firm. The agreement is considered as one of the largest master franchise agreements in QSR history.
COVID-19 Impact: Negative impact on global quick service restaurant market
The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Food and beverages is among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.
The QSR industry has been hit particularly hard. As few restaurants have already declared bankruptcy; others report that they soon won’t be able to cover their rent and personnel costs. For instance, in the United States alone, up to seven million restaurant workers could lose their jobs by June, according to the National Restaurant Association.
However, some QSRs will fare better than others, depending on their starting point and the actions their leadership teams take. As some restaurants were making food available on online platforms with all safety & hygiene majors, thus despite being, restrictions some consumers shifted their preference to buy food from offline to online. For instance, according to supplements 101, the fast food industry effects of COVID in 2020 show that online food delivery service users in China reached 419 million.
The global quick service restaurant market report would provide an access to approximately 53 market data tables, 41 figures and 170 pages