The Global Fast Food & Quick Service Restaurant Market size was estimated at USD 267.1 billion in 2021 and is expected to hit around USD 410.1 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.
In a Fast Food & Quick Service Restaurant, customers pay at the counter before receiving their meal. To meet the needs of teenagers and working adults, QSRs provide both fast food options and small table services. The business models of quick service restaurants have developed to consider their patrons’ shifting requirements. In addition to offering sit-and-dine, most fast-service restaurants also provide a wide range of other services ideal for the modern lifestyle, such as drive-thru, takeout, and home delivery.
Fast food consumption has grown as consumer lifestyles worldwide have improved, and the working population has expanded. Additionally, due to busy schedules, on-the-go food options that are simple to buy and consume while traveling are growing in popularity. Another element driving development is the burgeoning café culture and the accessibility of healthier fast-food choices. QSRs create inventive and exotic meals with natural, organic, and plant-based ingredients instead of artificial and processed alternatives to appeal to health-conscious customers. Moreover, most fast-food businesses are now required to develop healthier food due to health concerns over rising fast-food consumption. Most businesses have started altering their menus and recipes to develop healthier fast-food choices.
The dominance of fruits and vegetables over processed meat, which is seen as unhealthy, can be seen in many fast-food dishes. Vegetarianism and veganism are also influencing the modifications in the menu, in addition to healthy eating practices.
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Market dynamics
Drivers
The quick service restaurant sector’s business model has developed to consider its guests’ shifting requirements. Along with sit-and-dine options, most fast-service restaurants also provide a wide range of other services that are perfect for the modern lifestyle, such as takeout, drive-thru, and home delivery.
The restaurant industry has also benefited from this in terms of maximizing gains. Third-party delivery services like DoorDash, Foodler, and Grubhub, who have also extended the courtesy of serving meals at odd hours, have fueled the delivery craze. As a result, consumers who choose to eat at home help the fast food and quick service restaurant industries generate a sizable income. The market for quick-service restaurants is expanding rapidly due to the rise in customer consumption of fast food and ready-to-eat meals. Due to their fast-paced lifestyles, the working population, in particular, has increased their consumption of convenience food, which has helped the market for quick-service restaurants flourish.
The huge increase in fast food chain expansion, particularly in emerging markets, has also contributed to the market’s expansion. Quick-service restaurants are developing innovative culinary ideas to attract customers, including fusion cuisines, vegan fast meals, etc. This is helping the industry thrive.
The increasing eating-out trend mostly drives the market expansion of fast-service restaurants and less time spent cooking. Increased investments in the infrastructure of expressways and airports for the benefit of consumers have created new possibilities for a variety of quick-service eateries to set up shop. Many quick-service restaurants have started offering door-to-door delivery services due to consumers’ rising propensity to buy meals online, which has fueled the industry’s expansion.
The market for quick service restaurants has been favorably impacted by consumers’ increased desire for fast meals. The millennial generation’s increased consumption of ready-to-eat meals has contributed to the market’s expansion. The younger generation’s rising preference for mingling at cafes has fueled the quick-service restaurant industry’s global expansion.
The rising usage of plant-based foods on menus is a noticeable trend that satisfies specific consumer demands and helps to project a sustainability-focused image. These drivers are helping the quick service restaurant market to grow in the projected period.
Restraints
The decline in food quality caused by quick service restaurants’ failure to follow best practices has hurt the market’s expansion. The expansion of many small and mid-sized firms in emerging economies is constrained by a lack of proper infrastructure and technological capabilities, which results in the delivery of subpar food to customers.
Opportunities
A growing international expansion of Turkish and Lebanese fast-food restaurants has been made possible by the cuisine’s rising appeal. The outspread of new tastes and flavor through quick-service restaurants are driving new opportunities in the market.
Challenges
Due to the numerous government permissions needed, opening restaurants is sometimes extremely time-consuming and exhausting. In addition, a key issue for quick food service suppliers is a shortage of competent labor, particularly in small cities and villages.
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Report Highlights
Based on service type, the eat-in segment is the leading segment and is expected to make the largest contribution to the Fast Food & Quick Service Restaurant market. Consumers love to spend time in food outlets. They prefer to have good taste. Due to the restaurant’s ability to offer the best possible service, cuisine, and environment, dine-in visits typically result in the most favorable visitor experiences. Unlike takeout or delivery orders, owners and managers may resolve problems during a customer’s meal in real time.
Based on application, the independent category is expected to grow at the greatest CAGR and be in a dominant position in the future. The category contains eateries with four or fewer identically named and categorized branches or subsidiaries. The fact that these restaurants offer quick food oriented toward regional tastes and cuisine is credited with the boom. Locals are considerably more used to regional cuisines, so independent fast-service restaurants have a greater appeal to the general populace. The regional taste and dishes are driving the acquisition of this segment in the quick-service restaurant market across the globe.
Regional Snapshot
North America held a dominant position and is predicted to dominate during the forecast period in the Fast Food & Quick Service Restaurant market. The quick-service restaurant industry is expanding considerably in North America. Its market is expanding due to the increased popularity of ready-to-eat meals and customers’ growing need for quick, affordable, fast food from quick-service restaurants. In addition, changing eating habits, a rise in the popularity of eating out, and less time spent cooking are the main forces behind the regional expansion of the quick-service restaurant industry.
Key Players
- Subway IP LLC
- McDonald’s Corporation
- Restaurant Brands International Inc.
- Yum! Brands, Inc.
- The Wendy’s Company
- Domino’s Pizza, Inc.
- Burger King India Pvt. Ltd.
- Coffee Day Global Limited
- Tata Starbucks Private Limited
- Westlife Development Ltd (Hardcastle Restaurants Pvt. Ltd.)
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