The new report by Expert Market Research titled, ‘Global Quick Service Restaurants Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global quick service restaurants market, assessing the market based on its segments like service types, categories, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): USD 447.1 Billion
Forecast CAGR (2023-2028): 3.73%
Forecast Market Size (2028): USD 556.9 Billion
The market is being driven by the rising consumer demand for ready-to-eat food items owing to the busy lifestyles as a result of dual income households. Thus, the increasing market penetration of quick services restaurants in commercial settings like office complexes, shopping malls, subways, and airports, among others is augmenting the market growth.
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Quick service restaurants are swift to adapt to shifting trends such as rising demand for vegan, clean-label, and healthy quick bites. Moreover, the cost-effective prices offered by these restaurants is a key factor influencing the growth of the market.
Industry Definition and Segmentation
Quick service restaurants are fast food chains that specialise in preparing food in as little time as possible as the food is prepared in mass quantities.
On the basis of service type, the market can be divided into:
Self-Serviced
Assisted Self Serviced
Full Serviced
Based on category, the market can be segmented into:
Single Outlet
QSR Chain
The regional markets for the product include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The growth in the market can be associated with the advent of digital technology such as smartphones and internet accessibility which has brought with itself the trends of online food delivery. The online food delivery industry has witnessed a spur in the recent years thereby positively impacting the market growth of quick service restaurants.
The adoption of Artificial Intelligence (AI) to streamline drive through delivery operations with accurate and speedy deliveries is pushing the growth of the market. Moreover, factors such as inflating disposable incomes, innovations in packaging trends, and expansion strategies employed by leading market players are collectively invigorating the market growth of quick service restaurants.
Key Market Players
The major players in the market are Subway IP LLC, McDonald’s Corporation, Restaurant Brands International Inc., Yum! Brands, Inc., The Wendy’s Company, and Domino’s Pizza, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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