As per the latest report by IMARC Group, titled “Fast Food and Quick Service Restaurant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global fast food and quick service restaurant market size reached US$ 232.3 Billion in 2021. Fast food and quick service restaurant (QSR) refers to a casual dining setup that serves fast food cuisine and has minimal table service. These outlets offer limited food options as they can be cooked in lesser time with a minimum possible variation. These food items are prepared in advance in bulk quantities and heated and packed for takeaway or dine-in. Fast food restaurants are usually part of a restaurant chain or franchise operation that provides standardized ingredients and/or partially prepared foods and supplies to each restaurant through controlled supply channels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fast Food and Quick Service Restaurant Market Trends:
The market is primarily driven by the rapid adoption of franchise business models by popular restaurant chains. In addition, the rising disposable incomes and improving living standards of individuals are positively influencing the market growth. Besides this, on-the-go food products that can be readily purchased and consumed while travelling are gaining widespread popularity among the working population. This, coupled with the emerging café culture, and availability of healthier fast-food alternatives, are contributing to the market growth. Moreover, some popular food chains are developing innovative and exotic recipes using natural, organic, and plant-based ingredients over artificial and processed substitutes, which is creating a positive market outlook across the globe. Furthermore, the incorporation of touchscreen kiosks, kitchen-display screens and digital sales terminals in restaurants is anticipated to propel the market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 308 Billion by 2027, exhibiting a CAGR of 4.9 % during the forecast period (2022-2027).
- Based on the business model, the market has been bifurcated into independent and chain and franchise.
- On the basis of the cuisine, the market has been categorized into American, Chinese, Italian, Mexican, Japanese, Turkish and Lebanese, and others.
- Based on the product type, the market has been segmented into burgers and sandwiches, pizzas and pastas, drinks and desserts, chicken and seafood, and others.
- On the basis of the service type, the market has been segregated into online and offline services.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Ark Restaurants Corp., Carrols Restaurant Group Inc., Chipotle Mexican Grill Inc., Del Taco Restaurants Inc., Jack in The Box Inc., Kotipizza Group Oyj (Orkla ASA), McDonald’s Corporation, Restaurant Brands International Inc., The Wendy’s Company and Yum Brands Inc.
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