According to the latest report by IMARC Group, titled “Fast Food and Quick Service Restaurant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global fast food and quick service restaurant market size reached US$ 243.9 Billion in 2022. Fast food and quick service restaurants (QSR) offer a casual dining experience where pre-prepared fast food is assembled and served to customers with minimal table service. These outlets have a limited menu with food that is prepared in advance in bulk quantities and heated and packaged for takeout or dine-in. Despite the limited menu, they provide a wide variety of affordable foods and beverages inspired by local ingredients and cuisine, including burgers, sandwiches, pizzas, pastas, soft and alcoholic drinks, desserts, cakes, pastries, chicken, and seafood. Fast food restaurants are generally a part of a restaurant chain or franchise operation offering standardized ingredients and partially prepared foods through controlled supply channels to ensure consistency across all locations. With their quick service and standardized products, fast food and QSRs have become a popular dining option for people on-the-go who want a fast, affordable meal that is consistent in taste and quality.
Global Fast Food and Quick Service Restaurant Market Trends:
The global market is majorly driven by the increasing number of individuals eating out and ordering food for delivery. This can be attributed to the growing working population and hectic lifestyles of consumers who are looking for quick service and convenient meals. In line with this, continual changes in fast-food menus according to the changing consumer tastes and preferences, such as healthier options, vegetarian and vegan choices, and international cuisine, are fueling the market. Continual technological advancements, including the advent of online ordering portals, touchscreen kiosks, kitchen-display screens and digital sales terminal making food order and payment easier are leading to improved customer satisfaction, which, in turn, is creating a positive market outlook. The market is further driven by the growing penetration of international brands in new markets via chain and franchise business models. Apart from this, the emerging trend of café culture, along with modernization and digitization of various eateries, themed restaurants, and food trucks, is also impacting the market positively. Some of the other factors contributing to the market include rapid urbanization, the rising popularity of ready-to-eat (RTE) food products, introduction of affordable options, strong brand recognition of fast-food chains, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 319.7 Billion by 2028, exhibiting a CAGR of 4.7% during 2023-2028.
- Based on the business model, the market has been segmented into independent and chain and franchise. Among these, chain and franchise represent the largest market segment.
- On the basis of the cuisine, the market has been divided into American, Chinese, Italian, Mexican, Japanese, Turkish and Lebanese, and others. Among these, American accounts for the dominant market share.
- Based on the product type, the market has been categorized into burgers and sandwiches, pizzas and pastas, drinks and desserts, chicken and seafood, and others. Between these, burgers and sandwiches exhibit a clear dominance in the market.
- On the basis of the service type, the market has been classified into online service and offline service. Within these, offline service holds the largest market share.
- On the geographical front, the market has been segregated 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. At present, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.
|Base Year of the Analysis
||Business Model, Cuisine, Product Type, Service Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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