Market Scope
The quick service restaurants (QSR) market will be capturing an approximate valuation of USD 577.71 billion by 2028-end. The global market share will continue to surge at a rate of 3.65% between 2021 and 2028.
Primary Boosters and Barriers
As soon as the COVID-19 pandemic started, there was a notable shift towards online channels, giving a solid advantage to quick-service restaurants (QSRs). This model relies primarily on off-premises food ordering, this shift towards convenience and speed helped further foster their value among consumers. Full-service restaurants, on the other hand, are forced to deal with a highly dramatic transformation. With consumers’ online ordering habits surging rapidly, FSRs are currently rethinking their professional strategies and are moving towards a QSR model. This has been a favorable aspect for the global market, bolstered significantly by the pandemic outbreak.
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A blossoming millennial population worldwide and the surging number of consumers that are working-class has raised the demand for quick service restaurants. Additionally, with the rapidly surging internet penetration and rise in online transactions, the worldwide market is projected to witness further growth in the next several years.
Changes in the eating habits of the consumers in conjunction with their rising disposable income, particularly in emerging countries, would mean substantial revenue generation in the following years. Sensing the series of attractive opportunities, a rising number of contenders are venturing into the QSRs industry in emerging countries, which will also elevate the market position in the years to follow. The thriving tourism industry in emerging as well as developed regions should be another key growth booster in the following years.
Segmental Review
Service types discussed in the review report include Assisted Self Serviced, Full Serviced, and Self Serviced.
Categories covered in the research study are QSR chain and single outlet. QSR Chain: This segment accounted for the maximum market share in 2020 owing to increasing number of food service outlets across the globe. the popularity of QSRs is maintained across its outlets due to standard taste, quality, service, and hygiene. Therefore, increasing regional footprints of QSRoutlets are driving the worldwide market growth.
Regional Insight
North America is presently dominating the global for quick service restaurants market and will continue giving tough competition to other regions throughout the review timeline. The robust real estate sector, presence of famous QSR chains, and consumers leading hectic lifestyles have favored the regional industry over the years. The dramatic growth of the travel and tourism industry, escalating emigrant population; and the rising popularity of diverse food cultures also add considerable value to the North American market.
Asia Pacific is a relatively newer market for quick service restaurants, thanks to the mushrooming urban population in China as well as India, creating a lucrative business scenario for the players. Rising exposure to a variety of international cuisines as well as culture combined with the willingness to try new dishes also spur business growth in the region.
Eminent Vendors
Subway IP LLC (US), McDonald's Corporation (US), Restaurant Brands International Inc. (Canada), Yum! Brands, Inc. (US), The Wendy's Company (US), Domino's Pizza, Inc. (US), Papa John's International, Inc. (US), Wallace, Fujian Food Co., Ltd. (CNHLS) (China), Inspire Brands, Inc. (US), The Coca-Cola Company (Costa Coffee) (US) are the established quick service restaurants brands in the global industry.
Latest Updates
September 2021
Affluent restaurateur Prateek Sachdev is set to introduce Paprika Mexico in India. Paprika Mexico is a Quick Service Restaurant that will serve a series of authentic and delectable Mexican dishes. The QSR will be launched by this year’s end. Paprika Mexico is expected to be a huge step towards bringing a variety of international dishes and cuisines to the food connoisseurs in the country.
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