According to IMARC Group’s latest report, 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. Looking forward, IMARC Group expects the market to reach US$ 319.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
A fast food and quick service restaurant (QSR) represents a casual dining setup, in which pre-prepared fast food is assembled and served to the customers. It generally offers a limited menu, and the food is prepared in advance in bulk quantities, which is further heated and packaged for takeaway or dine-in. A food and quick service restaurant provides a wide array of economical food and beverages, such as pizzas, pasta, soft and alcoholic drinks, desserts, cakes, pastries, chicken, burgers, sandwiches, seafood, etc. In addition to this, QSR is usually a part of an existing restaurant chain or franchise operation that offers standardized ingredients and partially prepared food items via controlled supply channels.
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Fast Food and Quick Service Restaurant Market Trends:
The expanding working population and improving living standards of individuals are primarily driving the fast food and quick service restaurant market. Additionally, the increasing utilization of on-the-go food products that can be readily purchased and consumed while traveling, on account of the hectic schedules, is further catalyzing the market growth. Besides this, the widespread adoption of franchise business models by popular restaurant chains and the easy availability of healthier fast-food alternatives are acting as significant growth-inducing factors. Moreover, QSRs are introducing innovative and exotic recipes by using natural, organic, and plant-based ingredients instead of artificial and processed substitutes, which is positively influencing the global market. Apart from this, the emerging trend of cafe culture is also stimulating the market growth. Furthermore, the escalating demand for kitchen-display screens and digital sales terminals is anticipated to fuel the fast food and quick service restaurant market over the forecasted period.
Fast Food and Quick Service Restaurant Market Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the global fast food and quick service restaurant market has also been examined along with the profiles of the key players.
Some of these key 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
- Yum Brands Inc.
Key Market Segmentation:
The report has categorized the market based on business model, cuisine, product type, service type and region.
Breakup by Business Model:
- Independent
- Chain and Franchise
Breakup by Cuisine:
- American
- Chinese
- Italian
- Mexican
- Japanese
- Turkish and Lebanese
- Others
Breakup by Product Type:
- Burger and Sandwiches
- Pizzas and Pastas
- Drinks and Desserts
- Chicken and Seafood
- Others
Breakup by Service Type:
- Online Service
- Offline Service
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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