Quick Service Restaurants (QSR) Market to Grow with a CAGR of 10.5% Globally through to 2028
Increasing urbanization and busy lifestyles and growing demand for
convenient and affordable food options are factors driving the global quick
service restaurants (QSR) market in the forecast period 2024-2028.
According to TechSci Research report, “Global Quick
Service Restaurants (QSR) Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Quick
Service Restaurants (QSR) Market stood at USD 758.9 billion in 2022 and is
anticipated to grow with a CAGR of 10.5% in the forecast period, 2024-2028. The
Quick Service Restaurants (QSR) market is a dynamic and rapidly evolving sector
within the broader food service industry. Also known as fast-food or
fast-casual establishments, QSRs are characterized by their emphasis on speed,
convenience, and affordability.
QSRs are dining establishments that prioritize quick
and efficient service, offering a range of pre-prepared and quickly served
meals. These establishments often feature a limited menu, with a focus on
popular, easily reproducible items. While traditional fast-food chains like
McDonald's and KFC dominate the landscape, there has been a surge in
fast-casual concepts that emphasize higher-quality ingredients and customizable
options.
Browse over 26 market data Figures spread through 183
Pages and an in-depth TOC on "Global Quick Service Restaurants (QSR) Market”
The QSR market has experienced significant growth in
recent years, driven by factors such as urbanization, changing consumer
preferences, and a globalized economy. According to industry reports, the
global QSR market is expected to continue its upward trajectory, with emerging
economies contributing substantially to the overall expansion. One of the
primary drivers of the QSR market is the transformation in consumer lifestyles
and preferences. Modern consumers, characterized by busy schedules and a desire
for convenience, are increasingly turning to QSRs for quick and easily
accessible meals. The rise of dual-income households and changing demographics,
particularly the influence of millennials and Gen Z, has accelerated the demand
for on-the-go dining experiences. Technological advancements play a pivotal
role in shaping the QSR landscape. The integration of digital solutions, such
as mobile ordering apps, self-service kiosks, and delivery services, has become
instrumental in enhancing customer experience and streamlining operations. QSRs
leveraging technology not only cater to the preferences of tech-savvy consumers
but also gain a competitive edge by optimizing efficiency and convenience.
While QSRs have traditionally been
associated with indulgent and sometimes unhealthy food offerings, there is a
growing demand for healthier options. Health-conscious consumers are seeking
nutritious choices, prompting QSRs to revamp their menus to include salads,
grilled options, and transparent nutritional information. The integration of
healthier alternatives aligns QSRs with evolving consumer values and positions
them as more inclusive dining establishments. The emphasis on sustainability is
gaining momentum across industries, including QSRs. Consumers are increasingly
considering environmental and social responsibility when making dining choices.
QSRs that adopt sustainable practices, from sourcing ingredients ethically to
reducing packaging waste, are likely to resonate positively with
environmentally conscious consumers. As urbanization and economic development
continue in emerging markets, QSRs have opportunities to expand their
footprint. Customizing offerings to suit local tastes and preferences will be
crucial for success in these regions.
In
conclusion, the Quick Service Restaurants market is a dynamic and multifaceted
industry that reflects the ever-evolving nature of consumer preferences and
societal trends. The ability of QSRs to adapt to changing landscapes, embrace
technology, and cater to diverse tastes will determine their success in an
increasingly competitive and globalized market.
The Global Quick Service Restaurants (QSR) Market is
segmented into type, service, regional distribution, and company.
Based on type, the market is segmented into dine-in,
takeaway, and delivery based on service type. The dine-in segment is expected
to lead the market growth in the coming years. Dine-ins are the orders that
customers who are dining in place at a restaurant place. Because of their busy
schedules or want to treat themselves to an outside meal, many patrons venture
out for a full eating experience on a frequent basis.
Based on region, North America holds the largest
market share due to fast food companies are expanding quickly and households
are employing more people. Due to consumers' growing preference for dining in
quick-service restaurants, the United States leads the world in the QSR market.
Due to shifting lifestyles, a rise in tourism, and significant government
investments in the food sector, the Gulf countries are expected to have the
greatest CAGR in the upcoming years.
Major companies operating in Global Quick Service
Restaurants (QSR) Market are:
- Chick-fil-A
- Papa John's International, Inc.
- Subway IP LLC
- Starbucks Corporation
- Yum! Brands, Inc.
- McDonald's Corporation
- Restaurant Brands International Inc.
- The Wendy's Company
- Dunkin (Inspire Brands)
- Domino's Pizza, Inc.
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The Quick Service Restaurants (QSR) market has
witnessed exponential growth, fueled by changing consumer dynamics and global
trends. As lifestyles become more fast-paced, the demand for convenient, quick
meals has intensified. The integration of technology, including mobile ordering
and delivery services, has further propelled market expansion. Additionally,
globalization has facilitated the infusion of diverse culinary influences,
attracting a broader customer base. With an ever-increasing focus on innovation,
menu diversification, and meeting health-conscious preferences, the QSR market
is poised for continued growth, adapting to evolving consumer expectations and
solidifying its position in the global food service industry.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Quick Service
Restaurants (QSR) Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Independent, Chain), By Service (Eat-in, Takeaway,
Drive-through, Home Delivery), By Region, By Competition, 2018-2028”, has evaluated
the future growth potential of Global Quick Service Restaurants (QSR) Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Quick Service Restaurants (QSR) Market.
Contact Us-
TechSci
Research LLC
420
Lexington Avenue, Suite 300,
New
York, United States- 10170
M:
+13322586602
Email: [email protected]
Website: www.techsciresearch.com