Press Release

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.

 

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“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.

 

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Relevant Reports

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

Consumer Goods and Retail | Jan, 2024

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.

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