Global Fast Food & Quick Service Restaurant (QSR) Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Fast Food & Quick Service Restaurant Market size was estimated at USD 267.1 billion in 2021 and is expected to reach USD 283.85 billion in 2022. is expected to hit around USD 410.1 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030.

One of the most active sectors in the food industry is the Fast Food & Quick Service Restaurant sector. Among the most successful restaurant business models are Fast Food & Quick Service restaurants. It is a particular eatery that offers fast food fare and has rudimentary table service. Numerous advances in point-of-sale systems have been made due to the popularity of smartphones and downloadable applications in quick-service restaurants.

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Fast Food & Quick Service Restaurant Market: Overview

Quick-service restaurants' business strategies have evolved to consider their customers' changing needs. Most quick-service restaurants provide sit-and-dine and various other options perfect for the modern lifestyle, such as drive-thru, take-out, and home delivery.

The surge in demand for fast food items among the working, millennial, and Gen-Z populations is driving the worldwide market for quick-service restaurants. Due to the wide selection of affordable food options and the rising desire for ready-to-eat and on-the-go meals, fast-service restaurants have become popular places to dine in recent years.

Fast Food & Quick Service Restaurant Market: Growth Drivers

The quick-service restaurant sector's business model has developed to consider its guests' shifting requirements. Along with sit-and-dine options, most fast-service restaurants also provide a wide range of other services that are perfect for the modern lifestyle, such as takeout, drive-thru, and home delivery.

The restaurant industry has also benefited from this in terms of maximizing gains. Third-party delivery services like DoorDash, Foodler, and Grubhub, who have also extended the courtesy of serving meals at odd hours, have fueled the delivery craze. As a result, consumers who choose to eat at home help the fast food and quick service restaurant industries generate a sizable income. The market for quick-service restaurants is expanding rapidly due to the rise in customer consumption of fast food and ready-to-eat meals. Due to their fast-paced lifestyles, the working population, in particular, has increased their consumption of convenience food, which has helped the market for quick-service restaurants flourish.

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Key Insights:

A) As per the analysis shared by our research analyst, the Fast Food & Quick Service Restaurant market is estimated to grow annually at a CAGR of around 5.8% over the forecast period (2022-2030).
B) In terms of revenue, the Fast Food & Quick Service Restaurant market size was valued at around USD 267.1 Billion in 2021 and is projected to reach USD 410.1 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The huge increase in fast food chain expansion, particularly in emerging markets, has also contributed to the market's expansion. Quick-service restaurants are developing innovative culinary ideas to attract customers, including fusion cuisines, vegan fast meals, etc. This is helping the industry thrive.
D) The market for quick service restaurants has been favorably impacted by consumers' increased desire for fast meals. The millennial generation's increased consumption of ready-to-eat meals has contributed to the market's expansion. The younger generation's rising preference for mingling at cafes has fueled the quick-service restaurant industry's global expansion.
E) The decline in food quality caused by quick service restaurants' failure to follow best practices has hurt the market's expansion. The expansion of many small and mid-sized firms in emerging economies is constrained by a lack of proper infrastructure and technological capabilities, which results in the delivery of subpar food to customers.
F) A growing international expansion of Turkish and Lebanese fast-food restaurants has been made possible by the cuisine's rising appeal. The outspread of new tastes and flavor through quick-service restaurants are driving new opportunities in the market.

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Regional Landscape

North America held a dominant position and is predicted to dominate during the forecast period in the Fast Food & Quick Service Restaurant market. The quick-service restaurant industry is expanding considerably in North America.

Its market is expanding due to the increased popularity of ready-to-eat meals and customers' growing need for quick, affordable, fast food from quick-service restaurants. In addition, changing eating habits, a rise in the popularity of eating out, and less time spent cooking are the main forces behind the regional expansion of the quick-service restaurant industry.

Based on application, the independent category is expected to grow at the greatest CAGR and be in a dominant position in the future. The category contains eateries with four or fewer identically named and categorized branches or subsidiaries.

The fact that these restaurants offer quick food oriented toward regional tastes and cuisine is credited with the boom. Locals are considerably more used to regional cuisines, so independent fast-service restaurants have a greater appeal to the general populace. The regional taste and dishes are driving the acquisition of this segment in the quick-service restaurant market across the globe.

Key Players

Subway IP LLC
McDonald's Corporation
Restaurant Brands International Inc.
Yum! Brands, Inc.
The Wendy's Company
Domino's Pizza, Inc.
Burger King India Pvt. Ltd.
Coffee Day Global Limited
Tata Starbucks Private Limited
Westlife Development Ltd (Hardcastle Restaurants Pvt. Ltd.)

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The Fast Food & Quick Service Restaurant Market is segmented as follows:

By Service Type

Eat-in
Takeaway
Drive-Through
Home Delivery

By Applications

Independent
Chain

On the basis of Geography

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.