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Airport Quick Service Restaurant Market Trends, Top Trends, Developments And Opportunities By 2033
Airport Quick Service Restaurant Market
Airport Quick Service Restaurant Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $218.60 Bn In 2028 At A CAGR Of 5.6%
The airport quick service restaurant market size has grown strongly in recent years. It will grow from 166.55 billion in 2023 to $175.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to rising air travel, changing consumer preferences, airport expansion and renovation, focus on passenger experience, partnerships and concessions, technology, and digital ordering.
The airport quick service restaurant market size is expected to see strong growth in the next few years. It will grow to $218.60 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to technology integration, rising disposable income, sustainability and health trends, regulatory environment, competition and market saturation, and global events and tourism. Major trends in the forecast period include health-conscious menus, localized cuisine, sustainability initiatives, virtual brands and ghost kitchens, personalized experiences, innovative design and technology, cultural integration, and resilience and adaptability.
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Airport Quick Service Restaurant Market Major Segments
The airport quick service restaurant market covered in this report is segmented -
1) By Type: Fast Foods And Meals, Beverages, Bakery And Confectionery
2) By Franchise Type: Branded Chains, Local Brands
3) By Restaurant: Standalone Outlet, Kiosks, Food Courts
4) By Application: Domestic Airports, International Airports
Key Driver - Rising Air Passenger Traffic Fuels Growth Of The Airport Quick Service Restaurant Market
Increases in air passenger traffic are expected to propel the growth of the airport quick service restaurant market going forward. Air passenger traffic refers to the volume of passengers traveling by air within a specific period, typically measured over a day, month, quarter, or year. Air passenger traffic is rising due to the increasing accessibility of air travel, fueled by expanding airline routes. These quick-service restaurants are designed to serve customers rapidly, allowing travelers to grab a meal or snack on the go without disrupting their travel schedule. They accommodate air traffic by providing efficient, convenient, and diverse dining options for travelers, airline crews, and airport staff. For instance, in November 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union (EU), the EU witnessed a significant surge in air travel in 2022, with the total number of passengers reaching 820 million, marking a substantial increase of 119.3% compared to the previous year. Therefore, increases in air passenger traffic are driving the growth of the airport quick service restaurant market.
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Prominent Trend - Innovative Technologies Transforming Airport Quick Service Restaurants
Major companies operating in the airport quick service restaurant market are integrating advanced technologies, such as airport-based pickup-only concepts, to gain a competitive edge in the market. Airport-based pickup-only concepts refer to a dining establishment located within an airport terminal that exclusively offers food and beverages for takeaway or pickup orders. For instance, in September 2023, Starbucks Corporation, a US-based coffee restaurant, in partnership with OTG, a US-based airport hospitality group, launched its first Starbucks Pickup concepts at George Bush Intercontinental Airport, Houston. These units are designed for quick and convenient pick-up of orders placed through the Starbucks app, catering to digitally savvy travelers. The concept allows customers to place and pay for their orders in advance through the app, monitor the order status on a digital screen upon arrival, and grab their items once the order is ready.
Airport Quick Service Restaurant Market Players
Major companies operating in the airport quick service restaurant market are Starbucks Corporation, McDonald's Corporation, Subway IP LLC, Lagardère Travel Retail, Yum! Brands Inc., Chick Fil A Inc., Panda Restaurant Group Inc., Autogrill SpA, SSP Group plc, Baskin-Robbins, Wendys, Taco Bell IP Holder LLC, Burger King Company LLC, DUNKIN BRANDS, Costa Limited, HMSHost International BV, Haldiram's India Pvt Ltd., Jubilant FoodWorks Ltd., Devyani International Limited, OTG Management, Café Coffee Day, Cakes & Bakes, Wow! Momo Foods Private Limited, Casual Food GmbH
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Largest And Fastest Growing Region In The Market
North America was the largest region in the airport quick service restaurant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the airport quick service restaurant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Airport Quick Service Restaurant Market Report Structure
3. Airport Quick Service Restaurant Market Trends And Strategies
4. Airport Quick Service Restaurant Market - Macro Economic Scenario
5. Airport Quick Service Restaurant Market Size And Growth
…..
27. Airport Quick Service Restaurant Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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