Market Size of Quick-Service Restaurant Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.21 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Quick Service Restaurant (QSR) Market Analysis
The global quick-service restaurant market was valued at USD XX million in 2022 and is projected to reach USD XX million by 2028, registering a CAGR of 9.21% over the next five years.
Fast food is gaining importance among consumers globally, with the influx of both global and regional brands, such as KFC, Domino's, Starbucks, and others. According to the National Statistical Directory of Economic Units (INEGI), the number of Quick-service restaurants in Mexico, in 2021 was 67.9 thousand. The market is primarily driven by the increased frequency of dining out, the rising influence of cross-culture dietary preferences, amid time-pressed schedules, and the strong presence of international brands offering multicultural fast-food options. Factors, such as changing demographics of a population, along with the rise of health-conscious millennials and boomers, have given rise to increased demand for food products addressing the health and wellness of the population. Thus, multinational fast-food brands are also expanding their presence in major countries through aggressive marketing and promotional activities along with innovative menus.
The increasing desire of consumers for healthier food and drink along with convenient, grab-and-go options are enabling quick-service restaurants, like Chipotle and Subway to capitalize on the growing opportunity with healthier menu items. Low-carb options, salads, and diet drinks remain the popular choice for consumers. Furthermore, restaurant digitalization and AI are transforming the quick-service restaurant industry as consumers are starting to rely on online ordering, and this trend is expected to increase in the forecasted period.
