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.
Quick Service Restaurant (QSR) Industry Segmentation
Quick-service restaurant (QSR) is a restaurant or establishment that offers certain food items that require minimal preparation time and are delivered through quick services. The scope of the quick-service restaurant market includes segmentation of the market based on cuisine, structure, and geography. By cuisine, the market is segmented into bakeries, burgers, ice cream, meat-based cuisines, pizza, and other QSR cuisine. By structure, the market is segmented into chained outlets and independent outlets. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| Cuisine | |
| Bakeries | |
| Burger | |
| Ice Cream | |
| Meat Based Cuisines | |
| Pizza | |
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| Structure | |
| Independent Outlets | |
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Quick-Service Restaurant Market Size Summary
The global quick-service restaurant market is experiencing significant growth, driven by an increase in dining out frequency, cross-cultural dietary influences, and the strong presence of international brands offering diverse fast food options. The rise of health-conscious millennials and boomers has led to a surge in demand for food products that address health and wellness. Multinational fast-food brands are expanding their presence in major countries through aggressive marketing and promotional activities, as well as innovative menus. The industry is also seeing a trend towards healthier food and drink options, with quick-service restaurants capitalizing on this growing opportunity. Low-carb options, salads, and diet drinks are popular among consumers. Additionally, the digitalization of restaurants and the use of artificial intelligence is transforming the quick-service restaurant industry, with online ordering becoming increasingly popular. The market has also seen a rapid expansion of both global and domestic restaurant chains, leading to a wider array of options for consumers and increasing the frequency of restaurant visits. The plant-based meat movement is also gaining traction within the industry, with major fast-food chains adding plant-based options to their menus.
Explore MoreQuick-Service Restaurant Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Growing Presence of International Fast-Food Restaurants
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1.1.2 Restaurant Digitization and AI Are Transforming the QSR Industry
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1.2 Market Restraints
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1.2.1 Consumer Inclination Toward Ready Meals
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Cuisine
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2.1.1 Bakeries
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2.1.2 Burger
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2.1.3 Ice Cream
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2.1.4 Meat Based Cuisines
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2.1.5 Pizza
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2.1.6 Other QSR Cuisine
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2.2 Structure
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2.2.1 Independent Outlets
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2.2.2 Chained Outlets
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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Quick-Service Restaurant Market Size FAQs
What is the current Quick-Service Restaurant Market size?
The Quick-Service Restaurant Market is projected to register a CAGR of 9.21% during the forecast period (2024-2029)
Who are the key players in Quick-Service Restaurant Market?
McDonald's Corporation, Yum! Brands, Inc., Starbucks Corporation , Jubilant FoodWorks and Jollibee are the major companies operating in the Quick-Service Restaurant Market.
