Fast Food and Quick Service Restaurant (QSR) Market
By Business Model (Independent, Chain and Franchise, Cloud Kitchen),
By Cuisine Type (American, Chinese, Italian, Mexican, Japanese, Indian, Turkish and Lebanese, and Others),
By Service (Take Away and Dine-in, Delivery),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2022-2032
The global fast food and quick service restaurant market is to be worth more than USD 591.65 billion by 2032
A dramatic shift towards services that offers full convenience aligning with changing lifestyles and a Rise in disposable income are some of the governing factors that support the market growth of Quick Service Restaurants (QSRs). The access to QSRs by consumers has expanded vastly due to the advent of third-party delivery services and digital advances. QSRs are aligning themselves with consumers' requirements in terms of health and hygiene concerns to offer complete confidence and achieve total growth. Innovative approaches to promotion strategies and providing personalized end consumer experience are factors that keep this industry going. Established Outlets like Domino's or Mcdonald's keep experimenting with their menu to incorporate regional flavors that can target more people and expand their consumer base. Third-party delivery services such as Uber Eats, GrubHub, and DoorDash also bring convenience to consumers. The growing interest in exotic flavourful Eating combined with the comfort of home is expected to boost the growth of this industry.
The companies operating within the Quick Service Restaurants (QSRs) industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, Subway announces a master franchise agreement with SouthRock to expand its Footprint in Brazil. SouthRock is a leading Multi-brand Restaurant Operator. This agreement is done in alignment to achieve international growth. Brazil is one of Subway's largest markets, and Subway is further tightening its roots. Subway has also collaborated with Kout Food Group in the State of Kuwait to start its journey in the region.
According to the CXOs and primary research conducted, The requirement of food as a basic life-driving factor and Humanitarian sentiments towards those afflicted by the Russia-Ukraine war has created opportunities for leading Industry Players to gain sentimental connections from their consumers. For instance, Subway released a statement on the support of those impacted by the war in Ukraine and mentioned that it is willing to make monetary donations to several humanitarian organizations, including Polish Humanitarian Action, Voices of Children, and the Organization for Aid to Refugees, amongst others. QSRs find various ways to align with ongoing Trends and strike a connection with their consumers. In December 2022, McDonald's Hong Kong Switched to Wooden Cutlery to Reduce Plastic Waste in the Wake of environmental preservation. Such steps inspired by ongoing trends coupled with innovative menus boost the growth of QSRs.
The Quick Service Restaurants (QSRs) market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region captured the highest market share in line with the analyzed region. Quick adoption of regional flavors, Third Party Delivery Services' support, and major industry players within the region are primary factors supporting market potential within the Asia-Pacific region. The major companies operating within the market are Burger King Corporation, Chipotle Mexican Grill, Domino's Pizza, Del Taco Restaurants, Inc., Jack in the Box, McDonald's, Pizza Hut, Papa John's International Inc., Subway IP LLC, and Taco Bell.