Global Fast Food & Quick Service Restaurant (QSR) Market 2023 – 2032

Reports Description

According to Custom Market Insights (CMI), 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 the 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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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.

One of the main elements fostering a favorable view of the market is the significant expansion of the food and beverage sector and the growing adoption of franchise business models by well-known restaurant chains. Additionally, the global improvement in consumer lives and the growing working population has increased fast-food consumption. In addition, on-the-go food products that can be easily purchased and enjoyed while traveling are becoming popular owing to hectic schedules. 

Growth Factors

With the emergence of quick-service restaurants as a significant supplier of this mass-produced food, more and more individuals are becoming interested in using and appreciating their services. Some key elements supporting the market for fast food and quick service restaurants are convenience, good flavor, and economy in terms of both time and money.

The three main drivers driving the market’s growth are the increased need for self-service choices, the growing need to innovate the customer experience, and rising consumer awareness. The rising usage of cell phones will also present ample chances for market expansion for payments. The rapid growth of the global quick-service restaurant business is strongly correlated with the growth of the tourist sector globally. The rise of quick-service restaurants worldwide has been accelerated by the phenomenal expansion of the hospitality and tourist sectors in developed and emerging nations in recent years. 

The rising popularity of eating out in developing and developed nations’ big centers among all socioeconomic strata without waiting for a special occasion has increased demand for quick-service restaurants. People increasingly prefer dining outside as part of their leisure activities or shopping excursions. This tendency is obvious in the 25- to 40-year-old millennial age bracket.

Additionally, as individuals are exposed to more diverse lives and cultures, they begin to establish their tastes and dine out more frequently to try new foods. Due to the country’s rapid urbanization, population growth, economic expansion, and an increase in people’s disposable money, eating out has become increasingly popular. The rise in quick service restaurants is attributed to an increase in fast food franchises in undeveloped areas and the growth of tier II and tier III cities.

Technology has been essential in fostering the market’s expansion. Among many other innovations, touchscreen point-of-sale terminals, self-order kiosks, and kitchen display displays are aiding in reorganizing industry processes. Self-order kiosks are being installed at more restaurants regularly. These assist in exceeding guests’ expectations by providing an excellent digital experience and user-friendly interfaces. Furthermore, enabling numerous evaluations and adjustments provides clients with a quick and simple way to be picky about their orders. The kiosks benefit the consumers and increase the number of orders, average check size, and wait time.

Moreover, the growing trend of eating out more frequently and spending less time cooking is primarily responsible for the market expansion of fast-service restaurants. Increased consumer-focused investments in expressway and airport infrastructure have opened up new opportunities for various quick-service restaurants to open their doors. Consumers’ increasing inclination to purchase meals online has spurred the industry’s growth, so many quick-service restaurants have begun to provide door-to-door delivery services. The rising demand for quick meals among consumers has positively affected the market for quick service restaurants.

One of the key causes fueling development in the quick-service restaurant industry is the rise in the number of quick-service restaurants. Quick-service restaurants are rising due to the demand for fast food, especially in developing countries. As a result, there is encouragement for fast-food franchises to expand both locally and globally. Due to various tastes and preferences for different types of premium coffee, specialty coffee shops have emerged.

Fast Food & Quick Service Restaurant market Segmentation

Fast Food & Quick Service Restaurant market, a segment based on Service Type

According to service type, the dine-in sector is in the lead and is anticipated to contribute most to the market for quick-service restaurants. The high quality of the food served at fine dining establishments is one of the major elements in customers returning for more. They provide a wide range of delicious foods, including some you may have never heard of. Additionally, some of the food they serve is unavailable instantly elsewhere, such as freshly grated quality cheeses, crisp-tasting wines, a vast selection of beverages and flavors, and many others.

The home delivery service is expected to grow significantly due to the convenience offered. The same-hour delivery with the quickest possible services given by delivery partners drives the market for quick-service restaurants. 

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Fast Food & Quick Service Restaurant market, a segment based on the Application

The independent category held a dominant position in the market and was predicted to expand at the highest growth. The increase is attributed to these eateries providing fast food that focuses on regional preferences and cuisine. Independent fast-service restaurants are more popular with the general public since locals are much more used to regional cuisines. The shops are gaining popularity due to the local consumers as the regional consumers are more concerned with the dishes they regularly take. Hence, this segment is dominating the Fast Food & Quick Service Restaurant market.

Quick-service chains restaurant is anticipated to grow significantly throughout the forecasted period. The segment covers eateries with five or more identically named and categorized subsidiaries or branches. The most well-known international restaurant chains are Subway, McDonald’s, Starbucks, KFC, Burger King, Pizza Hut, Domino’s, Baskin-Robbins, Hunt Brothers Pizza, Dunkin’, Wendy’s, and Taco Bells. A key technique driving these restaurant chains’ worldwide success has been the menu adaptation based on the nations they have been entering.

Report Scope

Regional Insights

North America is expected to maintain its prominent position in the market for quick-service restaurants during the projected period. The market is developing as ready-to-eat meals gain popularity and consumers’ need for quick, inexpensive, fast food from quick-service restaurants increases in the region. By incorporating technical improvements into their product portfolios, major companies like Panasonic Corporation and Omnivex Corporation will assist the industry in expansion.

Increased expenditures would expand the market expansion across the area by businesses on R&D. The quick service restaurant and fast food sector has developed to consider the shifting demands of its consumers. The majority of fast-service restaurants include several more options, such as take-out, drive-thru, and home delivery, to sit-and-dine, which are perfect for the current lifestyle. This has also aided the restaurant industry in optimizing profits in the North American region.

In the future, the fast-service restaurant industry in Europe is anticipated to experience significant expansion. The market is expanding due to elements including the expansion of casual dining establishments, the addition of new food to the menu, and the addition of value meals by restaurateurs and fast-food chains.

To differentiate themselves from other fast-food concepts and support their market expansion, quick-service restaurants are preparing meals using organic and vegan components. Vegetarianism and veganism are influencing the modifications in the menu, in addition to healthy eating practices. Growing the number of plant-based items on the menu is a significant trend that, in addition to satisfying specialized client needs, aids in establishing a sustainability-focused reputation.

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In the forthcoming years, Asia Pacific is expected to experience tremendous expansion. The market for quick service restaurants is driven by the expanding millennial population and rising demand for fast food. The growing popularity of online food ordering and the expanding partnerships between quick-service restaurants and various online meal delivery services have favorably impacted industry expansion. Rapid urbanization and expanding infrastructure are factors driving the demand for quick-service restaurants.

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.)

Key market developments in the Fast Food & Quick Service Restaurant market

One of the biggest quick service restaurants, Subway, chose the e-commerce firm Adyen as its payment partner for North America.

Segments covered in the report

By Product Type:

• Burgers
• Sandwiches
• Pizza
• Fried Chicken
• Others

By Service Type:

• Dine-In, Takeout
• Delivery
• Drive-Thru

By Distribution Channel:

• Online Ordering Platforms
• Mobile Applications
• Direct-To-Consumer Sales

By End User:

• Millennials
• Families
• Working Professionals

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