Global Quick Service Restaurant Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the global Quick Service Restaurant Market is expected to record a CAGR of 5.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 267.19 billion. By 2032, the valuation is anticipated to reach USD 320.7 Billion.

A food and quick service restaurant (QSR) encompasses an informal dining concept where pre-prepared fast food is assembled and promptly served to patrons. These establishments typically present a concise menu, offering cuisine that is prepared beforehand in larger quantities.

This food is then reheated and packaged for on-the-go takeaway or in-house dining. QSRs provide an array of budget-friendly fare and beverages, including items like burgers, sandwiches, pizzas, pasta, soft and alcoholic beverages, confections, cakes, pastries, chicken, seafood, and more, often taking inspiration from local ingredients and culinary traditions.

Additionally, these eateries often operate under established restaurant chains or franchise systems, where standardized ingredients or partially prepared foods are supplied to them through controlled distribution networks.

Quick Service Restaurant Market – Significant Growth Factors

• Fast-Paced Lifestyle: The hectic lifestyles of consumers today drive the demand for quick and convenient dining options, making QSRs a preferred choice for those seeking prompt meals.

• Time Efficiency: QSRs offer efficient service, allowing customers to order, receive, and consume their meals rapidly, catering to busy schedules and limited time windows.

• Convenient Accessibility: The strategic placement of QSR outlets in high-traffic locations, such as shopping malls, transportation hubs, and urban centers, ensures easy access for consumers.

• Variety and Customization: QSRs often provide a wide range of menu options, allowing customers to customize their orders to suit individual preferences, dietary restrictions, and cravings.

• Affordability: QSRs offer cost-effective dining options, making them attractive to price-conscious consumers, especially in challenging economic times.

• Diverse Menu Offerings: The inclusion of diverse menu items, including international flavors and local specialties, appeals to a broad customer base with varying tastes.

• Digital Transformation: The adoption of digital ordering platforms, mobile apps, and online delivery services enhances customer convenience and accessibility, contributing to market growth.

• Emergence of Health-Consciousness: Health-conscious consumers seek QSRs that offer nutritious menu choices, prompting the inclusion of healthier options and ingredient transparency.

• On-the-Go Lifestyle: QSRs cater to the on-the-go lifestyle of consumers by providing easily portable meals, making them ideal for consumption at work, while commuting, or during leisure activities.

• Youth Demographics: The popularity of QSRs is driven by the preferences of younger generations who prioritize convenience, novelty, and engaging dining experiences.

• Globalization of Cuisine: QSRs often incorporate globally inspired flavors and dishes, allowing customers to explore diverse culinary offerings without the need for elaborate dining experiences.

• Franchise and Chain Expansion: The growth of QSR chains and franchises expands their market presence, offering consistent experiences across different locations and appealing to brand loyalists.

• Cultural and Demographic Shifts: Changing family structures, increased urbanization, and evolving dining habits influence the demand for quick and flexible dining options.

• Innovation and Limited-Time Offer: Frequent introduction of innovative menu items and limited-time promotions pique consumer interest and encourage repeat visits.

• Social Media Influence: Social media platforms play a pivotal role in promoting QSRs, allowing them to reach a wider audience and showcase their offerings creatively.

Quick Service Restaurant Market – Mergers and Acquisitions

• McDonald’s Corporation – Chipotle Mexican Grill: McDonald’s acquired a stake in Chipotle Mexican Grill in 1998 and later fully divested its interest. This move allowed Chipotle to operate independently, leading to its growth as a prominent fast-casual restaurant chain.

• Restaurant Brands International – Tim Hortons and Burger King: The merger of Tim Hortons and Burger King in 2014 resulted in the formation of Restaurant Brands International (RBI). This combined entity leveraged synergies to expand globally and strengthen its market presence.

• Yum! Brands – Taco Bell: Yum! Brands, the parent company of KFC and Pizza Hut, acquired Taco Bell in 1997. This acquisition diversified Yum! Brands’ portfolio and expanded its offerings in the Mexican-inspired fast food segment.

• JAB Holding Company – Panera Bread: JAB Holding Company acquired Panera Bread in 2017, allowing the bakery-café chain to further its growth plans while benefiting from JAB’s expertise in the food and beverage sector.

• Inspire Brands – Arby’s Restaurant Group and Sonic Drive-In: Inspire Brands, the parent company of Arby’s, acquired Sonic Drive-In in 2018. This acquisition broadened Inspire Brands’ portfolio and expanded its footprint in the fast-food industry.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Quick Service Restaurant Market	Fast Food & Quick Service Restaurant (QSR) Market	US Fast Food & Quick Service Restaurant (QSR) Market
CAGR 5.2% (Approx)	CAGR 5.8% (Approx)	CAGR 5.60% (Approx)
USD 320.7 Billion by 2032	USD 410.1 Billion by 2030	USD 454.3 Billion by 2030

Quick Service Restaurant Market – Significant Threats

• Health and Nutrition Concerns: Increasing awareness of health and nutrition has led to concerns about the nutritional content of fast food offerings. Consumers’ growing preference for healthier options poses a threat to QSRs that predominantly offer calorie-dense and less nutritious menu items.

• Competition from Health-Conscious Alternatives: The rise of health-focused alternatives, such as salad bars, smoothie shops, and organic eateries, may divert consumers away from traditional QSRs offering less health-conscious choices.

• Changing Consumer Preferences: Evolving consumer tastes and preferences may shift away from traditional fast food options, impacting QSRs that fail to adapt their menus and offerings to changing demands.

• Food Safety and Quality Assurance: Incidents related to food safety and quality can harm a QSR’s reputation and lead to legal and financial repercussions, impacting consumer trust and loyalty.

• Rising Labor Costs: Increasing minimum wages and labor costs can squeeze profit margins for QSRs, especially those with low-price business models. This may lead to higher prices for consumers or cost-cutting measures that affect service quality.

• Online Food Delivery Services: The popularity of online food delivery platforms has led to a rise in third-party delivery services. While it provides convenience, it also poses challenges such as high commission fees, potential quality issues during delivery, and increased competition.

Report Scope

Feature of the Report	Details
Market Size in 2023	USD 272.54 Billion
Projected Market Size in 2032	USD 320.7 Billion
Market Size in 2022	USD 267.19 Billion
CAGR Growth Rate	5.2% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Type, Cuisine and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Type:

In 2022, the Independent Fast Food and Quick Service Restaurant segment commanded a dominant position, contributing to over 67.0% of the global revenue share. Within this category, establishments with four or fewer branches or subsidiaries under the same name and type held sway.

This growth can be attributed to these restaurants’ ability to cater to fast food offerings that resonate closely with local tastes and culinary preferences. The inclusion of local flavors creates a sense of familiarity among the local population, leading to broader acceptance and popularity among the general public.

An example of this trend can be observed in Dish Society, a fast-food restaurant based in Houston. Operating through two units, Dish Society specializes in offering a range of delectable items, including toasts, tacos, sandwiches, salads, crackers, cakes, cookies, and biscuits.

The restaurant’s focus centers on delivering these meals at a more accessible price point, making quality fast food options available to a broader audience.

By Cuisine:

In 2022, American cuisine emerged as the frontrunner, commanding a significant share of over 26.0% in the global revenue landscape. Within this category, restaurants offer a diverse array of menu items such as burgers, popcorn, fries, frozen dairy desserts, wraps, doughnuts, toasts, nuggets, sandwiches, sliders, coleslaw, potato wedges, chicken fries, corn dogs, chicken fingers, cinnamon rolls, biscuits, cakes, muffins, and sweet-flavoured beverages took the lead.

Several factors contribute to the substantial scope of American cuisine. The industrialized food production process, coupled with the demands of a fast-paced lifestyle, has paved the way for the popularity of this cuisine. The evolution of franchises and the efficiency in food production have also played pivotal roles in elevating the prominence of American culinary offerings.

Quick Service Restaurant Market – Regional Analysis

• North America: North America holds a significant share of the QSR Market due to its well-established fast food culture, widespread presence of QSR chains, and busy lifestyles. The region is a hub for burger joints, pizza outlets, and coffee chains.

• Europe: Europe showcases a diverse QSR landscape influenced by a rich culinary heritage. The prevalence of traditional bakeries, cafés, and international QSR chains contributes to the market’s growth. Health-conscious options and local flavors are gaining traction.

• Asia-Pacific: The Asia-Pacific region is witnessing robust growth in the QSR Market due to urbanization, a burgeoning middle class, and changing dietary habits. The region’s diverse cuisines, coupled with the adoption of global QSR brands, fuel market expansion.

• Latin America: Latin America exhibits a mix of traditional eateries and international QSR chains. Local ingredients, spices, and flavors play a significant role in shaping the QSR offerings in the region. Street food culture also contributes to the market’s vibrancy.

• Middle East and Africa: The Middle East and Africa showcase a blend of local flavors and international QSR chains. Traditional dishes and fast food options coexist, with some QSRs adapting their menus to cater to regional tastes.

List of the prominent players in the Quick Service Restaurant Market:

• Quality Is Our Recipe LLC
• Carrols Restaurant Group Inc
• Yum! Brands
• Darden Concepts Inc
• McDonald’s
• Ark Restaurant Corp
• DEL TACO RESTAURANT INC
• Restaurant Brands International Inc
• Kotipizza Group Oyj
• Chipotle Mexican Grill
• DD IP Holder LLC
• JACK IN THE BOX INC
• Others

The Quick Service Restaurant Market is segmented as follows:

By Type

• Chain
• Independent

By Cuisine

• American
• Chinese
• Italian
• Mexican
• Japanese
• Turkish & Lebanese
• Others

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• 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