Global Quick Service Restaurants and Fast Food Market, By Type (Chain, Independent), Cuisine (America, Chinese, Italian, Mexican, Japanese, Turkish and Lebanese, Others) Product Type (Burger and Sandwiches, Pizzas and Pastas, Drinks and Desserts, Chicken and Seafood, Others), Service Type (Online Service, Offline Service) – Industry Trends and Forecast to 2031.
Quick Service Restaurants and Fast Food Market Analysis and Size
The global prominence of fast food is evident as consumers increasingly favor both global and regional brands such as KFC, Domino's, and Starbucks. In Mexico, the National Statistical Directory of Economic Units (INEGI) reports a substantial presence of 67.9 thousand quick-service restaurants in 2021, highlighting the widespread popularity and prevalence of fast-food establishments.
Data Bridge Market Research analyses that the global quick service restaurants and fast food market which was USD 319.82 billion in 2023, is expected to reach USD 494.56 billion by 2031, and is expected to undergo a CAGR of 5.60% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Quick Service Restaurants and Fast Food Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Chain, Independent), Cuisine (America, Chinese, Italian, Mexican, Japanese, Turkish and Lebanese, Others) Product Type (Burger and Sandwiches, Pizzas and Pastas, Drinks and Desserts, Chicken and Seafood, Others), Service Type (Online Service, Offline Service)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Jack in the Box (U.S.), Chipotle Mexican Grill (U.S.), Kotipizza Group Oy (Finland), Restaurant Brands International Inc (Canada), Del Taco LLC (U.S.), Ark Restaurants Corp. (U.S.), McDonald's (U.S.), Darden Concepts, Inc. (U.S.), Pizza Hut India (U.S.), Carrols Restaurant Group, Inc., (U.S.), Burger King Company LLC. (U.S.), Subway IP LLC (U.S.), Taco Bell IP Holder, LLC (U.S.), Dun & Bradstreet, Inc. (U.S.), Quality Is Our Recipe, LLC (U.S.), Starbucks Coffee Company. (U.S.)
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Market Opportunities
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Market Definition
Quick service restaurants (QSRs) are eateries that prioritize speed and convenience in food service. They offer a limited menu, often specializing in fast food items. Fast food refers to easily prepared and quickly served meals, typically with a focus on affordability and efficiency, making them popular choices for on-the-go consumers.
Global Quick Service Restaurants and Fast Food Market Dynamics
Drivers
- Rising Popularity of American Cuisine
The American cuisine offered by restaurants features a diverse menu including frozen desserts, burgers, fries, wraps, and more. Industrial processes, franchise development, and a fast-paced lifestyle contribute to the expansion of American cuisine. This trend enhances the growth prospects of quick service restaurants (QSR) and the fast-food market, driven by the rising popularity of American culinary offerings.
- Increasing Addition of Healthy Food in Joints and Restaurants
The conventional perception of quick service restaurants (QSR) serving unhealthy, greasy fare is evolving. Responding to a health-conscious market, chains such as Subway and McDonald's introduce healthier options such as deli wraps and salads alongside traditional items. The incorporation of nutritious choices reflects a shift in consumer preferences, driving growth in the quick service restaurants and fast-food market.
Opportunities
- Increasing Adoption of Advanced Technology in Restaurants
The adoption of technology, including self-order kiosks and touchscreen POS terminals, is pivotal in reshaping the operations of quick service restaurants and the fast-food market. These innovations enhance customer experience with user-friendly interfaces and customization options, fostering increased order volume and average check sizes. Embracing advanced technology presents a significant opportunity for industry growth.
- Increasing Popularity of Virtual Kitchens
Virtual kitchens are becoming increasingly popular, enabling businesses to thrive without dine-in facilities and emphasize delivery and takeaway services. This shift in the culinary landscape is anticipated to unlock substantial opportunities for market growth, as the convenience and efficiency of virtual kitchens cater to evolving consumer preferences and lifestyle choices.
Restraints/Challenges
- High Storage Cost
In the competitive and fast-paced food industry, the demand to sustain large inventories of perishable and non-perishable items escalates operational costs. This exerts pressure on profit margins, creating a substantial financial hurdle for quick service restaurants and the fast food market, underscoring the formidable challenge posed by high storage expenses.
- Labour Shortage
Operational efficiency in the fast-food and quick-service restaurant market is compromised by labour shortages, impeding the ability to meet customer demand and maintain service standards. This constraint underscores the industry's vulnerability to labour-related disruptions, adversely impacting market performance and hindering growth prospects.
This global quick service restaurants and fast food market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global quick service restaurants and fast food market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In 2023, Jubilant FoodWorks revealed plans to inaugurate 250 Domino's outlets and 40-50 Popeye locations in India within the next 12-18 months. The company committed to an expenditure of INR 900 crore from its own accounts during this period to support these expansion initiatives
- In 2023, McDonald's established a long-term strategic partnership with Glovo, aiming to elevate customer experience. The collaboration focused on expanding choices for consumers on the platform, enhancing the McDelivery ordering experience through Glovo, and ultimately providing a more comprehensive and satisfying service
- In 2023, Jollibee Foods Corp. announced ambitious global expansion plans, aiming to open 600 new stores worldwide by the end of 2023. This initiative demonstrates the company's dedication to expanding its reach and market presence globally, emphasizing its commitment to a broader market.
- In 2021, Starbucks and Nestlé announced a strategic collaboration to introduce Starbucks Ready-to-Drink (RTD) coffee beverages in target markets across Oceania, Southeast Asia, and Latin America. Prioritizing popular products such as Starbucks Doubleshot and Starbucks Frappuccino, the partnership aims to foster innovation and expand the presence of these offerings in the regions
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Global Quick Service Restaurants and Fast Food Market Scope
The global quick service restaurants and fast food market is segmented on the basis of type, cuisine, product type and service type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Chain
- Independent
Cuisine
- America
- Chinese
- Italian
- Mexican
- Japanese
- Turkish and Lebanese
- Others
Product Type
- Burger and Sandwiches
- Pizzas and Pastas
- Drinks and Desserts
- Chicken and Seafood
- Others
Service Type
- Online Service
- Home Delivery
- Offline Service
- Eat-in
- Takeaway
- Drive-Through
Global Quick Service Restaurants and Fast Food Market Regional Analysis/Insights
The global quick service restaurants and fast food market is analysed and market size insights and trends are provided by country, type, cuisine, product type and service type as referenced above.
The countries covered in the global quick service restaurants and fast food market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the quick service restaurants and fast food market in revenue and market share, driven by a diverse range of fast-food options and substantial consumer consumption. The region's widespread availability and consumption contribute to its dominant position in the market.
Asia-Pacific is anticipated to witness the fastest growth from 2024 to 2031 due to evolving consumer lifestyles. A fundamental shift in lifestyle and consumption patterns is a pivotal driver for the region's rapid development in the forecasted period.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Quick Service Restaurants and Fast Food Market Share Analysis
The global quick service restaurants and fast food market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global quick service restaurants and fast food market.
Some of the major players operating in the global quick service restaurants and fast food market are:
- Jack in the Box (U.S.)
- Chipotle Mexican Grill (U.S.)
- Kotipizza Group Oy (Finland)
- Restaurant Brands International Inc. (Canada)
- Del Taco LLC (U.S.)
- Ark Restaurants Corp. (U.S.)
- McDonald's (U.S.)
- Darden Concepts, Inc. (U.S.)
- Pizza Hut India (U.S.)
- Carrols Restaurant Group, Inc., (U.S.)
- Burger King Company LLC. (U.S.)
- Subway IP LLC (U.S.)
- Taco Bell IP Holder, LLC (U.S.)
- Dun & Bradstreet, Inc. (U.S.)
- Quality Is Our Recipe, LLC (U.S.)
- Starbucks Coffee Company. (U.S.)
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