Dublin, March 24, 2023 (GLOBE NEWSWIRE) -- The "Global Airport Quick - Service Restaurants (QSR) Market - Market Size & Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
The global Airport quick-service restaurants (QSR) market is estimated to reach a value of USD 263.79 Billion in 2032 and it is projected to register a CAGR of 4.65% during the forecast period.
Over the last decade, the number of travellers using air transportation has steadily increased. Because of the high cost and poor quality of in-flight meals, the demand for the bring-your-own-food (BYOF) idea is gradually increasing (particularly from domestic economy class passengers). The popularity of the BYOF idea is expected to fuel the expansion of quick-service restaurants in airports during the forecast period.
In the next years, increasing investments in airport infrastructure for the building of new terminals and airports in various nations around the world are expected to offer new opportunities for the concessionaire to meet the needs of growing passenger traffic. However, the growth of the airport quick-service restaurant business is being hampered by airport authorities' strict restrictions, logistical issues, and menu constraints. The lack of best practises by fast service restaurants, which has resulted in a decline in food quality, has had a negative impact on market growth. Many small and mid-sized players in developing nations lack manpower, proper infrastructure, and relevant technology, resulting in poor food quality being given to consumers, limiting market expansion.
Most industries are still adjusting to Covid-19, and the impact on the food industry has been particularly severe. Many establishments are fighting to keep their heads above water as restaurants close for sit-down service. Consumers are spending more money on meal delivery, takeaway, prepared food, and groceries as a result of the pandemic, and we expect this tendency to continue even after the outbreak is over. This means QSRs must begin preparing for a digital-first future, in which "order ahead" and other mobile order experiences will be significantly more crucial than they were prior to the epidemic.
Based on type, the global Airport quick-service restaurants (QSR) market is segmented into fast food and meals, beverages, bakery and confectionery. Fast food & meals could be further segmented pizza, pasta, sandwiches other and beverages are segmented into tea, coffee and others. Bakery and confectionery are further classified as cake, pastry, chocolate items, and others.
The fast food and meals segment registered the highest market share. Increased predilection for fast foods has been attributed to rising middle-class incomes in numerous nations throughout the world, as well as changes in dietary patterns and food habits. The tremendous expansion in fast food consumption is opening up new business prospects for fast food companies.
As a result, fast-food chains are expanding inside airports. Another reason driving up demand for fast food in airports is the large selection of options available at affordable prices compared to the high retail prices onboard planes. Similarly, because LCC airlines do not provide in-flight catering, restaurant chains are extending their presence in locations with a high prevalence of low-cost carriers (LCCs). Thus, the fast food and meals segment of the market is predicted to increase gradually during the forecast period.
Based on region, the global Airport quick-service restaurants (QSR)s market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. During the forecast period, the Asia-Pacific region is expected to generate the most demand. In recent years, countries such as China, India, Singapore, Thailand, and Indonesia have seen substantial increases in air passenger traffic.
Governments and airport operators are being forced to spend in the modernization and improvement of existing airports, as well as the construction of new airports, as a result of the significant expansion in passenger traffic. This will make it easier for new regional restaurants and global food chains to cooperate with the airport and a government-approved concessionaire to grow into new airports.
The market for quick service restaurants in North America is booming. The expanding popularity of ready-to-eat items, as well as consumers' increasing need for quick, low-cost fast food from QSR, is boosting industry growth. Furthermore, changing lifestyles are fuelling the regional expansion of the QSRs industry, with an increase in dine out culture and less time spent cooking.
A selection of companies mentioned in this report includes
- Subway
- Burger King
- McDonalds
- KFC
- Starbucks
- Cafe Coffee Day
- Dominos
- Dunkin
- Pizza Hut
- Taco Bell
- Baskin Robbins
- Panda Express
For more information about this report visit https://www.researchandmarkets.com/r/gbo95r
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