New York, US, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Quick Service Restaurants Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Quick Service Restaurants Market Information By Service Type, Category And Region - Forecast till 2030"; the market will reach USD 603.3 billion by 2030 at a 3.65% CAGR.
Market Synopsis
During the anticipated term, the fast-food business is expected to increase significantly. Because these restaurants are the primary distributor of this bulk food, luring many people to experience and use their services, quick-service restaurants and fast-food establishments have emerged. Some crucial elements working in the quick-service restaurant and fast-food market's favor include good flavor, convenience, and cost- and time-effectiveness. Most fast-service restaurants offer various services, including takeaway, drive-thru, delivery services, and sit-and-dine options, making them ideal for modern lifestyles. In terms of optimizing gains, the restaurant business has also profited from this. The market has expanded partly because of the massive expansion of fast food chains, particularly in emerging nations.
Quick-service restaurants are creating inventive food concepts to draw customers, such as vegan fast food, fusion cuisines, and others. This promotes corporate expansion. The prominence of delivery has been further boosted by third-party delivery firms extending the courtesy of supplying food at unusual hours. As a result, individuals who decide to dine at home contribute significantly to the quick-service restaurant sector's ability to make money. Consumers' paradigm shift toward convenient pick-up choices and third-party delivery is driving demand for the sector. Due to takeout and delivery-only alternatives, there was an increase in reliance on third-party quick delivery services. As digital developments are linked with the operations of restaurants, the sector is anticipated to expand. Digital innovations are anticipated to have a significant role in driving future income and retaining current customers.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 603.3 billion |
| CAGR | 3.65% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service Type, Category And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing demand for a variety of fast food items |
| increasing e-commerce channel penetration |
Market Competitive Landscape:
The illustrious contenders in the quick service restaurants market are:
- Domino's Pizza Inc. (US)
- The Cola-Cola Company (US)
- The Wendy's Company (US)
- Subway Ip Llc (US)
- Restaurants Brand International Inc. (Canada)
- Inspire Brands Inc. (US)
- Papa John's International Inc. (US)
- Wallace Fujian Food Co. Ltd (China)
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Market U.S.P. Covered:
Market Drivers:
As a result of concerns over increased fast food consumption, most fast food companies are now forced to offer healthier items. Most eateries have modified their menus and recipes to produce healthier fast-food options. The prevalence of vegetables and fruits over processed foods, which are unhealthy, can be seen in many fast-food dishes. Veganism and vegetarianism are also shaping 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. Additionally, it is projected that changing consumption patterns, people's busy schedules, and a rise in the penetration of e-commerce platforms would drive up demand for quick-service restaurants.
Young people are particularly interested in quick-service restaurants since they offer takeout, delivery services, and many more quick services to enhance the customer experience and keep up with modernization. Consumers' increased desire for fast meals has positively impacted the market for quick-service restaurants. The market has grown due to the millennial generation's excessive consumption of ready-to-eat meals. The younger generation's growing inclination to hang out in cafes has aided in the market expansion of the quick-service restaurant sector. Client loyalty programs also allow restaurants to customize and improve their customer connections. The working population has expanded their appetite for convenience foods due to their fast-paced lifestyles, which has impacted the market expansion of quick-service restaurants.
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Market Restraints:
Lack of personnel, adequate infrastructure, and technological capacity limit the expansion of many small and mid-sized businesses in emerging nations, which results in the delivery of inferior food to consumers. The reduction has hampered the market's expansion in food quality brought on by fast-service restaurants' disregard for standard procedures.
COVID 19 Analysis
The acceptance of cloud kitchens has grown since the outbreak. These businesses offer a restaurant's kitchen but prioritize fast delivery and off-premise dining. These operations offer significant reductions due to low startup costs and few employees. The Quick Service Restaurants business still had a big global impact at the beginning of COVID-19. Due to the pandemic and shelter-in-place directives, many operators temporarily closed their in-service restaurants. The outbreak resulted in the permanent closure of numerous enterprises. Because they were worried about getting sick, they opted to remain in and cook rather than go out. As a result, the business experienced a sharp decline in demand over that period. On the other hand, the coronavirus outbreak caused a rise in demand for the industry as customers boosted their off-premise takeout and delivery purchases. In contrast to the traditional restaurant business, 90% of quick-service operators responded to the epidemic, as opposed to 56% of those in the regular restaurant sector.
Market Segmentation
By service type, the market includes self-serviced, assisted self-serviced, and fully serviced. By category, the market includes a single outlet and a QSR chain.
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Regional Insights
In North America, the market for quick-service restaurants is expanding significantly. Its market is developing due to ready-to-eat meals becoming increasingly well-liked and consumers' increasing demand for rapid, inexpensive, ready meals from quick-service restaurants. The primary factors driving the regional spread of the quick-service restaurant sector include shifting eating patterns, an increase in the popularity of dining out, and less time spent cooking. Consumer demand for quick, affordable, fast food from quick-service establishments is growing, and ready-to-eat meals are becoming more and more popular. The key factors driving the intensive growth strategies of the quick-service restaurant business include shifting eating patterns, increasing the attractiveness of dining out, and less time spent cooking.
In the following years, significant growth is predicted for Europe. The market for quick-service restaurants is expanding due to factors like the increase in casual dining establishments, the addition of new products to the menu, and the addition of value meals by restaurants and fast-food providers. Quick-service restaurants are preparing meals using organic and vegan components to differentiate themselves from other fast-food concepts and support their market expansion.
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