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The quick service restaurants market share is expected to increase by USD 107.69 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.62%.
This Quick Service Restaurant (QSR) Market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the quick service restaurants market segmentation by service (eat-in service, takeaway service, drive-thru service, and home delivery service) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). The quick service restaurants market report also offers information on several market vendors, including Ark Restaurant Corp., ArmyNavy Burger Inc., Bloomin Brands Inc., BonChon Chicken Philippines, Bounty Agro Ventures Inc., Carrols Restaurant Group Inc., Chipotle Mexican Grill Inc., Goldilocks Filipino Cuisine, Honeybee Foods Corp., McDonald Corp., Restaurant Brands International Inc., Shakeys Pizza Asia Ventures Inc., Starbucks Co., The Subway Group, The Wendys Co., and YUM Brands Inc. among others.
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The research studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the global Quick Service Restaurants (QSR) Market
Key Quick Service Restaurants Market Driver
One of the key factors driving the quick service restaurants market growth is the rise in the number of quick service restaurants majorly due to the rising demand for fast food, especially in emerging economies. The increasing demand for fast food is encouraging fast food chains to expand domestically and internationally. The growing concept of socializing at cafes among urban youth is expected to drive the market during the forecast period. The growth in the influx of people to urban areas and a substantially large, white-collared demographic have pushed up the quick-service restaurant customer base. Varied tastes and preferences for different types of premium coffee have further led to the emergence of specialty coffee shops. Hence, leading cafe chains such as Starbucks are opening their outlets in many developing economies of Asia and South America. The growth in infrastructure like new airports and expressways in developing countries gives opportunities to the major coffee chains to establish their outlets. Frequent travel by road, rail, or air has increased coffee intake.
Key Quick Service Restaurants Market Trend
The innovations in packaging and serving of food will fuel the global quick-service restaurant market growth. Packaging is often considered to be an extension of brand value. Therefore, the packaging of any brand is important in generating interest and curiosity among consumers. Innovations have been made in terms of biodegradable packaging, compostable packaging, and packaging customized to the shape and size of a food product. In addition, corrugated packaging has been successful in generating curiosity among vendors of quick-service restaurants and customers alike. Its thermal property keeps food hot as the boxes are intended to maintain the heat of the food on the go. The protected fluting material also keeps food fresh for a long time. It also protects packaging from spills and releases. Recyclable corrugated layered board trays are gaining popularity for fish sticks and French fries. Thus, innovations in packaging and serving of food in the global quick service restaurants market contribute to the growth of the global quick service restaurants market during the forecast period
Key Quick Service Restaurants Market Challenge
Fluctuations in raw material prices are one of the key challenges hindering the quick service restaurants market growth. A major challenge for almost all types of quick service restaurants is the fluctuation in the prices of food commodities and raw materials such as sugar and dairy products, which are vital for the preparation of coffee, tea, and other beverages. The sudden spike in the prices of food commodities due to climate change affected the profit margins of many restaurants across the globe. Such fluctuations in prices often create problems in production, thereby causing a demand and supply gap in the market. Foodservice outlets like quick service restaurants need to increase their budgets to ensure that high hygiene standards are followed during cooking and that the quality of food is consistent. Health-conscious customers opt for affordable, good-quality foods. However, it is difficult for fast-food restaurants to maintain food pricing and quality standards due to fluctuating food commodity/raw material prices. This results in reduced profit margins, which negatively affects the market's growth.
This quick service restaurants market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the Global Quick Service Restaurant Market as a part of the global restaurants market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the quick service restaurants market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the quick service restaurants market encompasses successful business strategies deployed by the key vendors. The quick service restaurants market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The quick service restaurants market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the QSR Market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global restaurants market includes the following core components:
The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.
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43% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for quick service restaurants market in North America. Market growth in this region will be slower than the growth of the market in regions.
The rise in the number of quick service restaurants will facilitate the quick service restaurants market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the COVID-19 pandemic adversely affected the economies of various countries in North America. Governments of countries such as the US, Canada, and Mexico imposed stringent COVID-19-related restrictions, such as nationwide lockdowns and stay-at-home regulations, which resulted in the temporary closure of various industries, including those dealing with food and beverages. The shutdowns adversely impacted quick service restaurant services in 2020. In 2021, the initiation of COVID-19 vaccination drives led to the removal of lockdowns and the resumption of commercial operations. This led to the resumption of operations in the quick service restaurants market.
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The QSR Market share growth in the eat in service segment will be significant during the forecast period. A rise in the global adult population aged 25-49 years is driving the eat-in service market as this consumer segment mostly prefers to dine out. Due to their fast-paced lifestyles and busy working schedules, dining out becomes convenient for them and helps them achieve a work-life balance.
This report provides an accurate prediction of the contribution of all the segments to the growth of the quick service restaurants market size and actionable market insights on the post-COVID-19 impact on each segment.
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Quick Service Restaurants Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.62% |
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Market growth 2022-2026 |
$107.69 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
1.8 |
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Regional analysis |
North America, APAC, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
North America at 43% |
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Key consumer countries |
US, Canada, China, Japan, and UK |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Ark Restaurant Corp., ArmyNavy Burger Inc., Bloomin Brands Inc., BonChon Chicken Philippines, Bounty Agro Ventures Inc., Carrols Restaurant Group Inc., Chipotle Mexican Grill Inc., Goldilocks Filipino Cuisine, Honeybee Foods Corp., McDonald Corp., Restaurant Brands International Inc., Shakeys Pizza Asia Ventures Inc., Starbucks Co., The Subway Group, The Wendys Co., and YUM Brands Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Service
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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