MarketOverview:
The global quickservice restaurants market size was worth USD 894.68 billion in 2023 and isprojected to grow from USD 971.36 billion in 2024 to USD 1,930.14 billion by
2032, exhibiting a CAGR of 8.96% during the forecast period.
A quick-service restaurant refers to a restaurant that delivers food itemsthat take the least time to prepare and reduce customers’ waiting time. These
restaurants offer a vast variety of services to their customers. The business
of food delivery has grown exponentially in recent years due to the rising
development of food delivery applications and websites. Quick-service
restaurants are also looking for different ways to deliver their food services
to customers, which will further fuel the quick-service restaurants market
growth.
FortuneBusiness Insights™ displays this information in a report titled, "Quick-Service
Restaurants Market, 2024-2032."
LISTOF KEY COMPANIES PROFILED IN THE REPORT
- Chick-fil-A (U.S.)
- Papa John's International, Inc. (U.S.)
- Subway IP LLC (U.S.)
- Starbucks Corporation (U.S.)
- Yum! Brands, Inc. (U.S.)
- McDonald's Corporation (U.S.)
- Restaurant Brands International Inc. (Canada)
- The Wendy's Company (U.S.)
- Dunkin (Inspire Brands) (U.S.)
- Domino's Pizza, Inc. (U.S.)
Segments:
GrowingConsumer Interest in Restaurant Dining to Boost Preference for Dine-In Services
Based on service type, the market is segmented into dine-in, takeaway,and delivery. The dine-in segment is expected to dominate the quick-service
restaurants market share during the forecast period as more customers prefer to
dine-out in restaurants to get the complete dining experience, especially after
the COVID-19 pandemic.
Withrespect to region, the market covers North America, Europe, Asia Pacific, South
America, and the Middle East & Africa.
Report Coverage:
The reportprovides a detailed analysis of the market and covers key areas such as leading
market players and their competitive landscape. It also offers leading insights
into the latest market trends and focuses on top industry developments. Besides
the abovementioned factors, the report covers several factors contributing to
the market's growth.
Drivers and Restraints:
Growing Network of Food Malls to Drive MarketProgress
Consumersare increasing their preference for shopping malls that have several brands
under one roof. Keeping this trend in mind, many food service providers are
launching multi-brand food malls and courts to boost their customers’ shopping
experience. These malls are equipped with advanced technologies to decrease
customer waiting time and offer ease in ordering various food items. These
advantages will drive customers’ preference for quick-service restaurants.
However,growing popularity of cloud kitchens can impede the market growth.
Regional Insights:
North America to Lead Market Growth with RapidExpansion of Fast Food Chains
NorthAmerica is expected to dominate the global market as the region has a vast
presence of fast food chains due to increasing number of dual income households
and changing lifestyle of customers.
AsiaPacific will also hold a major global market share as the popularity of quick-service
restaurants is growing at a commendable pace in India, Malaysia, Indonesia,
South Korea, and China.
Competitive Landscape:
Key Companies to Focus on Launching NewProducts to Retain Market Dominance
The marketis witnessing notable growth as key players operating in this industry are
increasing their focus on launching innovative products to enhance the dining
experience of customers. Some of the major market players include Burger King,
McDonald's Corporation, Pizza Hut, Taco Bell, and many more.
Key Industry Development:
- August 2023: American sandwich chain Subway entered a definitive agreement to sell its business to the affiliates of Roark Capital. Roark Capital focuses mainly
on investments in consumer business service companies, specializing in
franchise and franchise-like businesses.
