Quick Service Restaurant (QSR) Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.21 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Quick Service Restaurant (QSR) Market Analysis
The global quick-service restaurant market was valued at USD XX million in 2022 and is projected to reach USD XX million by 2028, registering a CAGR of 9.21% over the next five years.
Fast food is gaining importance among consumers globally, with the influx of both global and regional brands, such as KFC, Domino's, Starbucks, and others. According to the National Statistical Directory of Economic Units (INEGI), the number of Quick-service restaurants in Mexico, in 2021 was 67.9 thousand. The market is primarily driven by the increased frequency of dining out, the rising influence of cross-culture dietary preferences, amid time-pressed schedules, and the strong presence of international brands offering multicultural fast-food options. Factors, such as changing demographics of a population, along with the rise of health-conscious millennials and boomers, have given rise to increased demand for food products addressing the health and wellness of the population. Thus, multinational fast-food brands are also expanding their presence in major countries through aggressive marketing and promotional activities along with innovative menus.
The increasing desire of consumers for healthier food and drink along with convenient, grab-and-go options are enabling quick-service restaurants, like Chipotle and Subway to capitalize on the growing opportunity with healthier menu items. Low-carb options, salads, and diet drinks remain the popular choice for consumers. Furthermore, restaurant digitalization and AI are transforming the quick-service restaurant industry as consumers are starting to rely on online ordering, and this trend is expected to increase in the forecasted period.
Quick Service Restaurant (QSR) Market Trends
Growing Presence of International Fast-Food Restaurants
The market has encountered rapid expansion of global as well as domestic restaurant chains consistently over the past years. This has impacted the food service market across the world as deeper penetration of restaurant chains has allowed wider options for the consumer while they go out to eat and adds up to the frequency of the number of times, they visit restaurants. The rising demand for food prepared by fast food channels has led the market players to expand their outlets for wider service. Yum! Brands, one of the largest food service providers in the world, with popular brands, such as KFC, Pizza Hut, and Taco Bell, is embarking on huge expansion plans across the globe, to effectively penetrate its presence in targeted countries. For example, Yum! Brands accounted for 55,361 stores worldwide in 2022, up from a total of 53,424 stores in 2021.
The plant-based meat movement has picked up steam with international quick-service food chains joining on the trend in recent years. For instance, KFC became the first major fast-food chain to add a plant-based chicken product to its menu. In January 2022, KFC added Beyond Fried Chicken nuggets made from plant-based meat to its menu in the United States.
Asia Pacific is the fastest growing market
The market studied is driven by a rise in value-conscious consumers willing to try new restaurants, with a wide range of menu options, including interesting international and local cuisines. Changes in lifestyle with the adoption of Western culture (including dietary habits) coupled with the increasing out-of-home consumption are mainly attributed to the working-class population. Thus, driving the quick-service restaurants market. International brands, such as McDonald's, and Yum! Ltd continues to expand through franchises, partnerships, or joint ventures with local companies and clubs in order to gain a consumer base and increase its market presence. For instance, in Feb 2022, Domino's opened its 1500th outlet in India. This vast network of stores and strategic investment in technology has helped Domino's to reduce delivery time further from 30 minutes to 20 minutes. Similarly, in April 2021, Sydney Swans announced a new multi-year partnership with McDonald's Australia which will continue to be their official quick-service restaurant and coffee partner. The new five-year partnership saw McDonald's continuous support of the Club's digital channels and game day experience. This strategy seems to provide better prospects for success, as less effort is required to build brand value among the consumers in the market.
Moreover, Asian countries are among the top tourist destinations across the globe, with the number of tourists increasing every year. Thus, the demand for high-quality food and services has been propelling the quick-service restaurant market in the region.
Quick Service Restaurant (QSR) Industry Overview
The Quick-Service Restaurants market is highly fragmented and competitive owing to the presence of many international, regional, and local players. The key players operating in the market are McDonald's Corporation, Yum! Brands, Inc., Starbucks Corporation, Jubilant FoodWorks, and Jollibee. The key players are giving stiff competition to the market players by adopting various innovative strategies including innovative launches, expansion, partnerships, and others. The market players are launching innovative products or customized dishes as per the customer requirements, which, in turn, are helping the companies to get a bid in the food service market share. For instance, in July 2022, McDonald's Australia launched the McPlant burger in select stores as part of a new trial. The McPlant patty is made with Beyond Meat's plant-based protein. Over the past few years, certain players like KFC, Domino's, Subway, etc., have been expanding their geographical presence across the globe by consistently opening new restaurants as a part of their strategic expansion.
In addition, leading food service providers/brands are focusing on online distribution channels for online marketing and branding of their offerings, in order to expand their geographic reach, as well as customer base.
Quick Service Restaurant (QSR) Market Leaders
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McDonald's Corporation
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Yum! Brands, Inc.
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Starbucks Corporation
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Jubilant FoodWorks
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Jollibee
*Disclaimer: Major Players sorted in no particular order
Quick Service Restaurant (QSR) Market News
In May 2023, McDonald's entered into a long-term strategic partnership with Glovo for improved customer experience. The company aimed to increase choice and selection for consumers on the platform and enhance the consumer's experience through the Glovo platform to order McDelivery.
In March 2023, Jollibee Foods Corp expanded its global presence by opening up to 600 new stores by the end of the year. The company expected its capital expenditure to be between PHP 17 to 19 billion and aimed to expand its quick-service restaurant chain.
In January 2023, Jubilant FoodWorks planned to open 250 Domino stores and 40-50 Popeye outlets, an American fried chicken brand, in India in the next 12-18 months. The company also revealed that INR 900 crore expenditure will be funded via internal accruals over 12-18 months. The company aims to expand its brand presence in the country.
Quick Service Restaurant (QSR) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Market Drivers
- 4.1.1 Growing Presence of International Fast-Food Restaurants
- 4.1.2 Restaurant Digitization and AI Are Transforming the QSR Industry
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4.2 Market Restraints
- 4.2.1 Consumer Inclination Toward Ready Meals
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4.3 Porter's Five Force Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Cuisine
- 5.1.1 Bakeries
- 5.1.2 Burger
- 5.1.3 Ice Cream
- 5.1.4 Meat Based Cuisines
- 5.1.5 Pizza
- 5.1.6 Other QSR Cuisine
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5.2 Structure
- 5.2.1 Independent Outlets
- 5.2.2 Chained Outlets
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.1.4 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.2 Germany
- 5.3.2.3 Spain
- 5.3.2.4 France
- 5.3.2.5 Italy
- 5.3.2.6 Russia
- 5.3.2.7 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East & Africa
- 5.3.5.1 United Arab Emirates
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 McDonald's Corporation
- 6.3.2 Yum! Brands, Inc.
- 6.3.3 Domino's Pizza
- 6.3.4 Restaurant Brands International
- 6.3.5 The Wendy's Company
- 6.3.6 Little Ceaser Enterprises Inc.
- 6.3.7 Doctor's Associates Inc
- 6.3.8 Duskin Co., Ltd
- 6.3.9 Yoshinoya Holdings Co., Ltd
- 6.3.10 Jollibee Foods Corp.
- 6.3.11 Jubilant Food Works
- 6.3.12 Starbucks Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
** Subject To AvailablityQuick Service Restaurant (QSR) Industry Segmentation
Quick-service restaurant (QSR) is a restaurant or establishment that offers certain food items that require minimal preparation time and are delivered through quick services. The scope of the quick-service restaurant market includes segmentation of the market based on cuisine, structure, and geography. By cuisine, the market is segmented into bakeries, burgers, ice cream, meat-based cuisines, pizza, and other QSR cuisine. By structure, the market is segmented into chained outlets and independent outlets. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| Cuisine | Bakeries | |
| Burger | ||
| Ice Cream | ||
| Meat Based Cuisines | ||
| Pizza | ||
| Other QSR Cuisine | ||
| Structure | Independent Outlets | |
| Chained Outlets | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | United Kingdom |
| Germany | ||
| Spain | ||
| France | ||
| Italy | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle East & Africa | United Arab Emirates |
| South Africa | ||
| Rest of Middle East & Africa |
Quick Service Restaurant (QSR) Market Research FAQs
What is the current Quick-Service Restaurant Market size?
The Quick-Service Restaurant Market is projected to register a CAGR of 9.21% during the forecast period (2024-2029)
Who are the key players in Quick-Service Restaurant Market?
McDonald's Corporation, Yum! Brands, Inc., Starbucks Corporation , Jubilant FoodWorks and Jollibee are the major companies operating in the Quick-Service Restaurant Market.
Which is the fastest growing region in Quick-Service Restaurant Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Quick-Service Restaurant Market?
In 2024, the North America accounts for the largest market share in Quick-Service Restaurant Market.
What years does this Quick-Service Restaurant Market cover?
The report covers the Quick-Service Restaurant Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Quick-Service Restaurant Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
QSR Industry Report
Statistics for the 2024 QSR market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. QSR analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
