Market Size of Quick-Service Restaurant Industry
| 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) 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 |
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Quick-Service Restaurant Market Size Summary
The quick-service restaurant (QSR) industry is experiencing significant growth, driven by the increasing consumer preference for fast food and the expansion of both global and regional brands. The market is characterized by a diverse range of dining options, influenced by cross-cultural dietary preferences and the convenience of dining out. The presence of international brands like KFC, Domino's, and Starbucks has been pivotal in shaping the market landscape, offering multicultural fast-food options that cater to a broad audience. The industry's growth is further fueled by changing demographics, with health-conscious consumers seeking healthier menu options. This shift has prompted multinational fast-food chains to innovate their menus and expand their presence through strategic marketing and promotional activities.
The QSR market is highly competitive and fragmented, with numerous international, regional, and local players vying for market share. Key players such as McDonald's, Yum! Brands, and Starbucks are adopting innovative strategies, including product launches, expansions, and partnerships, to enhance their market presence. The digital transformation of the industry, with a focus on online ordering and delivery, is reshaping consumer interactions and expectations. Additionally, the market is witnessing a trend towards plant-based menu items, reflecting the growing demand for healthier and sustainable food options. The expansion of QSR chains in emerging markets and tourist destinations further underscores the industry's dynamic nature and its potential for continued growth.
Quick-Service Restaurant Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Growing Presence of International Fast-Food Restaurants
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1.1.2 Restaurant Digitization and AI Are Transforming the QSR Industry
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1.2 Market Restraints
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1.2.1 Consumer Inclination Toward Ready Meals
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Cuisine
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2.1.1 Bakeries
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2.1.2 Burger
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2.1.3 Ice Cream
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2.1.4 Meat Based Cuisines
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2.1.5 Pizza
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2.1.6 Other QSR Cuisine
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2.2 Structure
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2.2.1 Independent Outlets
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2.2.2 Chained Outlets
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle East & Africa
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Quick-Service Restaurant Market Size 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.
