Global Quick Service Restaurants Market Report and Forecast 2024-2032

Global Quick Service Restaurants Market Outlook

The global quick service restaurants market size was valued at USD 481.08 billion in 2023. The market is further projected to grow at a CAGR of 3.7% between 2024 and 2032, reaching a value of USD 668.80 billion by 2032.

Key Takeaways

• The quick service restaurants market in India was valued at approximately INR 171.9 billion in 2022 and is estimated to grow to over INR 431 billion by 2027.

• The market size of the quick service restaurants (QSR) in the United States exceeded USD 331 billion in 2022.

• In 2022, India had over 1,700 Domino’s Pizza stores.

• In 2022, Subway held the title of the largest QSR chain in the USA, boasting a whopping 20,576 locations across the country.

Quick service restaurants (QSRs) are establishments that offer fast food and beverages at affordable prices and with minimal table service. QSRs typically have a limited menu, standardised operations, and generally a high turnover of customers.

Some of the factors driving the quick service restaurants market growth are increasing urbanisation and disposable income, changing consumer preferences and lifestyles, rising demand for convenience and variety, and technological innovations in food delivery and ordering systems.

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Key Trends and Developments

Availability of order customisation, emergence of digitalisation, and increasing demand for plant-based food is fostering the quick service restaurants market development

Global Quick Service Restaurants Market Trends

The quick service restaurants market outlook is being shaped by the rise in demand for fast food items by the working, millennial, and Gen-Z populations. In recent years, quick service restaurants have emerged as preferred eating joints owing to the variety of food items available at cost effective prices and the augmented demand for ready-to-eat and on-the-go food items. The quick service restaurants market growth can also be associated with the increasing market penetration of these restaurants in places like shopping centres and airports. As products offered by quick service restaurants are easy to eat, the presence of these restaurants at commercial places is a key factor driving the quick service restaurants market.

The global market for quick service restaurants is being positively influenced by the advent of technology. The boom of online food delivery owing to its convenience, variety, and the rising market penetration of smartphones and internet accessibility is a major factor enhancing the market growth of quick service restaurants. Furthermore, technologies such as self-ordering kiosks and kitchen display screens with user-friendly interfaces are further pushing the growth of the market.

The upgradation of drive-thru ordering system is also accelerating the quick service restaurants market development. The integration of advanced technology like artificial intelligence (AI) by leading market players to propel the drive thru process is augmenting the sales by quick service restaurants, thereby boosting the growth of the market. In addition to this, the introduction of unique packaging techniques, such as innovative cup designs, to prevent spilling during transportation, is also increasing the demand for quick service restaurants.

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Market Segmentation

Global Quick Service Restaurants Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Self-serviced restaurants are expected to hold a significant market share as they offer convenience and speedy food delivery

According to the quick service restaurants market analysis, self-service restaurants are the most dominant segment. The self-service quick service restaurants are those that offer counter service or drive-through service to customers. Customers order and pay at the counter or window and receive their food and beverages in disposable packaging. Serviced QSRs are popular for their convenience, speed, and affordability. Some of the leading serviced QSRs in the world are McDonald's, KFC, Subway, Burger King, and Starbucks.

Assisted self-serviced QSRs are those that offer self-ordering kiosks, mobile apps, or online platforms to customers. Customers place and pay for their orders through these digital channels and collect their food and beverages from a designated area or a staff member. According to quick service restaurants market insights, assisted self-service QSRs are attractive for their enhanced customer experience, reduced labour costs, and increased operational efficiency. Some of the prominent assisted self-serviced QSRs in the world are Domino's, Taco Bell, Panera Bread, and Dunkin' Donuts.

Full serviced QSRs are those that offer table service or delivery service to customers. Customers are seated and served by a waiter or waitress, or order and pay online or by phone, and receive their food and beverages at their doorstep. Full serviced QSRs are expected to hold a steady quick service restaurants market share in the future as they are preferred for their quality, variety, and ambiance. Some of the notable full serviced QSRs in the world are Pizza Hut, Denny's, IHOP, and Applebee's.

QSR chains aids in market expansion due to their ability to easily franchise in international markets

QSR chains will likely lead the quick services restaurant market share in the forecast period as they have a standardised and consistent menu, service, and quality across their outlets. They also have a strong brand image, customer loyalty, and marketing strategy. QSR chains can leverage their large network, supply chain, and technology to reduce costs, increase efficiency, and enhance customer satisfaction. They can also expand their presence and reach in new markets and regions through franchising or acquisitions. Some examples of QSR chains are McDonald's, KFC, and Subway.

Single outlet QSRs, on the other hand, are characterised by their low-cost menus, limited service, and high convenience. They cater to local customers who seek fast and affordable food options. Single outlet QSRs face intense competition from QSR chains, which have more resources, brand recognition, and economies of scale. However, the quick services restaurant market estimates that single outlet QSRs can also benefit from their flexibility, customisation, and differentiation. They can offer unique menus, flavours, and experiences that appeal to niche markets or specific preferences.

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Competitive Landscape

Market players are focusing on expanding their product portfolio, enhancing their distribution network, and investing in research and development to cater to the evolving needs of the consumers

Other key players in the global quick service restaurants market include The Wendy's Company and Domino's Pizza, Inc., among others.

Global Quick Service Restaurants Market Analysis by Region

North America has the largest presence of quick service restaurants due to rising demand for fast food and expansion of QSR chains

North America is the largest and most mature quick service restaurant market in the world, where the region is dominated by the US, which has the highest number of QSR outlets and the highest per capita spending on fast food. The United States quick service restaurant market is expected to grow due to increasing consumer demand for convenience, innovation, and customisation, as well as the expansion of online and mobile ordering platforms, delivery services, and drive-thru options.

Asia Pacific holds the fastest-growing QSR market share due to increasing disposable income and growing penetration of international QSR chains. Furthermore, according to quick service restaurant market report, the growth of the market in European region is driven by factors such as increasing consumer demand for convenience, variety, and value for money, along with the expansion of online and mobile ordering platforms, delivery services, and drive-thru options.

Key Highlights of the Report