Quick Service Restaurants (QSR) Market Share, Size, Trends, Industry Analysis Report, By Service (Eat-in, Takeaway, Drive-through, Home Delivery); By Type (Independent, Chain); By Cuisine; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 112
- Format: PDF
- Report ID: PM2460
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global Quick Service Restaurants (QSR) market was valued at USD 173.72 billion in 2021 and is expected to grow at a CAGR of 4.9% during the forecast period. The changing lifestyle of the consumers coupled with a rising inclination toward convenience food is the major factor that fosters the Quick Service Restaurants (QSR) market growth around the world.
Know more about this report: Request for sample pages
Additionally, change in consumption pattern, busy schedule of people, and rising penetration of e-commerce channels are also anticipated to surge the Quick Service Restaurants (QSR) industry demand. Quick Service Restaurants (QSR) is gaining huge traction among the young population as it provides takeout, home delivery, and many other quick assistances to improve the user experience to suit the modernization.
Since the outbreak, the popularity of cloud kitchens has increased. These operations provide the kitchen piece of a restaurant but focus on quick delivery and off-premise dining. With a minimum setup cost and limited staff, these operations provide significant cost savings. On-demand food delivery is heavily increasing in the quick-service restaurant industry, and cloud kitchens now provide assistance to third-party delivery apps such as GrubHub and DoorDash.
At the onset of the COVID-19, the Quick Service Restaurants (QSR) market continued to show a significant impact worldwide. Many operators had to temporarily close their in-service restaurants due to the pandemic and shelter-in-place orders. Many businesses were forced to close permanently as a result of the outbreak. Consumers chose to stay at home and cook rather than go out as they were afraid of contracting the illness. As a result, the industry saw a significant drop in demand over the period.
The coronavirus outbreak, on the other hand, resulted in a rise in demand for the industry as a result of consumers purchasing off-premise through takeout and delivery. In comparison to the traditional restaurant market, 90% of quick-service operators adjusted to the pandemic, compared to 56% in the traditional restaurant segment. Curbside takeout and third-party delivery have been the most popular choices for off-premise dining.
Industry Dynamics
Growth Drivers
Additionally, the demand for the industry is driven by a paradigm shift of consumers to convenient and easy-pick-up options, as well as third-party delivery. The reliance on third-party quick delivery facilities grew as a result of takeout and delivery-only options. Consumers benefit from big companies such as DoorDash, UberEats, and GrubHub as they make it easier to reach new customers through these delivery options.
The industry is expected to grow as digital advancements are integrated with the restaurants operations. Digital innovations are projected to be a major revenue and consumer retention driver in the near future. In addition, customer loyalty programs allow restaurants to personalize and improve their interactions with customers. They can get the information by using point-of-sale orders, as well as mobile and online ordering. Integrating this data assists restaurants in generating personalized rewards based on ordering habits in addition to discounts and promotions.
Know more about this report: Request for sample pages
Report Segmentation
The market is primarily segmented on the basis of service, cuisine, type, and region.
|
By Service |
By Cuisine |
By Type |
By Region |
|
|
|
|
Know more about this report: Request for sample pages
Insight by Type
Based on type, independent quick service restaurants dominated the market and accounted for the largest market share of the global revenue in 2021. The expanding trend of dining out, delivering sophisticated facilities, and consumers spending less time on cooking at home is attributable to the demand for independent quick service restaurants market over the forecast period.
Insight by Service
Based on service, the eat-in service type is expected to account for the largest share over the forecast period owing to the rising interest of consumers towards dining out restaurants. A significant portion of customers goes out for a complete dining experience on a regular basis, which creates a lucrative opportunity for full quick facilities and casual dining restaurants, resulting in the increased demand for the restaurants market.
Geographic Overview
North America accounted for the largest revenue share in the global market in 2021. The growing expenditure on technological advancements coupled with rising demand for fast food items is the major factor that is propelling the Quick Service Restaurants (QSR) market growth in the region. Additionally, the rising popularity of several cuisines, the availability of easy and quick delivery facilities, as well as the growth of the e-commerce sector are anticipated to augment the restaurant industry growth. Furthermore, the presence of leading providers in the region, fast-paced lifestyle, as well as development of franchises are also accelerating the demand across the region.
Moreover, the Asia Pacific is anticipated to exhibit the highest CAGR over the forecasting years. The increasing industrialization, the rapid growth of the food & beverage industry, and rising public and private sector investments are the major factors that are attributed to the regional growth. In addition, the increasing population, growing demand for convenience food, and growth of developing countries such as China, India, and Australia are further contributing to the demand for the market.
Competitive Insight
Some of the major players operating in the global market include Ark Restaurant Corp., Burger King, Carrols Restaurant Group, Inc., Chipotle Mexican Grill, Darden Concepts, Inc., Dunkin Brands Group, Kotipizza Group Oyj, McDonald's, Quality Is Our Recipe, LLC, Restaurant Brands International Inc., Starbucks Corporation, Subway, The Wendy’s Company, and Yum! Brands.
In July 2021, Nestlé and Starbucks Corporation announced a new collaboration to bring Starbucks Ready-to-Drink (RTD) coffee beverages to target markets across Southeast Asia, Oceania, and Latin America. Nestlé and Starbucks are likely to focus on the most popular RTD products, such as Starbucks® Frappuccino® and Starbucks Doubleshot® and will continue to develop a strong innovation pipeline.
Quick Service Restaurants (QSR) Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 173.72 billion |
|
Revenue forecast in 2030 |
USD 264.89 billion |
|
CAGR |
4.9% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Service, By Cuisine, By Type, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key companies |
Ark Restaurant Corp., Burger King, Carrols Restaurant Group, Inc., Chipotle Mexican Grill, Darden Concepts, Inc., Dunkin Brands Group, Kotipizza Group Oyj, McDonald's, Quality Is Our Recipe, LLC, Restaurant Brands International Inc., Starbucks Corporation, Subway, The Wendy’s Company, and Yum! Brands |
© 2024 Polaris Market Research and Consulting. All rights reserved
