Global quick service restaurants market is expected to grow at a significant CAGR of 4.61% during the period 2018-2022 as the scope and its applications are rising enormously across the globe. Quick service restaurants (QSR) is a restaurant industry that aims to provide food to customers as quickly and on time as possible. There is no table service and the food is cooked in a short space of time. A huge number of quick service restaurants operate using the franchise model.
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The factors that are playing a major role in the growth of the quick service restaurants market are changing lifestyle, growth in the number of quick service restaurants, growth in new infrastructures like institutes and airports, and rising demand for fast food from consumers in developing countries. However, fluctuation in the cost of raw material and strict government policy against plastic packaging may restrain overall market growth in the years to come. Quick service restaurants market is segmented based on service type, end-user, and region
Home delivery service, eat-in services, drive-thru service, takeaway service, and other service types could be explored in quick service restaurants in the forecast period. The market could be categorized based on end-users like hotels, restaurants, cafes, and others that could be explored in the forecast period. Quick service restaurants market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).
Globally, North America accounted for the significant market share of quick service restaurants and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region, the high demand for ready-to-eat meals from consumers, and a rising number of quick service restaurants. The United States and Canada are the major consumers of quick service restaurants in this region.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that could be ascribed to the growth comprise growing urbanization, increasing awareness among populace regarding ready-to-eat meal, and developing quick service restaurants in emerging countries like India and China.
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The key players of the quick service restaurants market are Yum! Brands, Chick-fil-A, The Wendy’s Company, Domino’s, Subway, Dunkin’ Brands Group, Starbucks, McDonald’s, and Restaurant Brands International. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.