Fast Food & Quick Service Restaurant Market was at US$ 267.1 Bn in 2021 and is growing to approx US$ 410.1 Bn by 2030, with a CAGR growth of 5.8%, 2022-2030.

SANDY, UTAH, UNITED STATES, September 25, 2022 /EINPresswire.com/ -- According to the study, The Global Fast Food & Quick Service Restaurant Market was estimated at USD 267.1 Billion in 2021 and is anticipated to reach around USD 410.1 Billion by 2030, growing at a CAGR of roughly 5.8% between 2022 and 2030.

Fast Food & Quick Service Restaurant Market: Overview

In a Fast Food & Quick Service Restaurant, customers pay at the counter before receiving their meal. To meet the needs of teenagers and working adults, QSRs provide both fast food options and small table services. The business models of quick service restaurants have developed to consider their patrons’ shifting requirements. In addition to offering sit-and-dine, most fast-service restaurants also provide a wide range of other services ideal for the modern lifestyle, such as drive-thru, takeout, and home delivery.

Fast food consumption has grown as consumer lifestyles worldwide have improved, and the working population has expanded. Additionally, due to busy schedules, on-the-go food options that are simple to buy and consume while traveling are growing in popularity. Another element driving development is the burgeoning café culture and the accessibility of healthier fast-food choices. QSRs create inventive and exotic meals with natural, organic, and plant-based ingredients instead of artificial and processed alternatives to appeal to health-conscious customers. Moreover, most fast-food businesses are now required to develop healthier food due to health concerns over rising fast-food consumption. Most businesses have started altering their menus and recipes to develop healthier fast-food choices.

Fast Food & Quick Service Restaurant Market: Growth Drivers

The quick service restaurant sector’s business model has developed to consider its guests’ shifting requirements. Along with sit-and-dine options, most fast-service restaurants also provide a wide range of other services that are perfect for the modern lifestyle, such as takeout, drive-thru, and home delivery.

The restaurant industry has also benefited from this in terms of maximizing gains. Third-party delivery services like DoorDash, Foodler, and Grubhub, who have also extended the courtesy of serving meals at odd hours, have fueled the delivery craze. As a result, consumers who choose to eat at home help the fast food and quick service restaurant industries generate a sizable income. The market for quick-service restaurants is expanding rapidly due to the rise in customer consumption of fast food and ready-to-eat meals. Due to their fast-paced lifestyles, the working population, in particular, has increased their consumption of convenience food, which has helped the market for quick-service restaurants flourish.

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Key Insights:

A) As per the analysis shared by our research analyst, the Fast Food & Quick Service Restaurant market is estimated to grow annually at a CAGR of around 5.8% over the forecast period (2022-2030).
B) In terms of revenue, the Fast Food & Quick Service Restaurant market size was valued at around USD 267.1 Billion in 2021 and is projected to reach USD 410.1 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The huge increase in fast food chain expansion, particularly in emerging markets, has also contributed to the market’s expansion. Quick-service restaurants are developing innovative culinary ideas to attract customers, including fusion cuisines, vegan fast meals, etc. This is helping the industry thrive.
D) The market for quick service restaurants has been favorably impacted by consumers’ increased desire for fast meals. The millennial generation’s increased consumption of ready-to-eat meals has contributed to the market’s expansion. The younger generation’s rising preference for mingling at cafes has fueled the quick-service restaurant industry’s global expansion.
E) The decline in food quality caused by quick service restaurants’ failure to follow best practices has hurt the market’s expansion. The expansion of many small and mid-sized firms in emerging economies is constrained by a lack of proper infrastructure and technological capabilities, which results in the delivery of subpar food to customers.
F) A growing international expansion of Turkish and Lebanese fast-food restaurants has been made possible by the cuisine’s rising appeal. The outspread of new tastes and flavor through quick-service restaurants are driving new opportunities in the market.

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Regional Landscape

North America held a dominant position and is predicted to dominate during the forecast period in the Fast Food & Quick Service Restaurant market. The quick-service restaurant industry is expanding considerably in North America. Its market is expanding due to the increased popularity of ready-to-eat meals and customers’ growing need for quick, affordable, fast food from quick-service restaurants. In addition, changing eating habits, a rise in the popularity of eating out, and less time spent cooking are the main forces behind the regional expansion of the quick-service restaurant industry.

Based on application, the independent category is expected to grow at the greatest CAGR and be in a dominant position in the future. The category contains eateries with four or fewer identically named and categorized branches or subsidiaries. The fact that these restaurants offer quick food oriented toward regional tastes and cuisine is credited with the boom. Locals are considerably more used to regional cuisines, so independent fast-service restaurants have a greater appeal to the general populace. The regional taste and dishes are driving the acquisition of this segment in the quick-service restaurant market across the globe.

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Key Players

Subway IP LLC
McDonald’s Corporation
Restaurant Brands International Inc.
Yum! Brands, Inc.
The Wendy’s Company
Domino’s Pizza, Inc.
Burger King India Pvt. Ltd.
Coffee Day Global Limited
Tata Starbucks Private Limited
Westlife Development Ltd (Hardcastle Restaurants Pvt. Ltd.)

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The Fast Food & Quick Service Restaurant Market is segmented as follows:

By Service Type

Eat-in
Takeaway
Drive-Through
Home Delivery

By Applications

Independent
Chain

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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