The global quick service restaurants (QSR) market size is projected to be valued at USD 577.71 billion by 2028 at a CAGR of 3.65% between 2021 and 2028. QSRs generally operate using the franchise model as this allows the chains to expand rapidly over large areas with the cost of setting up each individual restaurant shared between franchisee and franchisor. However, not all QSRs are franchised and few of them operate under more traditional business models. For instance, Uncle Sams Hamburger Express is a UK based chain of burger restaurants with a number of locations across the south coast of the UK which is not franchised. Others renowned global chains includingNando’s Group also operate as company owned restaurants rather than a franchise model. Also, some quick service restaurants chains operate both with a number of franchised QSRs and some franchisor owned QSRs.
The traditional view of QSRs serving greasy and unhealthy food such as fried chicken and burgers is changing. Also, over the last few years, there have been a growing number of QSRs offering less traditional types of cuisines. For example, Mucho Burrito and BarBURRITO offering authentic Mexican cuisine or Wok&Go offering Chinese stir-fry cooked live in front of consumers in a classic Chinese wok. In continuation to that, most of the QSR chains have adapted to a market that is more conscious about maintaining a healthy lifestyle. For instance, companies such as Subway and McDonalds are offering healthier options including salads and Deli wraps alongside the traditional burger and fries with the intention to adapt to a more health-conscious target market.
Convenient eating option during hectic schedule along with occasional and seasonal offers
Growth Opportunities in the Market
Adoption of Advanced Technologies: Technological innovation is one of the crucial factors in measuring the success of QSRs. Advancements in production technologies, along with better and faster supply chain solutions are crucial for the growth of QSRs. Over the last few decades, food production techniques have improved and have become efficient and more cost-effective. Apart from production and delivery-based technologies, investment in marketing strategies through online technologies is also crucial to create a brand image amongst the customers. Online deliverydoes not offer a human touch, as experienced while dining in brick-and-mortar QSRs. Hence, there is a high dependence on advanced technology-based operations such as production, delivery, marketing, customer experience analysis, and other such factors to create a strong brand image. Thus, the adoption of advanced technologies is expected to create profitable growth opportunities for the players operating in the QSRs market across the globe during the forecast period.
Growing Consumer Pool: E-commerce has enhanced customer experience by making the food delivery process easy and efficient. Consumers, on food delivery apps, can easily select food at any time of the day, from different menus of various registered QSRs. This results in the timely delivery of food as per the requirement of the consumers. Some consumer segments that are influencing the globalQSRs market are Gen Z and Millennial. These are the most tech-savvy users and are ready to pay a premium to avail online services. Additionally, various QSR chains manage their own delivery service to work independently. For instance, KFC, a brand of Yum! Brands, Inc. and Burger King, a brand of Restaurant Brands International Inc have developed their own mobile applications through which the consumers can select and order from the uploaded menu and the food is home delivered by the brand itself.