ID: MRFR/CR/9060-HCR | April 2021 | Region: Global | 90 pages
The global quick service restaurants (QSR)market sizeis projected to reachapproximately USD 577.71 billion by 2028, at a CAGR of 3.65% from 2021 to 2028. A quick-service restaurant is a form of food service which provides food services quickly. The main focus of the outlets is to give a consumer experience quickly and easily. Quick service is also called fast food. The Quick Service Restaurants (QSR) Market has improved to the consumers' changing needs. Most of the quick restaurants offer sitting, dine-ins.
Along with it, they also provide take-out, home delivery, and many other services to improve the user experience to suit the modernization. The current delivery trend and restaurant business maximize the Quick Service Restaurants Market Growth benefits. The main objective of the QSR Market is speed, experience and efficiency. According to the Quick Service Restaurants Market Forecast, By 2028, the QSR market is expected to register a CAGR of 3.65% with a value of USD 577.71 million. The changing lifestyle and busy schedule of people are the main reasons the market improves. The quick-service restaurant characteristics are limited sitting, fewer menu options, mostly tabletops, mostly take away services.
The pandemic and the worldwide lockdown hugely affected the food services market. It mostly affected the dine-in places, and the speed of the virus was continuously growing, and the fear among the people also was increasing. The Asian regions were the hub for the pandemic effect and the foodservice hub; therefore, the region faced a lot in the pandemic and impacted the Quick Service Restaurants (QSR) Market. Government orders to close all the hotels, restaurants and other food-serving places were measures to lessen the spread. However, most foodservice turned to food delivery and takeaways, which improved the market a bit, but the fear of the virus was a factor in the profit. However, the relaxation of government and development in the situation is rising. The popularity of online services will positively impact the food services during the forecast period, improving the Quick Service Restaurants (QSR) Market.
Chief Factors Existing In The Market
Key Market Drivers
The hectic schedule and tight office work make people trust the online food deliveries or takeaways through which they will be able to save money and time, increasing the QSR Market Share. The GEN Z and Millenial's eating habits and increasing economic disposal income improve the Quick Service Restaurants (QSR) Market. The young generation following the western culture and the outlets of western food services in different regions fuels the market. The tourism and travel industry is increasing, which contributes to the gain of the Quick Service Restaurants Market Share. Different food services improve business strategies and adopt newer technology and processes to attract the consumers drives the market. Rising demand for self-service and increasing awareness among the consumers also boosts the market.
Consumers adapting to veganism and veg items are acting as a market challenge. For the vegan items, the fruits and vegetables required are costly, impacting the budget of the quick services restaurants. The high cost of the items is also a market challenge as all consumers can not afford them. Price-centric consumers are a challenge for the Quick Service Restaurants Market Outlook. Lack of knowledge and continuous upgradation of the menu have a limiting impact on the market.
Changing the menu based on the needs of the consumers is one of the things the quick restaurants are considering to improve the Quick Service Restaurants Market Value. Pandemic effect limited the dine-ins and increased the takeaways, creating opportunities for quick restaurant services—the availability of healthier food options in the quick restaurants pushing the market forward. The food experiments and different food items available easily open several doors for the Quick Service Restaurants Market.
The success of quick restaurant and services are increasing day by day. Still, with the demand for unorganized small, family-owned restaurants, home deliveries, independent are acting as a restricting factor for the Quick Service Restaurants (QSR) Market. Although the young generations trust the quick restaurant's other generations are not acquiring, this limits the market. The high cost of the food items and the high tax rate are barriers to the success and quick restaurants. Lack of automation and restaurants not accepting the newer technology for orders hinder the Quick Service Restaurants Market Value.
Cumulative Evaluation Of The Market
The cumulative evaluation of the market shows the market's value and rate of development in recent times. It also depicts the growth rate of the market in upcoming times. The acceptance of consumers to the quick service is increasing the market. Pandemic affected the food services worldwide, but due to the improvement of the situation, the market is growing steadily and will reach a profitable number soon. Different drivers and opportunities open doors for the key players investing in the market. Restraining factors should be kept into consideration while upgrading the strategies. The Quick Service Restaurants (QSR) Market evaluates to grow in the forecast period.
The Quick Service Restaurants (QSR) Market has been divided into categories and service types.
The Quick Service Restaurants (QSR) Market is segregated based on the category segment into a single outlet and QSR chain. Due to the huge number of food services worldwide, the QSR chain registered a large market share in 2020. QSR chains are becoming popular because of their geographical presence, cultural and traditional differences and the spread of local and regional food cuisine. The QSR chains are based on different sectors of the world and try to make the item according to the taste bud of the region. For example, taco bell added a wide range of food items to the menu for the Indian people pallet. The hype of the QSR market is also due to the service, hygiene and taste that fuels the market.
By service type
The Quick Service Restaurants (QSR) Market is bifurcated into self-service, assisted self-service and fully serviced of the segment service type. Through the self-service, the customers can order by themselves, and it also increases the revenue of the place as it reduces any extra cost such as table services. It reduces the labor cost due to which the income rate increases, and through self-order, the consumers can have control over the order. Consumers are provided with an iPad or any touch screen device to order. The QSR also uses many self-service apps to reduce human error. The self-service QSRs limits errors in the order, increase consumer experience, speed order time and allow customization of the order with ease. All these factors will speed up the segment in the forecast period.
The Quick Service Restaurants (QSR) Market is studied in the Asia Pacific, North America, Europe and other parts of the world. Popular QSR chains, strong economic status, and high work pressure have impacted the American population. North America will dominate the QSR market in 2020 and register growth. The increasing population of china, japan and India, growing exposure to different cuisines and traditions, and people experimenting with food enhance the region and improve the Quick Service Restaurants Market Size. Europe and the rest of the world are also steadily contributing to the market.
Competitive Intensity Within The Industry
Quick Service Restaurants Market Analysis shows Several market players are investing in the market and are an important factor for the Market Growth. The players focus and upgrade different strategies for the betterment of the market. the prominent key players are
Recent Market Developments
The report overview depicts the overall development of the market. It shows the factors impacting positively and negatively. COVID 19's effect on the market and the ways the market coped up with the situation are mentioned in the report. Different drivers, restraints, challenges and opportunities are affecting the market growth. In the report, the recent value of growth and future prediction about the market is also shown. The market players based on several regions are acting as a developing element for boosting the market. The market's recent development is also explained briefly in the report. Quick Service Restaurants Market Trends are also referred on the report for the budding key players to gain details about the market.
Key Industrial Segments
By service type
Frequently Asked Questions (FAQ) :
The service segment is divided into self-serviced, assisted self-service and fully serviced.
Lack of automation in quick services and home restaurants is one of the key restraining factors.
The food consumption habits, workload, and busy schedule boost the Quick Service Restaurants (QSR) Market.