IMARC Group, a leading market research company, has recently released a report titled “Fast Food and Quick Service Restaurant Market Report by Business Model (Independent, Chain and Franchise), Cuisine (American, Chinese, Italian, Mexican, Japanese, Turkish and Lebanese, and Others), Product Type (Burger and Sandwiches, Pizzas and Pastas, Drinks and Desserts, Chicken and Seafood, and Others), Service Type (Online Service, Offline Service), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global fast food and quick service restaurant market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global fast food and quick service restaurant market size reached USD 255.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 370.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.
Global Fast Food and Quick Service Restaurant Market Trends:
With the increasing popularity of international and ethnic cuisines, as consumers seek diverse and novel dining experiences, QSR chains are expanding their menus to include a wide range of global flavors and specialty items, attracting a broader customer base and strengthening market growth. In line with this, the rising trend of franchise expansion into emerging markets as global franchise chains enter new regions with tailored offerings, they tap into growing middle-class populations and urbanization, driving demand for quick and accessible dining options worldwide, thus providing an impetus to the market growth.
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Factors Affecting the Growth of the Fast Food and Quick Service Restaurant Industry:
· Changing consumer lifestyles and preferences:
The fast food and quick service restaurants (QSR) market is significantly influenced by evolving consumer lifestyles and preferences. Modern consumers are increasingly seeking convenience, which is driving the demand for quick and accessible food options. Busy work schedules, urbanization, and the desire for efficient dining experiences contribute to the growing popularity of fast food and QSRs.
Additionally, changing dietary preferences and a greater focus on health and wellness are shaping the offerings within the market. Consumers are increasingly looking for healthier menu options, such as salads, wraps, and items with reduced calories and lower sodium. This shift has prompted many fast foods and QSR chains to diversify their menus to include more nutritious choices alongside traditional offerings, supporting the market expansion.
· Expansion of delivery and takeout services:
The rapid expansion of food delivery apps and online ordering platforms has made it easier for consumers to access their favorite fast food and QSR options without leaving their homes. This trend has been accelerated by the COVID-19 pandemic, which has increased demand for contactless and remote dining solutions. Many fast foods and QSR chains have adapted by partnering with delivery platforms, developing their own delivery infrastructure, and enhancing their online ordering systems. The convenience of delivery and takeout services not only meets the needs of busy consumers but also expands the reach of fast food and QSR brands to a broader audience, bolstering the market growth.
· Technological innovations and digital transformation:
Technological advancements and digital transformation are reshaping the fast food and QSR market by improving operational efficiency and enhancing customer experiences. Innovations such as self-service kiosks, mobile ordering apps, and digital payment systems streamline the ordering process and reduce wait times. The use of data analytics allows brands to better understand consumer preferences, optimize menu offerings, and personalize marketing efforts.
Furthermore, advancements in kitchen technology, such as automated cooking and food preparation equipment, contribute to faster service and consistent product quality. The integration of artificial intelligence (AI) and machine learning in inventory management, supply chain logistics, and customer service enhances operational efficiency and reduces costs, aiding the market growth.
Fast Food and Quick Service Restaurant Market Report Segmentation:
By Business Model:
- Independent
- Chain and Franchise
Chain and franchise account for the majority of shares due to their standardized operations, brand recognition, and scalability, which drive widespread market penetration and consistency.
By Cuisine:
- American
- Chinese
- Italian
- Mexican
- Japanese
- Turkish and Lebanese
- Others
American cuisine holds the majority of shares due to its widespread popularity, established fast food culture, and strong presence of iconic brands and menu items.
By Product Type:
- Burger and Sandwiches
- Pizzas and Pastas
- Drinks and Desserts
- Chicken and Seafood
- Others
Burgers and sandwiches dominate the market because they are staple, convenient, and customizable menu items that cater to a broad range of consumer preferences.
By Service Type:
- Online Service
- Offline Service
Offline service holds the majority of shares as physical locations offer immediate food access, drive-thru convenience, and in-person dining experiences, which continue to attract high foot traffic.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position due to its mature fast-food market, high consumption rates, and the presence of major global fast-food chains headquartered in the region.
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Competitive Landscape with Key Players:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Ark Restaurants Corp.
- Carrols Restaurant Group Inc.
- Chipotle Mexican Grill Inc.
- Del Taco Restaurants Inc.
- Jack in The Box Inc.
- Kotipizza Group Oyj (Orkla ASA)
- McDonald's Corporation
- Restaurant Brands International Inc.
- The Wendy's Company
- Yum Brands Inc.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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