Fast Food & Quick Service Restaurant Market

Fast Food & Quick Service Restaurant Market Outlook for (2024 to 2034)

The fast food & quick service restaurant market size is estimated to be USD 1,97,162.9 million in 2024. The market is expected to cross a valuation of USD 3,18,111.90 million by 2034. The increasing popularity of fast food restaurants is expected to drive the market during the forecast period. The market is expected to record a CAGR of 4.90% through 2034.

Key Market Highlights

• The increasing consumer expenditure on fast food, substantial R&D activities for the manufacturing of unique product variants, and the product's simple availability are projected to drive the global market.
• During the anticipated period, the fast food business is expected to increase rapidly. Quick-service restaurants and fast-food restaurants have gained popularity, as these industries are the primary suppliers of mass-produced food, which has led a significant number of consumers to experience and use their services.
• Some of the primary factors driving the quick service restaurant and fast food sector include good flavor, comfort, and affordability in terms of time as well as money.
• The market is gaining immense and lucrative growth in countries such as North America, Gulf Council Countries, China, and Japan due to rising demand for premium food and services. The strong presence of manufacturing industries worldwide drives the growth of the market.
• Manufacturers maintain consistent quality in the food and atmosphere of restaurants. The rising use of environmentally friendly food packaging is expected to create lucrative opportunities in the market.

Attributes	Details
Fast Food & Quick Service Restaurant Market Value in 2023	USD 1,87,774.1 million
Projected Market Value by 2034	USD 3,18,111.9 million
Value-based CAGR (2024 to 2034)	4.90%

Historical Analysis of the Fast Food & Quick Service Restaurant Market

The fast food & quick service restaurant market is projected to grow at a rate far eclipsing the rate during the historical period from 2019 to 2023. The rising need for new types of fast foods, lifestyle changes, and other factors are all suggested to contribute to the immense growth in the market.

Historical market valuation, 2023	USD 1,87,774.1 million

Trends in the Fast Food & Quick Service Restaurant Market

• The fast food and quick service restaurant industry has changed its business model to meet client needs. Most fast-service restaurants offering services, such as sit and dine, provide a variety of other services, such as take-out and home delivery. This additionally helps the restaurant industry in maximizing profits.
• Quick service and fast food restaurants are growing as important providers of this mass-produced food, creating an increasing number of individuals to experience and enjoy their services. Comfort, innovative flavor, and cost-effectiveness in terms of both time and money are some of the key drivers driving the fast food and quick-service restaurant sector.
• Manufacturers are growing their presence in new markets across the globe. Manufacturing businesses are increasingly focused on creating beneficial partnerships with retailers to increase brand awareness, and this is projected to boost the market over the forecast period.
• Technological advancements such as wireless portable devices, digital menu cards, point-of-sale, and signage systems have currently increased in the quick-service restaurant, which is expected to boost market revenue.
• Rapid urbanization, a rise in the number of people with disposable income, and growth in the availability of quick-service restaurants are significantly contributing to the global quick-service restaurant industry.

Consumers increasingly prefer contactless ordering and payment solutions for faster and safer interactions, which is expected to drive the market's growth. Mobile apps, self-service kiosks, and internet ordering platforms are gaining popularity.

• Consumers are increasingly looking for healthier choices, which is driving demand for fresh ingredients and balanced meals.
• Virtual kitchens are becoming increasingly popular, allowing businesses to operate without dine-in facilities and focus on delivery and takeaway, which is expected to create significant opportunities for market growth.

Challenges in the Fast Food & Quick Service Restaurant Market

• Labour shortage is one of the factors restraining the fast food & quick service restaurant market.
• Rising food costs, higher rents, and labor costs are expected to hinder the market to a great extent. To solve this issue, QSRs are projected to look for ways to improve their processes and reduce waste.
• The product's high storage cost is projected to hamper market growth. Furthermore, the product's demand is normally at its peak only through the season, which hinders market growth.

Category-wise Outlook

The fast food & quick service restaurant market can be split up into two segments: product type and type. The dominance of the leaders in the segments is also observed.

Attributes	Details
Top Type	Independent
Market Share in 2024	63.50%

The Independent Segment Dominates the Market by Type

The independent segment is expected to hold a market share of 63.50% in 2024, owing to advantages such as independent restaurants and organizations that are not connected with an existing chain or franchise. These quick service restaurants usually are owned and operated locally. They have more freedom in creating their unique menu items and overall ambience.

Attributes	Details
Top Cuisine	Chinese
Market Share in 2024	28.60%

The Chinese Segment Dominates the Market in Cuisine

The Chinese cuisine segment is expected to grow with a market share of 28.60% in 2024. The Chinese segment is dominating the market owing to its rising popularity. The variety of Chinese cuisine is incredible. It is difficult to think of another food category that is as diversified as Chinese food. Chinese food has a global attraction, with tastes that are preferred by people from all over the world.

Country-Wise Analysis

The scope of the market is increasing with time. However, certain regions account for a majority of the share in the market.

North America, Europe, and the Asia Pacific dominate the market. The rising trends in Europe and North America are aiding the growth of fast food and quick service restaurants. The increasing demand for fast food from restaurants/franchises in the Asia Pacific aids the growth of the market in the region.

Countries	CAGR in 2024
United States	2.70%
India	7.10%
Germany	4.20%
China	6.60%
Australia	4.40%

Fast Food & Quick Service Restaurant Market in the China

• The growing millennial population and rising demand for fast food are driving the market. The rising popularity of online food ordering and the developing partnerships between quick service restaurants and a range of online meal delivery providers have contributed to the industry’s growth.
• The region has seen the introduction of technological advancements in the market, which has resulted in increased competition in the industry.

Fast Food & Quick Service Restaurant Market in India

• In India, the fast-service restaurant industry is expected to create significant opportunities owing to factors such as hygienic and cost-effective food prices. As a result, the QSR industry now has a stronger market potential. Moreover, high-income consumers are expected to drive the growth of the market.
• The home-delivery and take-away services have drastically supported the market's growth. The take-away and home delivery services are also anticipated to contribute to the market’s revenue.

Fast Food & Quick Service Restaurant Market in Germany

• The growing popularity of fast food, increasing disposable income, rapid urbanization, and the influence of Western cuisine and culture contributed to the market’s growth in Germany.
• The market is growing due to factors such as the rise in casual dining venues, the inclusion of new goods to the menu, and the addition of value meals by quick-service restaurants and fast-food operators.
• The companies are expanding their presence in the German market and investing in research and development activities to develop new ideas and services that are more convenient for customers.

Fast Food & Quick Service Restaurant Market in the United States

• The market is developing as a result of the increasing popularity of ready-to-eat meals and consumers' growing demand for quick, cost-effective, fast food from quick service restaurants. Furthermore, changing eating habits, increased popularity of eating out, and less time spent while cooking are driving the regional expansion of the quick-service restaurant industry.
• Superior quality products have become a popular choice among health-conscious Americans due to the availability of high-quality offerings from restaurants above traditional offers.

Competitive Landscape in the Fast Food & Quick Service Restaurant Market

Manufacturers are taking benefit of collaborations, mergers with other manufacturers in the market, acquisitions, and more collaborative techniques. Market players are increasingly using collaborations to gain a wider consumer base.

Manufacturers are developing strong brand identities through effective marketing strategies to boost client loyalty. Manufacturing processes are being improved, investments in automation are being made, and the supply chain is being optimized to enhance capacity and meet the increased consumer demand.

Recent Developments in the Fast Food & Quick Service Restaurant Market

• Jollibee Foods Corp. has planned to increase its reach worldwide by opening 600 new stores by the end of 2023.
• In 2023, Jubilant FoodWorks announced the opening of 250 Domino's restaurants and 40-50 Popeye locations in India during the following 12-18 months. The business also announced that INR 900 crore expenditure will be paid by its own accounts over the next 12-18 months.

Fast Food & Quick Service Restaurant Market Key Players

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

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
  • 5.1. Chain
  • 5.2. Independent
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Cuisine
  • 6.1. American
  • 6.2. Chinese
  • 6.3. Italian
  • 6.4. Mexican
  • 6.5. Japanese
  • 6.6. Turkish & Lebanese
  • 6.7. Others
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 7.1. North America
  • 7.2. Latin America
  • 7.3. Western Europe
  • 7.4. Eastern Europe
  • 7.5. South Asia and Pacific
  • 7.6. East Asia
  • 7.7. Middle East and Africa
• 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Key Countries Market Analysis
• 16. Market Structure Analysis
• 17. Competition Analysis
  • 17.1. Quality Is Our Recipe, LLC
  • 17.2. Carrols Restaurant Group, Inc
  • 17.3. Yum! Brands
  • 17.4. Darden Concepts, Inc.
  • 17.5. McDonald's
  • 17.6. Ark Restaurant Corp.
  • 17.7. DEL TACO RESTAURANT, INC.
  • 17.8. Restaurant Brands International Inc
  • 17.9. Kotipizza Group Oyj
  • 17.10. Chipotle Mexican Grill
• 18. Assumptions & Acronyms Used
• 19. Research Methodology