Reinvention of Customer Experience is Driving the Quick Service Restaurant Market

The quick service restaurant market worldwide is expected to grow with a CAGR of 5.5% during the forecast period from 2023 to 2030, starting from US$ 1.56 Tn in 2021. The prerequisite for reinventing customer experience, improved demand for self-service options and escalating awareness for the same among the consumers is driving the quick service restaurant market. A quick service restaurant acts as a fast food cuisine provider and has nominal table service. The adoption of smartphones and downloadable applications has led to various innovations in the quick service restaurant. Hence, we expect that the quick service restaurant market will show significant growth during the forecast period.

Chain Restaurant based Segment will Led the Market

The quick service based restaurant market is segmented into individual and chain restaurants based on type. Chain restaurants hold a significant share in the quick service restaurant market. The growing adult population is inclined towards the eat-in. The trend of corporate parties, social meetup and outings had contributed significantly to the restaurant trend. The increased adoption of smartphones and internet penetration shall facilitate the use of review based opinions and thus fostering revenue for a well-established chain of restaurants. Thus, we expect that the chain restaurants segment shall continue holding a significant share in the quick service restaurant market during the forecast period 2023-2030.

Asia Pacific to Possess Significant share during the Forecast Period

In 2021, Asia Pacific has a significant share in the global quick service restaurant market. Growing urbanization and rising awareness among the people towards ready to eat meal is driving the growth of the market in the region. Owing to increasing demand for ready-to-eat meals among the consumers and cumulative number of service providers in the region the quick service restaurant market shall expand. Changing life style pattern, food safety norms and awareness towards healthy eating is driving the growth of quick service restaurant market in the growing economies say India and China. Thus, Asia Pacific shall continue to dominate share in the quick service restaurant market throughout the forecast period.

Some of the prominent players operating in the quick service restaurant market Chick-fil-A, Domino’s, Dunkin' Brands Group, McDonald’s, Starbucks, Subway, The Wendy’s Company, Yum! Brands among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Quick Service Restaurant market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Quick Service Restaurant market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Quick Service Restaurant market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Quick Service Restaurant market?
• Which is the largest regional market for Quick Service Restaurant market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Quick Service Restaurant market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Quick Service Restaurant market worldwide?