Quick Service Restaurants (QSR) Market: Size, Share, Outlook, Future Growth and Opportunities 2021-2028

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Global Quick Service Restaurants (QSR) Market Research Report: Information by Service Type (Self Serviced, Assisted Self Serviced, and Full Serviced), Category (Single Outlet and QSR Chain), and Region

Market Forecast

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 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 several locations across the south coast of the UK which is not franchised. Others renowned global chains including Nando’s Group also operate as company-owned restaurants rather than a franchise model. Also, some QSR chains operate both with several 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 WokGo offer 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 intending to adapt to a more health-conscious target quick-service restaurants (QSR) market.

Key Players of quick-service restaurants (QSR) Market

  • Subway IP LLC (US)
  • McDonald's Corporation (US)
  • Restaurant Brands International Inc. (Canada)
  • Yum! Brands, Inc. (US)
  • The Wendy's Company (US)
  • Domino's Pizza, Inc. (US)
  • Papa John's International, Inc. (US)
  • Wallace, Fujian Food Co., Ltd. (CNHLS) (China)
  • Inspire Brands, Inc. (US)
  • The Coca-Cola Company (Costa Coffee) (US)

 

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Growth Opportunities in the quick service restaurants (QSR) 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 quick-service restaurants (QSR) market 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 creating a brand image amongst the customers. Online delivery does 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 quick service restaurants (QSR) 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 global QSRs market are Gen Z and Millennial. These are the most tech-savvy users and are ready to pay a premium to avail of online services. Additionally, various QSR chains manage their 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 mobile applications through which the consumers can select and order from the uploaded menu and the food is home delivered by the brand itself.

By Region

North America: North America dominated the global QSRsmarket in 2020. The strong real estate industry, presence of popular QSR chains, and hectic schedules have impacted the lifestyle of Americans. The growing travel and tourism industry; an increasing number of emigrants; the presence of diverse food cultures; and the wide availability of a range of cuisines have led to the growing demand for QSRs in the region.

  • Europe:
  • Asia-Pacific: Asia-Pacific is a new revenue pocket for the QSRsmarket. The growing population in China and India has created an opportunistic market for the existing players. Increasing exposure to international cuisine and culture and the willingness to experiment with food items have further fuelled the regional market growth. Additionally, attractive seasonal offers and happy hour discounts offered by QSRs are further aiding the growth in Asia-Pacific.
  • Rest of the World

 

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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