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The quick-service restaurant market is witnessing a robust growth owing to the increase in consumption of fast-foods and ready-to-eat foods by the consumers. The increase in consumption of convenience food, especially by the working population owing to their fast-paced lifestyles has positively driven the quick-service restaurant’s market growth. The significant rise in the expansion of fast-food chains, particularly in the emerging economies has also aided in the market growth. The quick-service restaurants are introducing new food concepts such as fusion cuisines, vegan fast-foods, and others for drawing the consumer's attention, which in turn is boosting its market growth.
The rising trend of dining out and less time spent on cooking are the major factors driving the quick service restaurants market growth. The increasing investments in airports and expressways infrastructure for serving the consumers have opened new pavements for various quick-service restaurants for establishing their outlets. The consumers growing inclination towards ordering food online has led to many quick-service restaurants to start door-step delivery options, which also has propelled its market growth.
The consumers rising demand for fast-foods has positively driven the quick service restaurants market. The increase in the consumption rate of ready-to-eat foods by the millennial population has aided in its market growth. The growing concept of socializing at cafes among the younger cohort has further fuelled the quick-service restaurant’s market growth.
Key Market Driver -
Increase in Demand for Fast-foods
Key Market Restraint -
Lack of Best Practices Adaptability
The lack of best practices by the quick service restaurants that lead to the degradation in the quality of food has negatively impacted the market growth. Many small and mid-sized players in the developing economies lack manpower, appropriate infrastructure, and adequate technologies which leads to poor quality of food being delivered to the consumers, which is acting as a restraint in its market growth.
The key companies operating in the global quick-service restaurants market are, Domino's Pizza, Inc., Burger King, Dunkin Brands Group, Chick-fil-A, McDonald's Corporation, Starbucks Corporation, Subway, Restaurant Brands International Inc., The Wendy’s Company, Yum! Brands, Inc.
The quick-service restaurants market is segmented on the basis of service type and geography. The eat-in service type segment is leading due to the growing global population inclining towards dining out restaurants. The home delivery options are gaining popularity among the consumers as they offer the choice and convenience to order from a wide array of restaurants. The quick-service restaurants are now increasingly collaborating with online food delivery platforms to expand their business and reach out to many consumers.
North America is witnessing significant growth in the quick service restaurants market. The rising trend of consuming ready-to-eat foods and the consumers increasingly seeking fast, inexpensive fast-foods from the quick service restaurants is aiding in its market growth. Further, the evolving lifestyles, increasing dining out culture, and less time spent on cooking are the major factors driving the regional growth of the quick-service restaurants market.
Europe is expected to witness considerable growth in the upcoming years. The quick-service restaurants market is growing due to factors such as rise in the casual dining restaurants, introduction of new products in the menu, and value meals added by the restaurants and fast-food operators. The quick-service restaurants are incorporating organic and vegan ingredients for their meal preparations in order to set them apart from the other fast-food concepts thereby fuelling its market growth.
Asia Pacific is anticipated to observe a significant growth in the foreseeing years. The growing millennial population and increasing demand for fast-food are driving the quick service restaurants market. The rising trend of ordering food online and the growing collaborations of quick-service restaurants with numerous online food delivery platforms have positively aided in market growth. The growing infrastructure and rapid urbanization are also the factors fuelling the quick-service restaurants market growth.
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