New York, June 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fast Food and Quick Service Restaurant Global Market Report 2023" - https://www.reportlinker.com/p06463991/?utm_source=GNW
, Jack in the Box Inc., Kotipizza Group Oyj, Ark Restaurant Corp., Restaurant Brands International Inc., Subway, The Wendy’s Company, Yum! Brands, Quality Is Our Recipe LLC, Starbucks Corporation, Domino’s Pizza, Coffee Day Global Limited, DD IP Holder LLC, Dunkin Brands Group, Hunt Brothers Pizza, Jollibee Foods Corporation, Little Caesar Enterprises Inc., Papa John’s International Inc., and Pizza Hut.
The global fast food and quick service restaurant market is expected to grow from $273.20 billion in 2022 to $292.78 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The fast food and quick service restaurant market is expected to reach $371.47 billion in 2027 at a CAGR of 6.1%.
The fast food and quick service restaurant market include revenues earned by prodiving services related to sit-down restaurants, buffet-style eateries, takeaways, and fast-food dining.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Fast food and quick service restaurant are fast-food outlets where people pay for food at the counter before consumption. Fast-food restaurants are part of a restaurant chain that provides standardized ingredients or partially prepared foods and supplies to each restaurant through controlled supply channels.
North America was the largest region in the fast food and quick service restaurant market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in fast food and quick service restaurant report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of fast food and quick service restaurant are chain and independent.The fast food chain is a chain of restaurants serving fast food.
The various products involved are burgers and sandwiches, pizzas and pasta, drinks and desserts, chicken and seafood, and others that are served by eat-in, takeaway, drive-through, and home delivery services which consist of american, chinese, italian, mexican, japanese, turkish and lebanese and other cuisines.
The increasing popularity of restaurants is expected to propel the growth of the fast-food and quick-service restaurant market going forward.A restaurant is a business that prepares and serves food and drinks to customers.
The restaurants are typically found inaccessible locations where the food can be ordered and consumed promptly in a shorter time which is convenient for customers.Hence, the increasing popularity of restaurants will increase the demand for fast food and quick service restaurant.
For instance, in 2022, according to the International Conference on Financial Innovation and Economic Development and American Catering Association statistics, Out of 5536 transactions, 90% of consumers like to go to restaurants, 44% of consumers ordered takeout through restaurant apps or websites in the past year, and 22% prefer restaurants with Internet services. Therefore, the rising demand for fast food items is driving the fast food and quick service restaurant market.
Technological advancements are a key trend gaining popularity in the fast-food and quick-service restaurant market.Major companies operating in the fast food and quick service restaurant market are focused on developing new solutions to strengthen their position in the market.
For instance, in April 2022, Toast, a US-Cloud based company launched Quick Service, which is completely customizable and is designed specifically to help quick-service restaurants.The quick service for restaurants is built for casual, counter-service restaurants based on their unique needs, helping them run more efficient and profitable businesses.
These quick serves can improve revenue and provide a better guest experience.
In December 2021, Restaurant Brands International Inc., a Canada-based fast food holding company acquired Firehouse Restaurant Group Inc for $1.0 billion. With this acquisition, RBI will expand its family of quick-service restaurant brands, which already include Popeyes, Tim Hortons, and Burger King. Firehouse Restaurant Group Inc is a US-based quick restaurant chain that provides sandwiches, drinks, and salads, hot and cold subs.
The countries covered in the fast food and quick service restaurant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fast food and quick service restaurant market research report are one of a series of new reports that provides fast food and quick service restaurant market statistics, including fast food and quick service restaurant industry global market size, regional shares, competitors with fast food and quick service restaurant market share, detailed fast food and quick service restaurant market segments, market trends, and opportunities, and any further data you may need to thrive in the fast food and quick service restaurant industry. This fast food and quick service restaurant market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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