New York, US, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Quick Service Restaurants (QSR) Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Quick Service Restaurants (QSR) Market Information by Service Type, Category, and Region - Forecast till 2028”, the market is estimated to raech USD 577.71 Billion by 2028 at 3.65% CAGR.
Market Scope
The word "quick-serve" is sometimes interchanged with "fast food," and the vast majority of QSRs are franchised chain restaurants. The majority of QSR environments are focused on functionality, with speed and efficiency being the primary objectives. A few characteristics of a QSR include: a price range of USD 5-8 per meal; a restricted menu consisting primarily of portable sandwiches or burgers, wraps, and a small variety of pre-packaged salads; plastic chairs and tabletops; table service is rarely provided; and food is typically taken to-go.
Market Drivers
Quick service restaurants and fast food restaurants have emerged as a key provider of this mass-produced food, drawing an increasing number of people to try and appreciate their offerings. Convenience, superb 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. The rapid expansion of the worldwide QSR market is directly proportionate to the global tourism industry's expansion. The hospitality and tourism industries have seen tremendous expansion in both established and developing economies in recent years, which has expedited the growth of QSRs around the world.
Most fast food businesses have been forced to create healthier fast food products as a result of rising health concerns about increased fast food consumption. To create healthier fast food options, most eateries have updated their menus and recipes. Fruits and vegetables outnumber processed meat in a huge number of fast-food items, which is deemed harmful. Vegetarianism and veganism, in addition to healthy eating habits, are influencing menu adjustments. A prominent trend is the increasing inclusion of plant-based items in menus, which, in addition to catering to unique customer wants, aids in the creation of a sustainability-focused image.
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Competitive Landscape
The notable players of the Market are
- 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)
Market Restraints
Setting up a restaurant in India is a time-consuming and exhausting procedure that necessitates various government approvals. Aside from that, rapid foodservice suppliers, particularly in developing countries, confront a big challenge in the form of a skilled workforce.
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COVID-19 Analysis
The outbreak of Covid-19 has resulted in a drop in the food service business, with governments throughout the world issuing lockdown and "remain at home" orders, and consumers choosing to stay indoors to prevent the spread of the novel coronavirus. QSRs have been compelled to close their doors to dine-in customers as a result of the pandemic, resulting in a dramatic reduction in QSR industry growth. However, as government regulations loosen, QSRs are focusing more on hygiene and safety steps to prevent the virus from spreading. As a result, there is a significant supply and demand gap, which has resulted in a reduction in dine-in seats, lowered orders, and even impacted operation time. During the forecast period, however, the total QSR industry is likely to be driven by the progressive relaxation of government restrictions and the expanding popularity of online meal delivery services.
Market Segmentation
Over the review period, the self-service sector is likely to lead the market, in terms of service type.
Owing to the rising number of food service outlets around the world, the QSR Chain sector accounted for the largest market share in 2020, by category.
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Regional Insights
In 2020, North America dominated the worldwide QSRs market. The strong real estate business, the presence of popular QSR chains, and Americans' demanding schedules have all had an impact on their way of life. The region's expanding demand for QSRs is due to the region's developing travel and tourism business, increasing number of emigrants, existence of diversified food culture, and extensive availability of a variety of cuisines.
For the QSR market, Asia-Pacific is a new revenue source. China's and India's rising populations have created a lucrative market for existing players. Increased exposure to international cuisine and culture, as well as a willingness to try new foods, have spurred regional market expansion. In addition, QSRs have appealing seasonal specials and happy hour discounts, which also contribute to Asia-Pacific growth.
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