According to a new market research report published by Credence Research “Quick Service Restaurant Market (Application- Individual Restaurants, Chain Restaurants) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall Quick service restaurant market worldwide was valued at US$ 1.34 Tn in 2018 and is set to grow with a CAGR of 5.5% during the forecast period.
Rising use of electronic gadgets and systems over the past few years has driven the quick service restaurant market. Quick service restaurant market is an organized sector and involves real time conversion of consumer demand as per specifications of the consumers. Further, increasing demand for fast food has brought along a significant rise in expansion of fast food chains. Growing infrastructural facilities and socializing built-ins like cafes for the millennials shall drive the quick service restaurant market. The various offerings of the quick service restaurant will mark a remarkable growth for the quick service restaurant market during the forecast period.
Based on application, the chain restaurant segment shall hold a major share in terms of revenue during the forecast period. Due to changing lifestyle pattern and increasing number of innovative fast food chains the chain restaurants shall be a significant segment of the quick service restaurant. Backed by increased adoption of smart phones, innovative payment methods and point of sales systems the chain restaurants segment shall witness a vivid growth. Further adoption of standardized pattern and policies also support the growth of chain restaurants. Thus we expect that the chain restaurants based application segment will be the prominent segment during the forecast period.
Based on the geography, Asia Pacific dominates the quick service restaurant market in 2018. Increasing young population and rising online food ordering industry in the region shall drive the quick service restaurant market. Changing government norms, food security standards and policies for incubation centers have further promoted the quick service restaurant market in growing economies of India, China and Korea. Notably, there has been an increase in the number of startups in the food-delivery segment. Thus, we expect that Asia Pacific region will significantly contribute to the total revenue of the quick service restaurant market during the forecast period 2019-2027.
Some of the major companies profiled in the report include Chick-fil-A, Domino’s, Dunkin’ Brands Group, McDonald’s, Restaurant Brands International, Starbucks, Subway, The Wendy’s Company, Yum! Brands among others.
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