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.
Over the last few years, the growing use of electronic gadgets and systems has propelled the fast-service restaurant industry. The Quick Service Restaurant Market is an integrated sector and requires a real-time conversion of consumer demand as per market requirements. In fact, increasing demand for fast food has led to a significant rise in the growth of fast food chains. Growing infrastructure and socializing buildings such as millennial cafes will drive the fast-service restaurant market. The different offerings of quick service restaurants would mark a remarkable increase in the demand for quick service restaurants during the forecast period.
On request, the chain restaurant segment will hold a major revenue share during the forecast period. Thanks to a growing lifestyle trend and an increasing number of creative fast food chains, chain restaurants are a significant segment of the fast food service restaurant. Enabled by the increased adoption of smartphones, creative payment methods and point-of-sale systems, the restaurant chain segment is experiencing rapid growth. The implementation of a standardized pattern and policies will also support the growth of chain restaurants. Therefore, we expect the application-based chain restaurant segment to be a prominent segment in the forecast period.
Geographically, Asia Pacific dominated the fast-service restaurant market in 2018. The growing young population and the increasing online food ordering industry in the area are driving the fast service restaurant market. Changing government standards, food safety standards and policies for incubation centers have further encouraged the fast-service restaurant industry in the growing economies of India, China and Korea. In particular, there has been an increase in the number of start-ups in the food delivery market. As a result, we expect the Asia-Pacific region to make a significant contribution to the overall revenues of the fast-service restaurant industry 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.