Quick Service Restaurants (QSR) Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

In 2024, the QSR market is expected to reach $ 451,563,942,944 by 2032, and is expected to reach $ 710,654,287,905 by 2032. CAGR is 4.02% from 2024 to 2032. This steady growth shows the strong demand for fast food and QSR, which is mainly driven by the change in people's lifestyles and the need for convenience and speed in food service. There are also some factors that promote the development of the QSR market, such as the popularity of digital ordering and delivery, which have become an important part of the QSR experience. Also, the use of technology such as mobile phones, Internet platforms, and contactless payment methods has made it easier for consumers to order and pay. Also, the health trend of consumers has driven QSRs to reform their menus and offer healthy choices in addition to fast food. QSRs are also expanding their store networks, establishing new outlets, and opening new branches. , such as Dunkin' Donuts, Burger King, and Domino's Pizza, are actively investing in technology and strategic cooperation to improve their services and expand their market scale, thus strengthening their positions in this competition.

Regional Market Size

Regional Deep Dive

Quick-service restaurants (QSRs) are known for their quick service, affordability, and convenience, making them a popular dining choice in various regions. In North America, for instance, the market is driven by a high demand for fast food, with consumers increasingly seeking healthy options and new products. In Europe, the market is characterized by a combination of traditional and modern QSRs, with a growing emphasis on sustainable and local sourcing. In Asia-Pacific, the QSR market is soaring, with rapid urbanization and changing lifestyles driving demand. The Middle East and Africa are also experiencing high growth, with the rising purchasing power of a young population and the growing middle class. Latin America, too, is seeing a rise in QSRs, with a focus on local tastes and the expansion of international brands. In general, the QSR market is evolving, with new trends such as digital ordering, delivery services, and healthy options.

Europe

• Sustainability initiatives are reshaping the QSR landscape, with brands like Pret a Manger committing to using 100% recyclable packaging by 2025, reflecting consumer demand for environmentally friendly practices.
• The European Union's regulations on food labeling and health standards are pushing QSRs to adapt their menus, leading to a rise in transparency regarding nutritional information and ingredient sourcing.

Asia Pacific

• The rapid urbanization in countries like China and India is driving the expansion of QSR chains, with local brands such as Jollibee and international giants like KFC adapting their menus to cater to regional tastes.
• Digital payment systems and food delivery apps are becoming increasingly popular, with companies like Grab and Zomato facilitating the growth of QSRs by providing convenient access to consumers.

Latin America

• The expansion of international QSR brands in Latin America is notable, with companies like Subway and Taco Bell entering markets such as Brazil and Mexico, adapting their offerings to local tastes.
• Economic growth in the region is leading to increased disposable income, which is driving demand for fast food, particularly among the urban youth population.

North America

• The rise of plant-based menu items has been significant, with companies like Burger King introducing the Impossible Whopper to cater to health-conscious consumers and vegetarians.
• Technological advancements in mobile ordering and delivery services have been accelerated by the pandemic, with major players like Domino's and McDonald's investing heavily in app development and contactless delivery options.

Middle East And Africa

• The QSR market is benefiting from a young demographic, with brands like KFC and McDonald's expanding their presence in countries like Saudi Arabia and the UAE, where fast food is becoming a staple.
• Government initiatives aimed at diversifying economies, such as Saudi Vision 2030, are encouraging foreign investment in the QSR sector, leading to an influx of international brands.

Did You Know?

“In the United States, approximately 50% of adults visit a QSR at least once a week, highlighting the significant role these establishments play in the daily lives of consumers.” — National Restaurant Association

Segmental Market Size

Quick Service Restaurants (QSRs) play a key role in the foodservice industry, which is currently experiencing stable growth, driven by changing consumer preferences for speed and convenience. The growing urban population and their fast-paced lifestyles are driving demand for QSRs. The growing number of digital ordering platforms is also making QSRs more accessible. Also, the trend towards healthier eating is driving QSRs to expand their menus to cater to a wider audience. The QSR industry is currently in its growth phase, with some QSRs like McDonald’s and Starbucks already offering advanced digital ordering and delivery services. The most popular digital ordering methods are the QSRs’ own mobile app, drive-throughs and third-party platforms such as UberEats and DoorDash. Contactless ordering and delivery, accelerated by the COVID-19 influenza pandemic, is becoming more popular. Also, QSRs are responding to the demand for eco-friendly packaging and sourcing. Artificial intelligence (AI)-based customer preference analysis and automation of food preparation are shaping the evolution of the industry.

Future Outlook

Quick Service Restaurants (QSRs) are a significant market from 2024 to 2032, with a projected growth from US$450 billion to US$720 billion, at a compound annual growth rate (CAGR) of 4.02%. This is driven by the increasing preference for convenience and speed, and the rise of digital ordering and delivery. By 2032, it is expected that about 60% of QSR transactions will be conducted through digital platforms, as a result of the advancement of mobile technology and the proliferation of food delivery applications. Artificial intelligence and big data will also help QSRs to improve their operations and customer engagement, enabling them to respond quickly to consumers’ changing needs. In addition, the focus on healthy and sustainable food will also shape the QSR market, as consumers seek to make more informed choices. QSRs are well positioned to capture a larger share of the food service market, ensuring steady growth until 2032.