Fast Food & Quick Service Restaurant Market 2020 and Forecast 2021-2027

  • TBI581787
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Fast Food & Quick Service Restaurant Market

The global fast food and quick service restaurant market size was valued at USD 257.19 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.1% from 2021 to 2027. The market growth is assisted by increasing preference for fast food among generation X, Y, and Z across the globe. The fast food industry size was valued at over USD 500 billion in 2019. Quick service restaurants and fast food restaurants have evolved as a major provider of this mass-produced food, which has been attracting an increasing number of people towards experiencing and enjoying their services. Convenience, good taste, and economical in terms of both time and money are some of the crucial factors acting in favor of the market for fast food and quick service restaurant. The fast food and quick service restaurant industry has evolved to encompass the changing needs of its customers in its business model. Most of the quick service restaurants, along with offering sit and dine also offer numerous other services, including take-out, drive-thru, and home delivery, which are well suited to the modern lifestyle. This has also helped the restaurant business in maximizing benefits. The delivery trend has been further propelled by third party delivery services, such as DoorDash, Foodler and Grubhub, which have extended the courtesy of distributing food at odd hours too. Thus, customers who prefer dining at home contribute a major chunk of revenue for the fast food and quick service restaurant industry. Health-related concerns over increasing fast food consumption have obligated most fast food producers to create healthier fast food products. Most restaurants have been updating their menus and recipes to create healthier fast food options. A large number of fast-food items show dominance of fruits and vegetables over processed meat, which is considered to be unhealthy. Along with healthy eating habits, vegetarianism and veganism are also influencing the changes in the menu. Rising inclusion of plant-based products in the menu is a major trend, which along with catering to niche customer demands also helps in creating a sustainability-focused image. Technology has also played a crucial role in supporting the market growth. Touchscreen point of sales terminals, self-order kiosks, and kitchen-display screens are among many other technologies that are helping in restructuring the industry operations. Deployment of self-order kiosks has been increasing in number in various restaurants. These help in meeting diners’ expectations through top-notch digital experience and easy-to-use interfaces. Furthermore, these give customers a quick and easy opportunity to be selective about their orders by allowing multiple reviews and customizations. Besides assisting the customers, the kiosks also help in increasing the average check size and order volume and shortening the queue. Type Insights Independent fast food and quick service restaurant lead the market and accounted for more than 65.0% share of the global revenue in 2019. The category includes restaurants with four or fewer branches or subsidiaries with the same name and of the same type. The growth is attributed to the fact these restaurants serve fast food that is more inclined to the local taste and cuisine. The local flavors are much more familiar among local people, and thus standalone quick service restaurants enjoy a wider penetration among the common mass. Dish Society is a Houston-based fast food restaurant that operates through two units. The restaurant offers toasts, tacos, sandwiches, salads, crackers, cakes, cookies, and biscuits and is focused on offering meals for half the cost. Chain fast food and quick service restaurant is expected to register the highest CAGR of 5.9% from 2021 to 2027. The segment includes restaurants with five or more branches or subsidiaries with the same name and of the same type. Some of the most popular restaurant chains operating globally are Subway, McDonalds, Starbucks, KFC, Burger King, Pizza Hut, Domino’s, Dunkin’, Baskin-Robbins, Hunt Brothers Pizza, Wendy’s, and Taco Bells. Adaptation of menu based on the countries that these restaurants have been entering has been a crucial strategy motivating the global success of these restaurant chains. Cuisine Insights American cuisine led the market and accounted for more than 25.0% share of the global revenue in 2019. The category includes restaurants serving a variety of burgers, pop-corns, fries, frozen dairy desserts, wraps, doughnuts, toasts, nuggets, sandwiches, sliders, coleslaw, potato wedges, chicken fries, corn dogs, chicken fingers, cinnamon rolls, biscuits, cakes, muffins, and sweet flavored drinks. The industrial process, fast-paced lifestyle, development of franchises, and efficiency in production are some of the factors playing a integral role in widening the scope of American cuisine. Turkish and Lebanese cuisine is expected to register the highest CAGR of 6.4% from 2021 to 2027. The category includes restaurants serving açma, ayvalik tostu, balik ekmek, börek, döner, dürüm, gözleme, kebap, kestane, kokoreç, kol böregi, kumpir, kürt böregi, lahmacun, midye dolma, misir, pide, pogaca, simit, sosisli, taksim hamburger, tantuni, tavuk pilav, tost, and shawarma. Growing popularity of the cuisine has given opportunities to various restaurant companies offering Turkish and Lebanese fast food to open new branches across borders.

Regional Insights: Fast Food & Quick Service Restaurant Market

North America held the largest share of over 40.0% in 2019. Different types of fast food have been popular in the U.S., Canada, and Mexico. According to a report released by the Center for Disease Control & Prevention, from 2013 to 2016, 36.6% of adults consumed fast food on any given day. 44.9% of the fast-food consumers are aged between 20 and 39, 37.7% are aged between 40 and 59, and 24.1% are aged 60 and above. It was concluded that the consumption of fast food reduced with age. It was also noticed that a greater number of men consumed fast food in comparison to women. Asia Pacific is the fastest growing regional market with a CAGR of 6.2% from 2021 to 2027. The region has a wide penetration of both local as well as foreign fast food restaurant chains. McDonald’s, Burger King, and KFC are some of the most popular American restaurant chains in the region. Some of the domestic fast-food restaurants in the region are Trung Nguyen Coffee in Vietnam; Kebab Turki Baba Raffi in Indonesia; Café Amazon in Thailand; and Jollibee Foods in the Philippines.

Key Companies & Market Share Insights: Fast Food & Quick Service Restaurant Market

Some of the key market players are Quality Is Our Recipe, LLC; Carrols Restaurant Group, Inc.; Yum! Brands; Darden Concepts, Inc.; McDonalds; Ark Restaurant Corp.; DEL TACO RESTAURANT, INC.; Restaurant Brands International Inc.; Kotipizza Group Oyj; Chipotle Mexican Grill; DD IP Holder LLC; and JACK IN THE BOX INC. Fast foods have evolved as cuisine for all occasions. For instance, in March 2019, White House hosted a lunch meal for the North Dakota State Bison football team where the food was from McDonalds and Chick-Fil-A. Items like Big Macs and fried chicken sandwiches and sauce were on the menu. Fast Food & Quick Service Restaurant Market Report Scope

Key companies Profiled: Fast Food & Quick Service Restaurant Market Report

  • Quality Is Our Recipe, LLC
  • Carrols Restaurant Group, Inc.
  • Yum! Brands
  • Darden Concepts, Inc.
  • McDonalds
  • Ark Restaurant Corp.
  • DEL TACO RESTAURANT, INC.
  • Restaurant Brands International Inc.
  • Kotipizza Group Oyj
  • Chipotle Mexican Grill
  • DD IP Holder LLC
  • JACK IN THE BOX INC.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global fast food and quick service restaurant market report on the basis of type, cuisine, and region:

Type Outlook (Revenue, USD Billion, 2016 - 2027)

  • Chain
  • Independent

Cuisine Outlook (Revenue, USD Billion, 2016 - 2027)

  • American
  • Chinese
  • Italian
  • Mexican
  • Japanese
  • Turkish & Lebanese
  • Others

Table of Contents
Chapter 1. Methodology and Scope
 1.1. Market Segmentation & Scope
 1.2. Market Definition
 1.3. Information Procurement
      1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
      1.3.2. IFF Internal Database
      1.3.3. Secondary Sources & Third-Party Perspectives
      1.3.4. Primary Research
 1.4. Information Analysis 
      1.4.1. Data Analysis Models
 1.5. Market Formulation & Data 
|  read more...

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