Fast Food & Quick Service Restaurant Market Analysis Report By Type, By Cuisine, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global fast food and quick service restaurant market size were accounted for USD 257.19 billion in 2019. The market is anticipated to witness a 5.1% CAGR over the forecast duration, 2020 to 2027. Increasing preferences for fast food among different generations such as generations X, Y, and Z are driving the market growth. In 2019, the fast-food industry was worth more than USD 500 billion. Fast food restaurants and quick service restaurants are the major distributors of fast food. Factors such as good taste, cost-effectiveness, and convenience are driving the sales of fast food.

Fast-food & quick-service restaurants have evolved over the years to embrace the changing needs of customers and their business models. Apart from sitting and dining, most of these restaurants offer home delivery, take-out, and drive-thru options. This has increased the profit of restaurants. In addition, restaurants have partnered with third-party delivery vendors such as Foodler, Grubhub, and DoorDash. These vendors offer doorstep delivery at odd hours, thereby, result in increased consumer satisfaction.

Increasing concern regarding health has led to fast food producers offering healthier alternatives. Restaurants are updating their recipe and menus to include healthier fast foods. A large number of restaurants are including vegetables and fruits based foods instead of processed meats to attract health-conscious consumers. Plant-based products have emerged as healthier alternatives in the recent past.

Technology has played an important role in the growth of the fast-food & quick-service restaurants market. Self-order kiosks, kitchen display screens, and digitalized sales terminals have transformed the industry operations. Self-kiosk, in particular, has been witnessing increased adoption across restaurants. This technology helps customers to order their food along with customization.

Type Insights

Based on type, the independent fast-food & quick-service restaurants held over 65.0% share in the market in 2019. This category includes restaurants having four or lesser branches along with subsidiaries of similar types. These restaurants are more inclined towards local cuisine and taste, thereby, gaining traction among consumers. Local tastes and cuisine attract a larger consumer base from the local community. For example, Dish Society, which is a Houston-based restaurant, has two units and it offers various fast foods such as cakes, tacos, salads, cookies, biscuits, and sandwiches among others.

On the other hand, chain fast food & quick-service restaurants are projected to register the highest growth of 5.9% over the forecast duration. This segment includes restaurants with five or more branches. McDonald's, KFC, Pizza Hut, KFC, and Subway are some of the major restaurants of this type. These restaurants are offering foods based on countries’ menus, thereby, gaining increasing popularity among the local masses.

Cuisine Insights

In 2019, American cuisine accounted for the highest share in the market with over 25.0% share. This includes restaurants serving burgers, fries, popcorns, chicken fries, cinnamon rolls, cakes, nuggets, toasts, wraps, desserts, flavored drinks, and potato wedges among others. Factors such as rapidly changing lifestyles, industrial processes, and the development of various franchises are driving the segment growth.

On the other hand, Turkish & Lebanese cuisine is projected to witness the maximum growth over the forecast duration. This category includes börek, tantuni, tost, shawarma, sosisli, pogaca, kumpir, kestane, tostu, midye dolma and açma among others. The increasing popularity of these foods has encouraged restaurants to offer such foods across borders.

Regional Insights

In 2019, North America accounted for more than 40.0% share in the fast-food and quick-service restaurant market and emerged as the leading region. Countries such as the United States, Mexico, and Canada enjoy varieties of fast foods. As reported by the Center for Disease Control & Prevention, over 36.0% of adults, from 2013 to 2016, consumed fast food on any given day. Nearly 45.0% of consumers are aged between 20 and 39, while 37.7% of consumers are from the age brackets of 40 to 59. People aged 60 and more accounted for only 24.1%. In addition, fast food consumption in men was higher than in women.

Asia Pacific is anticipated to register a 6.2% CAGR over the forecast duration. The increasing number of both local and international fast-food chains is supplementing the growth of the region. Burger King, KFC, and McDonald’s are some of the leading fast-food chains in the Asia Pacific. Popular domestic restaurants are Trung Nguyen Coffee, Café Amazon, and Jollibee Foods in Vietnam, Thailand, and the Philippines respectively.

COVID-19 Impact Analysis

Fast food & quick-service restaurants have been adversely affected due to the outbreak of COVID-19. Following the strict lockdown imposed by governments across different parts of the world, fast-food restaurants were forced to close their operations. Sit and dine services have been hit badly, leading to a drop in the revenue for restaurants. To arrest the spread of the COVID-19, people refrained from going outside. However, takeaways and online orders have witnessed increased demand. This trend is anticipated to continue over the next few years.

Fast Food & Quick Service Restaurant Market Share Insights

Key players in the market are McDonald's, Darden Concepts, Inc, Yum! Brands, Restaurant Brands International, Kotipizza Group Oyj, and Ark Restaurant Corp among others. Fast foods have gained traction as cuisine for different occasions. For example, White House, in 2019, hosted a lunch party where foods were from Chick-Fil-A and McDonald's. Fast foods such as fried chicken sandwiches, sauce, and Big Macs were part of the menu.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global fast food and quick service restaurant market report based on 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

• Regional Outlook (Revenue, USD Billion, 2016 - 2027)
    • North America
        • The U.S.
    • Europe
        • Germany
        • The U.K.
    • The Asia Pacific
        • China
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa (MEA)
        • Saudi Arabia