The global fast food & quick service restaurant market size is anticipated to touch USD 383.81 billion by 2027, as per a new report by Million Insights. It is estimated that the market would register over 5.1% CAGR during the forecast years. However, the market is projected to see a major shift owing to the outbreak of COVID-19. The pandemic has led to stringent social distancing norms, which, in turn, has adversely affected the sit and dining services. Restaurants are increasingly relying on taking out and home delivery services to increase their sales.
Wow Bao, a China-based restaurants offer several kinds of pot stickers and buns through its robust delivery system. The companies have partnered with third-party distributors and several neighbouring restaurants to enhance their sales. The eateries partnering with Wow Bao needs to use the latter precooked pop stickers and buns in order to prepare the final food. Wow Bao is estimated to make up to 40% profit with this.
In addition, there would be a rise in the growth of the number of fast food chain globally over the next few years. Restaurant Brands International, in 2019, announced its plan to expand nearly 26,000 restaurants over the next ten years.
Key players operating in the fast-food & quick-service restaurants market are DEL TACO RESTAURANT, INC., Kotipizza Group Oyj, McDonald's, Carrols Restaurant Group, Inc. and Darden Concepts, Inc. among others. These players are focusing on strengthening their presence on the online platforms to increase their sales.
Further key findings from the report suggest:
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• In 2019, depending on the type, the independent segment was worth USD 168.43 billion.
• Chain segment is anticipated to register the considerable growth with 5.9% CAGR over the forecast duration.
• In 2019, the American cuisine held over 25.0% share in the market. Factors such as fast-paced lifestyle and development in the various franchise have supplemented the segment growth.
Million Insights has segmented the global fast food and quick service restaurants market on the basis of type, cuisine, and region:
Fast Food & Quick Service Restaurants Type Outlook (Revenue, USD Billion, 2016 - 2027)
Fast Food & Quick Service Restaurants Cuisine Outlook (Revenue, USD Billion, 2016 - 2027)
• Turkish & Lebanese
Fast Food & Quick Service Restaurants Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
List of Key Players of the Fast Food & Quick Service Restaurants Market
• Quality Is Our Recipe, LLC
• Carrols Restaurant Group, Inc.
• Yum! Brands
• Darden Concepts, Inc.
• Ark Restaurants Corp.
• DEL TACO RESTAURANTS, INC.
• Restaurant Brands International Inc.
• Kotipizza Group Oyj
• Chipotle Mexican Grill