This market research report presents a comprehensive analysis of the global quick service restaurants (QSR) market by service (eat-in, takeaway, drive-thru, and home delivery) and by geography (APAC, Europe, North America, and ROW). Leading vendors identified in this market are Chick-fil-A, Domino’s, Dunkin’ Brands, McDonald’s, Restaurant Brands International, Starbucks, Subway, Wendy’s, and Yum! Brands.
Technavio’s market research analysts estimate the global QSR market to grow at a CAGR of over 4% between 2016 and 2020. The market is driven by the increased demand for customized food menu offerings primarily brought about by the increasingly hectic lifestyles of. The adoption of digital marketing by numerous vendors such as McDonald’s, Taco Bell, Pizza Hut, Domino’s, and KFC are expected to boost the sales, and result in the subsequent growth of the QSR market during the forecast period. At present, North America dominates the QSR market globally by accounting for over 34% share of the market. The demand for convenience and customization are some of the factors responsible for the flourishing of the market in this region. The launch of innovative and nutritious food offerings in the menu by major players is expected to propel the growth of the QSR market in this region over the next four years.
The new market research report from Technavio presents a breakdown and analysis of the QSR segments by service.
“Innovative packaging is the latest trend in the QSR market across the globe. Brands are focusing increasingly on generating interest and curiosity among consumers through packaging. Innovations are made in terms of biodegradable packaging, compostable packaging, and packaging customized to a particular shape and size of a food product. Corrugated packaging is also gaining popularity in the market due to its thermal properties,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
In 2015, the eat-in segment dominated the global QSR market with a market share of over 53%, and is expected to witness steady growth during the forecast period. This segment is driven by the increase in the population of people aged 25-49 as they prefer dining out owing to their fast-paced lifestyle and busy working schedules. Vendors are also providing promotional offers and discounts to customers to dine in their quick service restaurants as it helps improve their customer service experience and isolate areas of improvement.
The key vendors in the global QSR market include Chick-fil-A, Domino’s, Dunkin’ Brands, McDonald’s, Restaurant Brands International, Starbucks, Subway, Wendy’s, and Yum! Brands. The global QSR market is dynamic in nature as it is subject to rapidly changing consumer preferences and demands. The QSR market is highly fragmented owing to the presence of several small and large players. Vendors in the market compete on the basis of pricing strategy, product and packaging innovation, service, quality of food, and menu variation. Therefore, to survive and succeed in a stiff competitive environment, it becomes imperative for vendors to distinguish their product and service offerings through a clear and unique value proposition.
A more detailed analysis is available on the Technavio report, Global QSR Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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