Fast Food and Quick Service Restaurant Global Market Report 2023: Sector to Reach $371.47 Billion by 2027 at a 6.1% CAGR

Dublin, May 31, 2023 (GLOBE NEWSWIRE) -- The "Fast Food and Quick Service Restaurant Global Market Report 2023" report has been added to's offering.

The global fast food and quick service restaurant market is expected to grow from $273.20 billion in 2022 to $292.78 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The fast food and quick service restaurant market is expected to reach $371.47 billion in 2027 at a CAGR of 6.1%.

The increasing popularity of restaurants is expected to propel the growth of the fast-food and quick-service restaurant market going forward. A restaurant is a business that prepares and serves food and drinks to customers. The restaurants are typically found inaccessible locations where the food can be ordered and consumed promptly in a shorter time which is convenient for customers.

Hence, the increasing popularity of restaurants will increase the demand for fast food and quick service restaurant. For instance, in 2022, according to the International Conference on Financial Innovation and Economic Development and American Catering Association statistics, Out of 5536 transactions, 90% of consumers like to go to restaurants, 44% of consumers ordered takeout through restaurant apps or websites in the past year, and 22% prefer restaurants with Internet services. Therefore, the rising demand for fast food items is driving the fast food and quick service restaurant market.

Technological advancements are a key trend gaining popularity in the fast-food and quick-service restaurant market. Major companies operating in the fast food and quick service restaurant market are focused on developing new solutions to strengthen their position in the market. For instance, in April 2022, Toast, a US-Cloud based company launched Quick Service, which is completely customizable and is designed specifically to help quick-service restaurants. The quick service for restaurants is built for casual, counter-service restaurants based on their unique needs, helping them run more efficient and profitable businesses. These quick serves can improve revenue and provide a better guest experience.

In December 2021, Restaurant Brands International Inc., a Canada-based fast food holding company acquired Firehouse Restaurant Group Inc for $1.0 billion. With this acquisition, RBI will expand its family of quick-service restaurant brands, which already include Popeyes, Tim Hortons, and Burger King. Firehouse Restaurant Group Inc is a US-based quick restaurant chain that provides sandwiches, drinks, and salads, hot and cold subs.

North America was the largest region in the fast food and quick service restaurant market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in fast food and quick service restaurant report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the fast food and quick service restaurant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The fast food and quick service restaurant market include revenues earned by prodiving services related to sit-down restaurants, buffet-style eateries, takeaways, and fast-food dining. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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Where is the largest and fastest growing market for fast food and quick service restaurant? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The fast food and quick service restaurant market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
  • The forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of COVID-19 on supply chains and consumption patterns.
  • Market segmentations break down the market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Markets Covered:

1) By Type: Chain; Independent
2) By Product Type: Burger And Sandwiches; Pizzas And Pastas; Drinks And Desserts; Chicken And Seafood; Other Product Types
3) By Service: Eat-In; Takeaway; Drive-Through; Home Delivery
4) By Cuisine: American; Chinese; Italian; Mexican; Japanese; Turkish And Lebanese; Other Cuisines

Companies Mentioned: McDonald's Corporation; Burger King; Carrols Restaurant Group Inc.; Chipotle Mexican Grill; Darden Concepts Inc.

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery format: PDF, Word and Excel Data Dashboard.

Key Attributes:

Report AttributeDetails
No. of Pages275
Forecast Period2023 - 2027
Estimated Market Value (USD) in 2023$292.78 billion
Forecasted Market Value (USD) by 2027$371.47 billion
Compound Annual Growth Rate6.1%
Regions CoveredGlobal

Key Topics Covered:

1. Executive Summary

2. Fast Food and Quick Service Restaurant Market Characteristics

3. Fast Food and Quick Service Restaurant Market Trends And Strategies

4. Fast Food and Quick Service Restaurant Market - Macro Economic Scenario

5. Fast Food and Quick Service Restaurant Market Size And Growth

6. Fast Food and Quick Service Restaurant Market Segmentation

7. Fast Food and Quick Service Restaurant Market Regional And Country Analysis
7.1. Global Fast Food and Quick Service Restaurant Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Fast Food and Quick Service Restaurant Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

A selection of companies mentioned in this report includes

  • McDonald's Corporation
  • Burger King
  • Carrols Restaurant Group Inc.
  • Chipotle Mexican Grill
  • Darden Concepts Inc.
  • Del Taco Restaurants Inc
  • Jack in the Box Inc
  • Kotipizza Group Oyj
  • Ark Restaurant Corp.
  • Restaurant Brands International Inc.
  • Subway
  • The Wendy's Company
  • Yum! Brands
  • Quality Is Our Recipe LLC
  • Starbucks Corporation
  • Domino's Pizza
  • Coffee Day Global Limited
  • DD IP Holder LLC
  • Dunkin Brands Group
  • Hunt Brothers Pizza
  • Jollibee Foods Corporation
  • Little Caesar Enterprises Inc.
  • Papa John's International Inc.
  • Pizza Hut

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Global Fast Food and Quick Service Restaurant Market

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