Quick Service Restaurants Market Updates

Global Quick Service Restaurants market size was valued at USD 336.1 Billion in 2023 and is expected to grow from USD 361.3 Billion in 2024 to USD 632.4 Billion by 2032, growing at a CAGR of 7.1% in the forecast period (2025-2032).

With growing competition and shifting consumer attitudes, leading players in the global Quick Service Restaurants (QSR) sector are adopting new partnerships as a means of achieving a competitive edge. One such example is Swiggy's recent partnership between Domino's and Bolt in India to expand its footprint in the country's thriving hospitality and food services sector. Through the integration of Domino's menu into the Bolt segment of the Swiggy application, the alliance provides an enhanced experience of ordering with real-time tracking after an industry wide transition to digital aggregation and availability of services. 'McDonald's Corporation', 'Starbucks Corporation', 'Chick-fil-A, Inc.', 'Yum! Brands, Inc.', 'Restaurant Brands International', 'Domino's Pizza, Inc.', 'Wendy's Company', 'Subway IP LLC', 'Papa John's International, Inc.', 'Krispy Kreme, Inc.', 'Chipotle Mexican Grill, Inc.', 'Coffee Day Enterprises Ltd', 'Little Caesars Enterprises, Inc.', 'Inspire Brands, Inc.', 'Popeyes Louisiana Kitchen, Inc.', 'Graviss Foods Private Limited', 'Wingstop Inc.', 'Panera Bread', 'Del Taco Restaurants Inc.', 'Jack in The Box Inc.'

The QSR industry is reaping hugely from increasing urbanization and hectic lifestyles, particularly among Gen Z and millennials. Such consumers are opting for speed, affordability, and convenience when it comes to eating out. Quick service models will carry about half of all foodservice transactions in the world in 2023. The spread of 24/7 operations, drive-through operations, and value meal options has further propelled demand, particularly in developing economies where disposable incomes are increasing.

Short-Term: In the short run, the Quick Service Restaurant (QSR) category is highlighting value proposition led products to cater to price sensitive customers in the time of long-standing inflation. Large chains such as McDonald's, Taco Bell, and Wendy's have come out with value meal deals such as McDonald's USD 5 value meal and Taco Bell's USD 7 Luxe Box, which have done well on the spend and traffic front. Affordability will likely continue to be one of the main strategies during 2025.

Why is North America Leading Quick Service Restaurants Market in 2024?