Innovation and Customization in Food Menu Predicted to Drive the Global Quick Service Restaurant Market Until 2020, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the global quick service restaurant (QSR) market is expected to reach USD 702 billion by 2020.

This research report titled ‘Global QSR Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. To calculate market size, the report takes into consideration the revenue generated through the sales by major quick service restaurant vendors in the market.

The research study also presents market shares of the following regions:

  • Asia-Pacific (APAC)
  • Europe
  • North America
  • Rest of the world (ROW)

Request sample report: http://bit.ly/1WzQiDP

“During the forecast period, new and distinctive Asian food is anticipated to gain prominence in some of the major quick service restaurant menus. Customers will bypass Chinese, Japanese, and Thai cuisine to try new Asian varieties like Vietnamese, Filipino, and Korean,” said Vijay Sarathi, one of Technavio’s lead analysts for food and beverage research.

“To promote their customized menus, quick service restaurants depend heavily on marketing, advertising, promotions of new offerings. Vendors in this market mainly advertise their products through electronic and print media. However, with the ongoing trend of digitization, many companies like McDonald's, Taco Bell, Pizza Hut, Domino's, and KFC are experimenting with social media promotions. This trend will likely gain significant traction over the forecast period and help the market grow,” added Vijay.

Global quick service restaurant market by service 2015

-- Eat-in       53.18%
-- Take away 22.91%
-- Drive-thru 20.32%
-- Home delivery 3.59%

Source: Technavio research

Global quick service restaurant market by eat-in service: largest segment

The global quick service restaurant market by eat-in service was valued at USD 306.4 billion in 2015. A rise in the global population aged between 25-49 is driving the market for eat-in services as this age group prefers to dine out frequently.

Vendors in the eat-in service segment provide promotional offers and discounts to attract customers to dine in their quick service restaurants. This strategy helps improve their customer service experience and discover new areas of improvement. It also helps vendors increase their sales, as direct customer interaction is a great platform to learn what they should launch for their customers in the future.

Global quick service restaurant market by take away service: second largest segment

The global quick service restaurant market by take away service was valued at USD 132 billion in 2015. The growing preference for convenience is driving the market for take away services. The market is highly fragmented with the presence of several large and small players catering to the needs of millennials, who are their primary customer segment. With advances in technology, customers can now place their orders online with relative ease, based on their proximity to their preferred quick service restaurant. This, coupled with continuous innovations in packaging, will encourage more customers to buy fresh food and augment this segments growth over the forecast period.

Global quick service restaurants market by drive-thru service: third largest segment

The global quick service restaurants market by drive-thru service was valued at USD 117.1 billion in 2015. With advances in technology, customers can now have the same experience in a drive-thru service as they have while dining in quick service restaurants. For instance, the Starbucks app offers its customers the option of paying with their smartphones inside the store and in the drive-thru area.

Most quick service restaurants offering drive-thru services have started to use beacon technology. When a customer places an order through a quick service restaurant's mobile app, and as soon as the customer arrives, the restaurant can detect the customer through a beacon. This alerts the staff to start preparing orders so that the customer receives it fresh, thereby decreasing the waiting period.

Global quick service restaurants market by home delivery service

The global quick service restaurants market by home delivery service was valued at USD 20.7 billion in 2015. The demand for home delivery service is growing the fastest among other service type segments owing to the growing demand from the convenience-seeking population, a key impetus for this market. Easy packaging and storage of meals are other factors driving growth in this segment.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the global quick service restaurant (QSR) market is expected to reach USD 702 billion by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com