LONDON--(BUSINESS WIRE)--The quick service restaurants market is expected to grow by USD 122.81 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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The rising demand for fast food, especially in the emerging economies has led to an increase in the number of quick service restaurants. Also, the growing concept of socializing at cafes among youth, rapid urbanization, and the expanding white-collar demographic have increased the demand for quick service restaurants. These factors are encouraging major players in the market to expand their presence both domestically and internationally. For instance, in December 2019, RBI announced its plan to open more than 100 restaurants in Ontario and Manitoba over the next five years. Many such expansion plans are fueling the growth of the global quick service restaurants market.
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As per Technavio, the changing lifestyles and rise in demand for on-the-go food will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Quick Service Restaurants Market: Changing Lifestyles and Rise in the Demand for on-the-go Food
Quick service restaurants are usually preferred for on-the-go foods. The demand for on-the-go foods has always been widely prevalent in developed regions such as North America. The preference for such convenience foods is also gaining traction in many developing countries across Asia and the Middle East. This can be attributed to the rise in purchasing power, especially in countries such as China and India, and the rising demand for convenience due to hectic lifestyles. These factors are positively impacting the growth of the global quick service restaurants market.
“Growing innovation and customization in food menu and the increasing demand for exotic cuisines will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Quick Service Restaurants Market: Segmentation Analysis
This market research report segments the quick service restaurants market by service (eat-in service, takeaway service, drive-thru service, and home delivery service) and geography (North America, APAC, Europe, South America, and MEA).
The North America region led the quick service restaurants market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the expanding working population in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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