The global fast food and quick service restaurant market size is expected to reach USD 383.81 billion by 2027, expanding at a CAGR of 5.1% over the forecast period. The market is expected to witness a major shift in 2020 owing to the spread of COVID-19. The crisis has led to complete lockdowns in major economies of the world. Social distancing has evolved as the essence of survival, and thus most public places, which welcome a gathering, have been put on hold. Thus, the quick service and fast food restaurant market is expected to witness a slowdown. These businesses have been heavily relying upon taking away and home deliveries to cope up with the situation.
Wow Bao, a Chinese quick-service restaurant chain offering a variety of steamed buns and potstickers, has taken refuge with a strong delivery system. It is collaborating with various neighboring restaurants and third-party delivery channels to enhance its customer reach and boost the revenue. The collaborating eateries are expected to simply use Wow Bao’s precooked and frozen buns and pop stickers to prepare the final dish by steaming and griddling it respectively. With this, the participating restaurants are expected to make a profit of around 40%.
Beyond all this, the industry is expected to witness rapid growth over time. For instance, in May 2019, Restaurant Brands International announced plans to expand from 26,000 restaurants to over 40,000 locations in the next decade. The plan precedes with the strategy of opening over 1400 stores annually.
Fast Food & Quick Service Restaurant Market Report Highlights
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On the basis of type, the market was dominated by independent fast food and quick service restaurants accounted for more than 65% of worldwide sales in 2019. The growth is due to the fact that these restaurants offer fast food that is more inclined to the local flavor and cuisine.
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Chain fast food and quick service restaurant is expected to register the fastest CAGR of 5.9% from 2020 to 2027.
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American cuisine dominated the industry in 2019 and accounted for more than 25.0% of global sales.
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Turkish and Lebanese cuisine is expected to register the fastest CAGR of 6.4% from 2020 to 2027.
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North America accounted for the largest market share of more than 40% for the fast food and quick service restaurant market in 2019.
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Asia Pacific is the fastest growing regional market with a CAGR of 6.2% from 2020 to 2027. The region has a wide penetration of both local as well as foreign fast-food restaurant chains.
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Fast Food & Quick Service Restaurants Market Segmentation
Grand View Research has segmented the global fast food and quick service restaurants market on the basis of type, cuisine, and region:
Fast Food & Quick Service Restaurants Type Outlook (Revenue, USD Billion, 2016 – 2027)
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Chain
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Independent
Fast Food & Quick Service Restaurants Cuisine Outlook (Revenue, USD Billion, 2016 – 2027)
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American
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Chinese
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Italian
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Mexican
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Japanese
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Turkish & Lebanese
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Others
Fast Food & Quick Service Restaurants Regional Outlook (Revenue, USD Billion, 2016 – 2027)
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North America
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U.S.
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Europe
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Germany
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U.K.
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Asia Pacific
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China
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Japan
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Central & South America
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Brazil
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Middle East & Africa
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Saudi Arabia
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List of Key Players of the Fast Food & Quick Service Restaurants Market
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Quality Is Our Recipe, LLC
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Carrols Restaurant Group, Inc.
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Yum! Brands
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Darden Concepts, Inc.
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McDonald’s
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Ark Restaurants Corp.
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DEL TACO RESTAURANTS, INC.
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Restaurant Brands International Inc.
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Kotipizza Group Oyj
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Chipotle Mexican Grill
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