Global QSR market expected to surpass $141B in revenue by 2019
According to the latest market research report by Technavio, the global quick service restaurants market is expected to surpass $141 billion in revenue by 2019. In this report, Technavio covers the present scenario and growth prospects of the global QSR restaurants market for 2015 through 2019, according to a press release from Technavio.
The market size is calculated taking into account the retail sales generated by the following product segments:
- Drinks and desserts
- Mexican food
- French fries
- Asian food
- Others (seafood and bakery items)
"The increasing health consciousness of the global population has led many QSRs like Taco Bell, McDonald's, and Burger King to introduce healthy and nutritious food items to their menus. These nutritious meals include side or full-sized salads, fruits, and fresh vegetables. This not only counters the perception of fast food being unhealthy, but is also likely to expand the existing customer base of the leading players over the forecast period," said Vijay Sarathi, one of Technavio's industry analysts for food and beverages.
Market share of global QSRs by geography 2014
Americas — 44 percent
APAC — 39.2 percent
Europe — 14.3 percent
Americas: largest market for quick service restaurants
The QSRs market in the Americas was valued at over $108 billion in 2014. The Americas dominated the global QSRs market in 2014, and will continue to lead this market during the forecast period. According to research studies, the average American consumes fast food approximately 14 times over a period of 30 days, thereby making the QSRs market one of the most profitable markets to invest in.
The major reason for the constant growth of this market in this region is the increasing demand for convenient drive-through meals, which is fueled by its fast-paced lifestyles, the release stated. To cater to the growing health consciousness among American consumers, QSRs have started to modify their menus to include nutritious food items such as fruit, low-fat chocolate milk and salads. These factors will likely add up market growth during the forecast period in the Americas.
APAC: second-largest market for quick service restaurants
The QSRs market in APAC was valued at close to $97 billion in 2014. This region is expected to be the fastest-growing region over the next five years. Strong emerging economies like India and China characterize the rapid growth of the market in the region. The presence of diverse cultures and demographics in APAC will also likely aid the adoption of fast food in this region during the forecast period. The presence of these diverse cultures gradually looking to experiment with new food categories presents opportunity for market vendors to customize menus and expand their market shares in the region.
Quick service restaurant market in Europe
The QSRs market in Europe was valued at $35.39 billion in 2014. The demand for fast foods in the QSRs market in Europe varies from country to country. For instance, the demand for fast food from QSRs in the U.K. is lower, as the population prefers casual dining and fine dining to food from QSRs. However, in Germany, consumers prefer to eat healthy food from QSRs.
Vendors are also expected to use various social media platforms like Facebook, Twitter and Instagram to attract the target demographic between 18 and 26 years old in this region to further expand their market shares over the next four years.