News

QSR market to grow 5.16 percent by 2022, product launches increasingly important

January 30, 2018

Between now and 2022 the planet's fast food market is expected to grow at a CAGR of 5.16 percent, according to the most recent report from ResearchAndMarkets.com. The analysis found that globally consumers are now moving away from more conventional approaches to daily meals and instead depending more on fast food for the convenience and ability to not so much eat and run, but eat while running. 

As trends go in the food service marketplace, the report said the latest action that's gaining momentum among foodservice providers is new product launches. Another gaining trend is the proliferation of multiple cuisine offerings, with many fast food operators introducing various cultural cuisine specialties in their menus. 

The study found that QSR operators are focusing on dishes that satisfy consumers' current preferences, like the pervasive foodservice tilt toward spicier and hotter seasonings of an array of cultural cuisines. But ResearchAndMarkets.com sees new product introduction as a necessity now in the foodservice business to not only keep up with demand but keep up with changing tastes. 

Interestingly, the study finds that health concerns about excessive food consumption has become a major factor "hindering the growth of this market," the report summary said. In fact, numerous consumer concerns revolving around fast food consumption health impact continues to gain credence with QSR diners and affect their buying behaviors. 

Other key market trends identified on the fast food playing field, include chain expansions into new regions and a growing demand among consumers for vegetarian options, the report said.