Operations

QSR market to reach $318 billion by 2034

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December 13, 2023

The fast-food and QSR market hit $187,774.1 million in 2023 and with a projected CAGR of 4.9%, is expected to hit $3,18,111.9 by 2034. That was the finding in Future Market Insights' Fast Food and Quick Service Restaurants report, according to a press release.

The market is driven by good flavor, comfort and affordability in terms of both time and money. Adopting technology such as wireless portable devices, digital menu cards, point-of-sale and advertising systems is increasing and is predicted to boost market revenue.

"The fast-food industry is likely to grow rapidly over the forecast period. Since quick-service restaurants and fast-food restaurants are the main suppliers of mass-produced food, a large number of consumers experience and use their services," Ronak Shah, associate VP at Future Market Insights, said in the press release.

Key takeaways from the market study:

• The global fast food and quick service restaurant market is estimated to register a CAGR of 4.9% with a valuation of $ 3,18,111.9 million by 2034.

• The U.S. market is anticipated to dominate the global market by registering a 2.7% CAGR during the forecast period.

• The market in China is expected to register a 6.6% CAGR, significantly driving the global market through 2034.

• The market in India is anticipated to secure a CAGR of 7.1 % during the forecast period.