News

Report: Global QSR to top $690 billion by 2022

July 12, 2019

Zion Market Research latest findings show the global fast food market in 2016 weighed in at $539.63 billion, and should cross the $690.80 billion mark in 2022, with a compound annual growth rate expected of just over 4.2% between 2017 and 2022, a news release said. 

The report, "Fast Food Market by Type (Chicken, Burger/Sandwich, Asian/Latin American Food, Pizza/Pasta, Sea-Food and Others) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022," said that street food brands are among the fast food players that is pushing leading QSR concerns to push for more research and product development to stay competitive. 

Drive-thru business is also highlighted as a major source of future market growth in the sector, along with a sharp rise in Western cultures' styles of fast food in emerging economies, and more hectic daily schedules in two-parent income families worldwide. 

Though value-based offerings are also attracting QSR business, the report found that the market's shift to more consumer preference for natural, more healthful foods, may slow fast food traffic, when brands fail to offer some of these options.

Among the QSR segments, burgers and sandwiches are expected to maintain the lead among other categories, though pizza and pasta brands are gaining in popularity in the segment, the release said. Finally, brands that offer delivery options, including app-based services, are expected to bolster category performance even more.