The worldwide market for quick service and fastfood restaurants chains is expected to continue its growth in the next four years. With over 200,000 restaurants and revenue of more than USD200bn, the United States will maintain its leading market share.
The rising demand for nutritious on-the-go breakfast is one of the key factors which will motivate growth of this market segment, together with packaging and interior design innovation, coupled with new menu items and healthy ingredients, as per consumer demand. Added to this, the convenience factor continues to drive growth, on the basis of an average USD6 per menu.
Short Term Market Trends
The quick service restaurants (QSR) market is envisaged to witness steady growth and will post a CAGR of more than 4%, in the next four years, according to a recent study by Technavio. Growing innovation and customization in food menu is one of the key factors driving the growth of this market in the coming years, with the new generation of customers at QSRs constantly looking out for new flavors, combination fast food infused with bold flavors, and premium alternatives. Moreover, the demand for innovative and exotic flavored fast food is more prominent among the millennials, who are seeking out ways to customize their food based on their daily calorie intake.
“The primary reason for food customization is the growing importance of diet, whether it is a medical condition, food allergy, or a weight reduction plan. Consumers have th...