Fast Food & Quick Service Restaurants Take Off: Market to Reach US$318 Billion by 2034, Driven by Take-out and Delivery Craze | Future Market Insights, Inc.

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Dec 12, 2023, 10:10 ET

NEWARK, Del., Dec. 12, 2023 /PRNewswire/ -- The fast food and quick service restaurant market is expected to continue its upward trajectory, fueled by convenience, affordability, technological advancements, and evolving consumer preferences. Addressing health concerns and offering innovative, healthy options will be key for market players to thrive in the future.

The valuation for the global fast food & quick service restaurant market was around US$ 1 87,774.1 million in 2023 and is projected to exhibit a CAGR of 4.90% over the forecast period. The market is expected to reach US$ 3,18,111.90 million by 2034.

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Rising consumer spending on fast food, significant R&D activities for producing unique product varieties, and the product's ease of availability are expected to boost the global market. The fast food industry is likely to grow rapidly over the forecast period.

Quick-service restaurants and fast-food restaurants are increasing in popularity as the main suppliers of mass-produced food, resulting in a substantial number of people experiencing and using their services. Good flavor, comfort, and affordability in terms of both time and money are some of the key elements driving the quick service restaurant and fast food market.

To fulfill the needs of its customers, the fast food and quick service restaurant industry has transformed its business model. Fast-service restaurants offer sit-and-dine services and several other options, such as take-out and home delivery that are generally customized to the modern lifestyle. This also helps the restaurant business improve revenue.

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. Rapid urbanization, an increase in people with disposable income, and an increase in the availability of quick-service restaurants are expected to contribute to the growth of the market worldwide. Increasing health awareness worldwide owing to hygienic food solutions is expected to create significant opportunities for market players during the forecast period.

"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," Says Ronak Shah (Associate Vice President at Future Market Insights).

Key Takeaways from the Market Study

• The global fast food & quick service restaurant market is estimated to register a CAGR of 4.90% with a valuation of US$ 3,18,111.90 million by 2034.

• The United States market is anticipated to dominate the global market by registering a 2.70% CAGR during the forecast period.

• The market in China is expected to register a 6.60% CAGR, significantly driving the global market through 2034.

• The market in India is anticipated to secure a CAGR of 7.10 % during the forecast period.

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Competitive landscape

In recent years, there has been a surge in investment and collaboration within the industry, with the rise in venture capital firms. These strategic partnerships and financial investments aim to accelerate the market reach.

Recent Developments

• In 2023, McDonald's announced plans to install self-order kiosks and table service robots in all its U.S. locations by 2024, aiming to improve efficiency and customer experience.

• In 2023, Domino's Pizza launched a new app feature that allows customers to customize their pizzas with toppings from other popular restaurants, like Buffalo Wild Wings and Cinnabon.

About the Author:

Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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