Press Release
Press Release
According to a new report by EMR titled, ‘Global Quick Service Restaurants Market Report and Forecast 2024-2032’, the global quick-service restaurants industry attained a value of about USD 481.08 billion in 2023. The market is further expected to grow at a CAGR of 3.7% during the forecast period of 2024-2032 to reach nearly USD 668.80 billion by 2032.
Quick service restaurants typically refer to fast food chains that specialise in preparing food in minimal time and are mostly associated with drive-thru and packaging. Packaging is a crucial aspect determining the growth of the industry. In recent years, quick-service restaurants have adopted innovative packaging strategies to augment the growth of the industry, such as innovative cup designs to prevent spilling in transportation and customised packaging according to the shape and size of the product, among others. In addition to this, the adoption of sustainable, biodegradable, and compostable packaging in the wake of rising environmental concerns is further attracting consumers and hence augmenting the growth of the market. The introduction of smart packaging techniques like the usage of kokoboard boxes, which can be opened up and used as plates, are providing impetus to the growth of the market.
Subway IP LLC, a leading player in the global market for quick-service restaurants, recently signed a master franchise agreement with Everstone Group, a South Asian private investment firm, in November 2021. Under the agreement, the fast-food chain aims at significantly expanding its presence in South Asian countries like India, Bangladesh, and Sri Lanka. The new restaurants will adopt the company’s new modern and inviting “Fresh Forward” design and meet the needs of consumers by providing dining and delivery options via channels like Zomato (NSE: ZOMATO) and others. The agreement is one of the largest master franchise agreements in the history of quick-service restaurants and is therefore predicted to invigorate the market in the coming years.
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The major players in the global quick-service restaurants market are Subway IP LLC, McDonald's Corporation, Restaurant Brands International Inc., Yum! Brands, Inc., The Wendy's Company, and Domino's Pizza, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
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