Menu expansion and catering to on-the-go consumers are helping to drive major growth in the QSR market.
The global quick service restaurants (QSR) market is expected to experience substantial growth in the coming years. When considering the present state of the market, along with future growth prospects, the industry is clearly poised for growth.
According to QSR Web, a new report from Technavio, which covers both the present state of the market and growth opportunities from 2015 through 2019, has revealed that the global QSR market is expected to surpass $141 billion in revenue by 2019.
The following product segments are included in Technavio’s calculation of market size, according to QSR Web:
- Drinks and Desserts
- Mexican Food
- French Fries
- Asian Food
- Others (seafood and bakery items)
QSR Web reported that Technavio’s research indicated that the addition of better-for-you menu items to many QSR product offerings is a major growth point in the industry. Technavio’s report indicates that major growth drivers in the Americas may also be attributed to their fast-paced lifestyles, which drive demand for fast, convenient drive-through meals.
The global market share of QSRs in 2014 was dominated by the Americas, which accounted for 44% of the market, followed by APAC at 39.2% and Europe at 14.3%, according to QSR Web. In 2014, the QSR market was valued over $108 billion in the Americas. The forecast from Technavio indicates that the Americas will continue to dominate the market through 2019. This strong lead in the market is maintained, as the average American consumer indicates eating fast food nearly 14 times in a 30 day period.