The global quick-service restaurant (QSR) market is expected to grow at a CAGR of 4.61% during 2018-2022, thanks to changing lifestyles, increased number of QSRs, growth in new infrastructures like institutes and airports and rising demand for fast food in developing countries, according to a report published by Radiant Insights, Inc., San Francisco.
However, fluctuation in the cost of raw material and strict government policy against plastic packaging may restrain overall market growth in the years to come.
Globally, North America accounted for the significant market share of QSRs, and is estimated to lead the overall market in the years to come as a result of the presence of key manufacturers in the region, the high demand for ready-to-eat meals and a rising number of QSRs. The United States and Canada are the major consumers of QSRs in this region. Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share.
However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period as a result of growth in urbanization, increasing awareness among populace regarding ready-to-eat meals and developing QSRs in emerging countries like India and China.