About Quick Service Restaurants
The concept of quick service restaurants was first introduced in the US. These restaurants are gradually becoming convenient places for teenagers, families, and young working professionals to socialize. Few of the popular industry products are burgers, sandwiches, Mexican cuisine, pizza and pasta, chicken, and Asian cuisine. In quick service restaurants, the demand for food customization is increasing. Thus, customers are given the option to design their meals according to their tastes and dietary requirements. For instance, at Subway, consumers can choose their own bread and vegetables to be added to the sub sandwich. In addition, the rising demand for on-the-go food will contribute significantly to the market growth during the forecast period. However, a major challenge for the market growth is the price fluctuation of raw materials such as sugar, dairy products, and meat. This often results in unstable prices of products offered by quick service restaurants in the US. Various innovations in packaging, the introduction of nutritious food products such as low-fat dairy products, and reduced utilization of artificial colors and other food additives will lead to the steady growth of this market during the forecast period.
Technavio’s analysts forecast the quick service restaurants market in the US to grow at a CAGR of 3.03% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the quick service restaurants market in the US for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of food and beverages at quick service restaurants in the US through different service types.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Quick Service Restaurants Market in the US 2017-2021
Technavio recognizes the following companies as the key players in the quick service restaurants market in the US: Chick-fil-A, Domino’s Pizza, McDonald’s, Restaurant Brand International, and SUBWAY.
Other Prominent Vendors in the market are: Arby’s IP Holder, Autogrill, Carl's Jr. Restaurants, Cajun Operating Company, AM.D.Q., Del Taco, In-N-Out Burgers, JACK IN THE BOX, Jollibee Foods Corporation, Little Caesar Enterprises, Papa John's International, AMERICA'S DRIVE-IN BRAND PROPERTIES, TELEPIZZA, Whataburger, and White Castle Management.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing innovations in food packaging. Owing to the increasing focus on sustainability, vendors have started adopting new packaging designs. Environment-friendly productions and solutions ensure a reduction in global warming. Quick service restaurant owners develop innovative and sustainable packaging solutions for branding, which, in turn, help increase footfall.”
According to the report, one of the major drivers for this market is Growing innovation and customization in food menu. Customers at quick service outlets prefer fresh flavors and are willing to try existing food products with new exotic flavors. The millennials, i.e., the people aged between 20 and 35 years, are the key consumers of fast food and are inclined to taste new cuisines.
Further, the report states that one of the major factors hindering the growth of this market is Rising preference for home-cooked food. With the rising health consciousness among consumers, the popularity of fresh food and home-cooked meals is growing as they offer nutrition and are free from artificial ingredients such as taste enhancers and allergens. The factors that drive the consumption of fast food have been altered from tasty and affordable to nutritious, minimally processed, and organic.
Chick-fil-A, Domino’s Pizza, McDonald’s, Restaurant Brand International, and SUBWAY, Arby’s IP Holder, Autogrill, Carl's Jr. Restaurants, Cajun Operating Company, AM.D.Q., Del Taco, In-N-Out Burgers, JACK IN THE BOX, Jollibee Foods Corporation, Little Caesar Enterprises, Papa John's International, AMERICA'S DRIVE-IN BRAND PROPERTIES, TELEPIZZA, Whataburger, and White Castle Management.