According to Custom Market Insights (CMI), the US Fast Food & Quick Service Restaurant (QSR) Market size was estimated at USD 293.8 billion in 2023 and is anticipated to reach around USD 454.3 billion by 2030, recording a CAGR of roughly 5.60% between 2023 and 2030.
The food and beverage industry is experiencing noteworthy expansion, and this, combined with the increasing prevalence of franchise business models among well-known restaurant brands, is a significant driver for the market’s optimistic prospects. Explore more drivers with CMI Team!
Browse the full “US Fast Food & Quick Service Restaurant (QSR) Market Size, Trends and Insights By Type (Chain, Independent), By Cuisine (American, Chinese, Italian, Mexican, Japanese, Turkish & Lebanese, Others), and By Country – Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/us-qsr-market/
US Fast Food & Quick Service Restaurant (QSR) Market: Key Growth Factors
The US fast food and quick service restaurant (QSR) market is constantly evolving and is shaped by various dynamic factors. Some of the key dynamics that influence the market include:
- Consumer preferences: Consumer preferences and trends play a vital role in shaping the fast food and QSR market. As consumer preferences change, so do the offerings of fast food and QSR chains.
- Competition: The fast food and QSR market is highly competitive, and companies need to constantly innovate and offer new products and services to stay ahead of the competition.
- Technological advancements: The use of technology has become increasingly important in the fast food and QSR industry. Companies are investing in digital solutions such as mobile ordering, online delivery, and self-service kiosks to enhance the customer experience.
- Health and wellness concerns: Health and wellness concerns among consumers have led to a shift towards healthier menu options. Fast food and QSR chains are now offering more salads, grilled options, and plant-based alternatives to meet the changing demands of their customers.
- Economic factors: Economic factors such as inflation, interest rates, and consumer spending patterns also play a significant role in shaping the fast food and Global QSR market. In times of economic uncertainty, consumers tend to cut back on discretionary spending, which can impact the sales of fast food and QSR chains.
Overall, the US fast food and QSR market is a complex and dynamic industry that is influenced by various factors, and companies must be agile and adaptable to succeed in this highly competitive market.
US Fast Food & Quick Service Restaurant (QSR) Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the US fast food and quick service restaurant (QSR) market in various ways. Some of the key effects of the pandemic on the market include:
Shift towards delivery and takeout: With the closure of indoor dining and restrictions on in-person dining, much fast food and QSR chains have shifted towards delivery and takeout options to continue serving their customers.
Emphasis on safety and hygiene: Fast food and QSR chains have implemented various safety and hygiene measures, such as contactless payment, regular cleaning and sanitizing of high-touch surfaces, and social distancing protocols, to ensure the safety of their customers and employees.
Reduced sales and revenue: The closure of indoor dining and reduced foot traffic due to the pandemic has led to reduced sales and revenue for many fast food and QSR chains.
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Innovation and adaptation: To stay competitive and meet changing customer needs, much fast food and QSR chains have innovated and adapted their menus and services. For example, some chains have added new menu items, expanded their delivery options, and introduced contactless pickup.
Supply chain disruptions: The pandemic has caused disruptions in the supply chain, leading to shortages of certain ingredients and increased prices for others. This has impacted the availability and cost of menu items for fast food and QSR chains.
Overall, the COVID-19 pandemic has had a significant impact on the US QSR market. While the pandemic has presented various challenges for the industry, it has also provided an opportunity for innovation and adaptation to meet changing customer needs and stay competitive.
List of the prominent players in the US Fast Food & Quick Service Restaurant (QSR) Market:
- McDonald’s Corporation
- Yum! Brands Inc. (KFC, Taco Bell, Pizza Hut)
- Wendy’s Company
- Burger King Corporation
- Chick-fil-A Inc.
- Dunkin’ Brands Group Inc.
- Domino’s Pizza Inc.
- Starbucks Corporation
- Jack in the Box Inc.
Table of Contents: https://www.custommarketinsights.com/report/us-qsr-market/#table-of-contents
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