In 2023, the fast-food and Quick Service Restaurant (QSR) industry reached a total market value of $187,774.1 million. Projections indicate a steady growth with a Compound Annual Growth Rate (CAGR) of 4.9%, foreseeing the market to soar to $318,111.9 million by 2034. These findings are outlined in the Fast Food and Quick Service Restaurants report by Future Market Insights, as stated in a press release.
The market’s momentum is propelled by the enticing combination of delectable flavors, convenience, and affordability in both time and cost. The integration of technological advancements, including wireless portable devices, digital menu cards, point-of-sale systems, and advertising platforms, is on the rise. This technological adoption is poised to contribute significantly to the augmentation of market revenue.
Ronak Shah, Associate VP at Future Market Insights, emphasized the rapid growth foreseen in the fast-food industry over the forecast period. Given that quick-service and fast-food establishments are primary sources of mass-produced food, a substantial portion of consumers engage with and utilize their services.
Key Insights from the Market Study:
The Indian market is poised to exhibit a substantial CAGR of 7.1% throughout the forecast period.
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