Quick Service Restaurant Market
A quick service restaurant (QSR) is a fast-food outlet where people pay for food at the counter before consumption. QSRs have both fast food cuisines and small table services to cater to youngsters’ and working professionals’ requirements.
Quick Service Restaurant market has been experiencing steady growth over the past few years. During the FY 2016 – FY 2020 period, the Quick Service Restaurantmarket increased at 17.27% and is expected to reach INR ~827.63 Bn by FY 2025. QSR has gained popularity due to growing eating-out habits, rising disposable income, changing lifestyle, and the online food delivery system’s growth.
Both chain QSR and standalone QSR segments are expected to contribute equally to the market’s development during the forecast period. Major players operating in the Indian QSR market include Burger King India Pvt. Ltd., Jubilant FoodWorks Limited, Burman Hospitality Private Limited, Jumboking Foods Private Limited, and many mores.
Impact of Covid-19
The pandemic and the prolonged global lockdown severely impacted the foodservice market in India. In the middle of March 2020, the Government of India temporarily closed all hotels, restaurants, and food courts across the country as a precautionary measure to contain the spread of COVID-19.
In response to the COVID situation, QSRs have increasingly turned to the food delivery sector. Many foodservice companies have adopted take-away services to deliver safe, hygienic, and customized orders to their customers.
Market segment insights
In FY 2020, chain QSRs held the highest market share (~54.2%) in India’s overall Quick Service Restaurant market. An increase in consumers’ propensity to eat out and a growing number of innovative fast-food chains are the driving factors for chain QSRs segment.
Besides, innovative payment systems and point of sales systems are the primary factors for the growth of the chain QSRs segment in the QSR market. Based on the model, the take-away and home delivery segments are expected to expand at a higher growth rate of around ~18.0% and ~17.4%, respectively, between the FY2021 and FY2025 period as compared to dine-in segment
Key growth drivers of the market
• The increasing trend of eating out in urban cities in India, across all the economic classes, without the need for any special occasion, has boosted the demand for QSRs. People increasingly prefer eating outside as a part of their leisure outings or shopping experience. This trend is mainly visible among the millennial age group of 25 to 40 years.
Moreover, with the growing exposure to international lifestyles and culture, people have started developing their tastes and are eating out at restaurants more often to have different cuisines
• Rapid urbanization due to the increase in population and economic growth and the rise in disposable income of people have led to the penetration of eating out culture in the country. Per-capita monthly income in India is estimated to have increased by 6.8% to INR 11,254 in FY 2020 from INR 10,534 in FY 2019.
Besides, an increasing number of fast-food franchises in untapped areas and expansion of tier II and tier III cities have led to the rise in the number of quick service restaurants
Key deterrents to the growth of the market
Setting up restaurants in India is a very time-consuming and tiresome process since it requires multiple government clearances. Apart from that, the lack of a skilled workforce is another major challenge faced by quick foodservice providers, primarily in small cities and towns.
• Burger King India Pvt. Ltd.
• Jubilant FoodWorks Limited
• Burman Hospitality Private Limited
• Coffee Day Global Limited
• Devyani International Limited
• Jumboking Foods Pvt. Ltd.
• Sapphire Foods India Pvt. Ltd.
• Subway System India Pvt. Ltd.
• Tata Starbucks Private Limited
• Westlife Development Ltd (Hardcastle Restaurants Pvt. Ltd.)
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