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Technavio has published a new market research report on the global quick service restaurants market from 2018-2022. (Graphic: Business Wire)
According to Technavio market research analysts, the will grow at a CAGR of close to 5% during the forecast period. The rise in the number of quick service restaurants is a major factor driving the market’s growth.
The rising demand for fast food, especially in emerging economies, is leading to a rise in the number of quick service restaurants. This is driving fast food chains to expand domestically and internationally. The growing concept of socializing at cafés among the urban youth is expected to drive the market during the forecast period. The growth in the influx of people to urban areas and a substantially large white-collared demographic have increased the number of quick service restaurants. Varied tastes and preferences for different types of premium coffee have led to the emergence of specialty coffee shops.
In this report, Technavio highlights the innovation in packaging for takeaway food as one of the key emerging trends in the global quick service restaurants market:
Innovation in packaging for takeaway food
Packaging is often considered to be an extension of brand value. In order to generate interest and curiosity among consumers, packaging of any brand is important. Innovations are made in biodegradable packaging, compostable packaging, and packaging customized to a shape and size of a food product.
“Corrugated packaging proved to be successful in generating curiosity among vendors of quick service restaurants and customers alike. Its thermal property is able to keep food hot as the boxes are intended for heat maintenance for food on-the-go. The protected fluting material also keeps food fresh for a long time and protects from spills and releases. The recyclable corrugated layered board trays are gaining popularity for fish sticks and French fries,” says a senior analyst at Technavio for research on .
Players in the corrugated packaging industry have provided a wide range of packaging solutions for hot food, particularly for takeaways, combining innovative design with fine fluting to make the product easier to handle and consume. Pizza chains favor corrugated packaging owing to its insulation properties. Some of the recent developments in this packaging include innovative pizza delivery container that effectively separates into four cardboard plates, so consumers can enjoy their meals while it is hot. Therefore, the trend of constant innovation in packaging has a positive impact on the market and is likely to lead to higher demand for fast food.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global quick service restaurants market segmentation
This market research report segments the into the following types of services, including eat-in, take away, drive-thru, and home-delivery service and key regions, including the Americas, APAC, and EMEA.
The Americas was the leading region for the global quick service restaurants market in 2017, accounting for a market share of nearly 46%. By 2022, APAC is expected to register the highest growth rate.
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INDUSTRY KEYWORD: RESTAURANT/BAR MANUFACTURING PACKAGING RETAIL FOOD/BEVERAGE
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 05/14/2018 11:51 AM/DISC: 05/14/2018 11:51 AM