PUBLISHER: The Business Research Company | PRODUCT CODE: 1484710
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484710
An airport quick service restaurant is a type of eatery located within airport terminals, designed to offer travelers expedited dining options ranging from fast food to casual meals. These establishments focus on providing quick service and convenience, appealing to passengers seeking a rapid meal or snack prior to their flights. They typically feature a streamlined menu, efficient ordering processes, and limited seating to efficiently cater to the needs of travelers with tight schedules.
The primary categories of airport quick service restaurants include fast foods and meals, beverages, and bakery and confectionery. The fast foods and meals segment consists of a variety of ready-to-eat items that are prepared and served quickly to accommodate passengers' tight schedules. These restaurants operate under various franchise models, including well-known branded chains and local brands, and are presented in different formats such as standalone outlets, kiosks, and food courts. They serve a diverse clientele at both domestic and international airports, catering to the needs of travelers seeking quick and convenient dining options.
The airport quick service restaurant market research report is one of a series of new reports from The Business Research Company that provides airport quick service restaurant market statistics, including airport quick service restaurant industry global market size, regional shares, competitors with an airport quick service restaurant market share, detailed airport quick service restaurant market segments, market trends and opportunities, and any further data you may need to thrive in the airport quick service restaurant industry. This airport quick service restaurant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The airport quick service restaurant market size has grown strongly in recent years. It will grow from 166.55 billion in 2023 to $175.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historic period can be linked to several key factors including the increase in air travel, evolving consumer preferences, extensive airport expansion and renovation efforts, an enhanced focus on passenger experience, strategic partnerships and concessions, advancements in technology, and the adoption of digital ordering systems. These elements have collectively contributed to the expansion and success of airport quick service restaurants.
The airport quick service restaurant market size is expected to see strong growth in the next few years. It will grow to $218.60 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period for airport quick service restaurants can be attributed to factors such as increased integration of technology, rising disposable incomes, growing trends toward sustainability and health-conscious diets, evolving regulatory landscapes, heightened competition and market saturation, as well as the impact of global events and tourism. Major trends expected to shape this sector include the introduction of health-conscious menus, offerings of localized cuisine, commitments to sustainability initiatives, the emergence of virtual brands and ghost kitchens, creation of personalized dining experiences, innovative design and technology in restaurant layouts, integration of cultural elements, and enhanced resilience and adaptability to changing market conditions.
The growth of the airport quick service restaurant market is anticipated to be driven by increases in air passenger traffic. Air passenger traffic, which measures the number of passengers traveling by air over specific periods such as days, months, quarters, or years, is on the rise due to enhanced accessibility of air travel and the expansion of airline routes. Airport quick service restaurants cater to this growing traffic by offering efficient and convenient dining solutions that allow travelers, airline crews, and airport staff to quickly grab meals without disrupting their schedules. In November 2023, Eurostat, the Luxembourg-based statistical office of the European Union (EU), reported a notable increase in air passenger volume for 2022, with figures reaching 820 million, a 119.3% increase from the previous year, underscoring the impact of increased air travel on the demand for quick service dining options in airports.
Leading enterprises in the airport quick service restaurant market are leveraging advanced technologies to enhance competitive advantage. One such innovation is the introduction of airport-based pickup-only concepts, which are dining outlets within airport terminals dedicated solely to food and beverage takeaway orders. For example, in September 2023, Starbucks Corporation, in partnership with OTG, a US-based airport hospitality group, launched its inaugural Starbucks Pickup concept at George Bush Intercontinental Airport in Houston. This format is tailored for efficiency, enabling digitally savvy travelers to place orders via the Starbucks app, monitor their order's status on digital displays, and swiftly collect their purchases upon readiness, thereby optimizing the traveler experience.
In November 2023, Lagardere Travel Retail, a France-based travel retail operator, acquired Tastes on the Fly for an undisclosed sum. This strategic acquisition extends Paradies Lagardere's reach, the parent company of Lagardere Travel Retail, across over 90 airports, bolstering its portfolio with more than 100 branded and proprietary dining concepts, spanning from full-service to fast-casual establishments. Tastes on the Fly is a US-based company that specializes in providing airport quick service dining solutions.
Major companies operating in the airport quick service restaurant market are Starbucks Corporation, McDonald's Corporation, Subway IP LLC, Lagardere Travel Retail, Yum! Brands Inc., Chick Fil A Inc., Panda Restaurant Group Inc., Autogrill SpA, SSP Group plc, Baskin-Robbins, Wendys, Taco Bell IP Holder LLC, Burger King Company LLC, DUNKIN BRANDS, Costa Limited, HMSHost International BV, Haldiram's India Pvt Ltd., Jubilant FoodWorks Ltd., Devyani International Limited, OTG Management, Cafe Coffee Day, Cakes & Bakes, Wow! Momo Foods Private Limited, Casual Food GmbH
North America was the largest region in the airport quick service restaurant market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the airport quick service restaurant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the airport quick service restaurant market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The airport quick service restaurant market consists of sales of local and regional cuisines, grab-and-go outlets, and specialty food outlets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Airport Quick Service Restaurant Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on airport quick service restaurant market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for airport quick service restaurant ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The airport quick service restaurant market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.