Latin America and Caribbean Quick Service Restaurants Market Size, Share, Trends and Growth Report

The quick service restaurants (QSR) market in Latin America and the Caribbean was valued at USD 71.14 billion in 2022 and is projected to reach USD 78.56 billion in 2023. By 2030, the market is anticipated to grow to USD 151.27 billion, with a compound annual growth rate (CAGR) of 9.81% over the forecast period.

Quick service restaurants, known for their fast food preparation and efficient service, thrive on streamlined processes that reduce delivery times and improve the customer experience. In Latin America and the Caribbean, the increase in disposable incomes is leading more consumers to dine out, which is expected to drive market growth.

These insights are from the research report by Fortune Business Insights™, titled “Latin America and Caribbean Quick Service Restaurants Market, 2023-2030.”

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Segmentation

Strong Expansion of Online Food Delivery Platforms to Help Delivery Services Dominate Market

The market is segmented by service type into dine-in, takeaway, and delivery. Among these, the delivery segment is expected to experience the highest compound annual growth rate (CAGR) during the forecast period. This rapid growth is primarily driven by the increasing popularity of online food delivery platforms, supported by the widespread adoption of the internet and smartphones.

Geographically, the market is analyzed across various countries and sub-regions, including Argentina, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Guyana, Jamaica, Mexico, Nassau, Panama, Peru, Puerto Rico, and Trinidad & Tobago.

Report Coverage

The report delivers a comprehensive analysis of the market, highlighting several crucial aspects such as major market players, primary service types, key market segments, and country-specific insights. It offers a detailed overview of the market, along with valuable information on prevailing trends and significant industry developments. Additionally, the report explores various factors contributing to the market’s growth.

Drivers and Restraints

Increasing Urban Population and GDP Per Capita to Positively Influence Market Progress

Latin America is experiencing a significant rise in its urban population due to extensive urbanization and a growing employment rate. This increase in employment has led to higher average disposable incomes, which has, in turn, boosted spending on fast foods. This trend is expected to further drive the development of the regional quick service restaurant market.

However, the growing prevalence of type 2 diabetes and obesity in the region may negatively impact customer traffic at quick service restaurants.

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Regional Insights

Robust Growth of Fast Food Sector to Help Brazil Dominate Market

Brazil dominates the quick service restaurant (QSR) market in Latin America and the Caribbean, driven by significant growth in its fast food sector in recent years. The presence of major fast food brands such as Subway and McDonald’s in Brazil has further accelerated the expansion of the regional market.

Similarly, Chile is witnessing notable growth in the global market, bolstered by the expanding network of food e-commerce platforms within the country.

Competitive Landscape

Key Market Players to Implement Business Expansion Strategies Maintain Dominance

Prominent companies in the Latin America and Caribbean quick service restaurant (QSR) market include Burger King, Domino’s, Starbucks Incorporated, and Subway LLC. These firms are concentrating on expanding their operations by entering new countries and adjusting their product offerings to sustain their market dominance.

Key Industry Development

• April 2022: Wendy‘s announced that it had expanded its business operations in Mexico. The company is well positioned to attract Mexican consumers as it is committed to serve personalized and high-quality food by using locally sourced and fresh ingredients, and providing a variety of food options at affordable prices.

Major Players Profiled in the Report:

• Yum! Brands, Inc. (U.S.)
• Domino’s Pizza, Inc. (U.S.)
• Restaurant Brands International Inc. (Canada)
• Starbucks Corporation (U.S.)
• McDonald’s Corporation. (U.S.)
• Juici Patties (Jamaica)
• Subway Inc. (U.S.)
• Carl’s Jr. Restaurants LLC (U.S.)
• Wendy’s International, LLC. (U.S.)
• The BOB’S Brasil (Brazil)

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