Market Trends of Airport Quick Service Restaurants Industry
Fast Foods and Meals Segment Held the Highest Market Share
As global middle-class incomes rise and air travel sees an uptick in passengers, changing dietary habits are increasingly favoring fast foods. The aviation industry's adoption of fast food鈥攈ighlighted by passengers choosing major outlets at airports worldwide鈥攈as unveiled lucrative opportunities for fast food outlet owners. During the forecast period, the fast food and meals market is set for substantial growth. This surge is attributed to rising middle-class incomes across various nations, an increase in air travel passengers, and shifting dietary preferences, all converging to bolster the demand for fast food.
Moreover, the aviation sector's growing affinity for fast food, with travelers accessing major chains at airports worldwide, is presenting enticing prospects for fast-food outlet owners. This burgeoning business potential has led to a surge in fast-food entrepreneurs establishing outlets at key airports globally. For instance, in November 2023, Lagard猫re Travel Retail clinched a food service tender to introduce four dining spots at Hamburg Airport. Among the three culinary concepts debuting by 2024 in Hamburg Airport鈥檚 airside zone, Lagard猫re Travel Retail will launch the White Monkey Pizza Lab & Bar at Pier 1 (Level 1), complemented by a quick-service Burger King and another unique cuisine.
Additionally, the fast food and meals segment is witnessing vigorous growth, spurred by an expanded menu for passengers. This shift has led many air travelers to favor quick bites at fast-food outlets, moving away from premium in-flight meals. In light of this trend, many quick-service restaurants are diversifying their menus.
North America Dominated Market Share
In North America, major airport terminals are increasingly featuring popular chain restaurants, casual dining spots, and grab-and-go kiosks within their passenger corridors. Demand for grab-and-go items, including sandwiches, coffee, wraps, burgers, and pizzas, is on the rise at these airports. This surge in appetite aligns with the growing influx of aircraft passengers and ongoing upgrades to airport infrastructure, propelling the growth of QSRs.
As travelers place a premium on dining convenience, airports are enhancing their facilities to accommodate the rising passenger numbers. US airlines conduct 25,000 flights daily, catering to 2.3 million passengers. Between June 2023 and May 2024, airports recorded 968.2 million enplaned domestic and international revenue passengers, culminating in 9 million departures.
With airports expanding and new terminals launching nationwide in response to rising air passenger demand, the QSR market is set for growth during the forecast period. Furthermore, as 15 US airports initiate terminal renovations and extensions over the next decade, the outlook for QSRs becomes increasingly optimistic.
