Latin America fast food and quick service restaurants market is anticipated to grow at a significant CAGR of 6.9% during the forecast period (2024-2031). The market growth is driven by the changing food consumption behavior of the consumers coupled with the high urbanization across the region. Additionally, the increasing middle-class population and high purchasing power are also contributing to market growth during the forecast period. However, the various health concerns associated with the consumption of fast food and sugary beverages with low nutrient density, coupled with the healthy eating trend are restraining the market growth.
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Latin American fast food and quick service restaurants market is segmented by product type (burger & sandwich, pizza & pasta, beverages, desserts, salads, donuts, and others products), by category (vegetarian food, non-vegetarian food, and vegan food), by store type (chain store and independent store), by distribution channel (online and offline).
The major players in Latin America fast food and quick service restaurants market include Domino’s Pizza, Inc., McDonald’s Corp., Churromania Internacional, and Yum! Brands, Inc., and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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Recent Developments
- In June 2023, Subway expanded its international footprint by signing its 15thnew master franchise agreement over the past two years, totaling more than 9,000 future restaurant commitments. The brand’s latest agreements in Bahrain, Georgia, Mainland China, Uruguay, Costa Rica, and Panama will add more than 4,000 future restaurants across Europe, Middle East and Africa (EMEA), Asia Pacific (APAC), and Latin America and the Caribbean (LAC) within the next 20 years.
- In April 2023, Dominos launched the Ultimate Chicken Mexicana pizza featuring Mexican-inspired ingredients such as spiced pulled chicken, tomatoes, onions, jalapenos, and green and red peppers with a drizzle of spiced mayo. It also launched the edges – Chicken Mexicana. The Ultimate Chicken Mexicana Range is available both online and in the stores.
- In April 2023, Pizza Pizza Ltd. announced the opening of the first PZA Pizzeria restaurants in Guadalajaraand Ajijic, Mexico. The restaurant will offer a range of pizzas, chicken products, and slices, to the Mexican market. The owner of the brand franchisee in the region is Food Gurú.
- In March 2023, Starbucks Coffee Company announced it to open the first Starbucks store in Guyana this April, in partnership with Prestige Holdings Ltd. Guyana will be Starbucks’s 23rdmarket in Latin America and the Caribbean and 85th market globally. Additionally, the company plans to open approximately 120 additional new stores, in the region.
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