The fast-food market is forecast to grow in value by +6.6% in 2023, according to Lumina Intelligence.

Driven by continued physical expansion and attractiveness for value-conscious consumers, branded contemporary fast-food players are expected to lead outlet percentage growth in the market in 2023 by +13.5%.

This includes US chain Popeyes which is forecast to see +126.7% outlet growth year-on-year to December 2023, through additional funding provided by private equity firm TDR Capital.

Mexican-inspired QSR brand Chipotle is forecast to see +38.5% growth, through the rollout of its more modern, refreshed store design.

Burger chain Wendy’s, is forecast to see outlet growth of see +109.1% and turnover rise by almost +100%.

According to Lumina, the top 10 QSR operators by outlets are forecast to achieve combined outlet growth of +4.0% in 2023, to a total of 6,116 sites, as brands including Five Guys and Pret A Manger target expansion in lucrative airport locations.

Five Guys is expected to see an outlet increase of +7.5% in 2023. Meanwhile, Fireaway Pizza is forecast to see an +16.2% increase in outlets year-on-year.

By turnover, the top 10 QSR operators by are expected to value £8.9bn in 2023.

Market leaders McDonalds, KFC and Dominos are all expected to see turnover growth over +25% from 2019.

Lumina notes that this is driven by the utilisation of digital marketing innovation to target the key young consumer demographic, for example, McDonald’s latest campaign ‘McDelivery, You in?’ which aims to boost the brand’s delivery platform. 

KFC has also partnered with TikTok influencer GK Barry to promote the launch of its new menu item, a teriyaki burger, targeting its core Gen-Z demographic by leveraging the influencer’s social media credentials.

Delivery focused fast food chains including Domino’s and Pizza Hut Delivery, are expected to see slower turnover growth in 2023.

Pizza Hut Delivery is expected to see a small turnover decrease of -1.9%, as delivery demand weakens, and will also expect to see an outlet drop of -2.6%. 

Among the top 10 QSR brands by, Itsu is expected to see the largest growth increase of +20.8% between year-on-year to December 2023, with the brand benefitting from its geographically diverse, balanced estate.

Not far behind, Pret A Manger is forecast to see turnover increase of +13.7%.