Asia 2024: Year in Review
We look back at the highs and lows of the Asian multi-site restaurant industry these past twelve months.
For Asia, 2024 has been a whirlwind for its QSR scene.
From bold expansions such as Luckin Coffee's US entry US, Taco Bell expanding to Chiang Mai, and Tealive heading to the Middle East to innovative menus like KFC SG's $1m overhaul and Burger King Japan's 'Kyoto Whopper.'
New concepts thrived, acquisitions reshaped the market, and leadership shake-ups have kept brands agile.
Expansions
New entrants and established brands expanding locally and internationally compete for dominance in the QSR market.
- Chinese coffee giant Luckin Coffee eyes US entry
- Nothing Before Coffee eyes $4m raise to disrupt India’s coffee scene
- GOPIZZA launches India’s first Korean dessert brand Dalkomi
- Katrina Group partners with Lotte GRS to bring LOTTERIA in Singapore
- Taco Bell expands into tourist hubs starting with Chiang Mai
- Hextar Industries partners with Luckin Coffee to launch in Malaysia
- Tam Jai Mixian debuts in Australia
- Tealive announces Middle East expansion
Menu Innovations and Marketing
QSRs aim to grab consumer attention through diverse marketing tactics and menu changes.
- KFC Singapore spends SG$1m on its biggest menu change
- Chatime revamps Philippine menu in face of ‘boba’ bubble burst
- Behind Shake Shack Hong Kong’s biggest menu change
- Subway UAE, Excellent Hot Sauce capture 'cafeteria culture' in first localised menu
- Pizza Hut SG unveils new Hawaiian Paradise and Carbonara Cheesy Pockets Pizzas
- Burger King Japan launches new 'KYOTO Whopper'
- Pizza Hut launches Melts in India to deliver more on-the-go options
New concepts and Designs
This year, QSR brands have embraced innovation with new concepts and designs.
- Har Har Chicken! eyes mass market appeal in taste and branding
- Bacha Coffee presents a sensory journey in Indonesia
- Subway unveils first self-order kiosks, anamorphic screen in EMEA region
- Wayback Burgers Asia opens first multibrand plant-based restaurant ‘Next Restaurant’ in Tokyo
- Dairy Queen launches first hot food restaurant concept in Asia
- McDonald’s Qatar shifts to sustainable packaging, utensils
Acquisitions
QSR brands in Asia embrace acquisitions to secure market share and accelerate growth.
- Jollibee Group acquires full ownership of Tim Ho Wan
- Japanese casual pub operator Watami acquires Subway Japan
- Jollibee buys Korean coffee brand Compose Coffee for $340m
- Citic sells 19.23% McDonald's China, HK stake for $430.3m
Finance
Tracking profits, losses, IPOs, and shares in the QSR market reveals fierce competition and shifting consumer preferences.
- 99 Pancakes eyes sales jump amidst Indian expansion
- Yum China announces $360m share buyback H1 2025
- Talabat Holding increases share offering for Dubai listing
- Starbucks Malaysia operator posts 52% drop in revenue in Q4
- Americana Restaurants’ net profit slumps by 48.2% YoY to $117.4m
- Tim Hortons China’s net loss narrows to US$12.5m in Q3 2024
- Citic sells 19.23% McDonald's China, HK stake for $430.3m
- Domino's Pizza allocates 7.66% shares in China business to institutional investors
Corporate and Leadership shake-ups
Operations and key executive changes are reshaping the direction of QSR brands.
- KFC Singapore names new Marketing Director
- McDonald’s Japan chair and former CEO resigns
- Yum China CFO resigns
- Luckin Coffee announces board appointments
- India’s Costa Coffee CEO resigns
- Little Caesars announces Singapore exit
- TGI Fridays Malaysia remains unaffected with TGI Fridays Inc. bankruptcy filing
- Americana Restaurants to continue TGI Fridays operations in MENA
This year also saw the top restaurant brands lauded for their outstanding initiatives at the QSR Media Asia Conference & Awards 2024.
