Asia 2023: Year in Review

We look back at the highs and lows of the Asian multi-site restaurant industry these past twelve months.

Economic pressures 

This year saw cost pressures affect QSR operations.

• Chinese chain Mellower Coffee announces Vietnam exit
• McDonald’s hikes prices in Japan city centres
• How this home-grown fast-food brand is tackling the cost of living woes in Malaysia
• Domino’s closes commissaries in SEA
• KFC, Pizza Hut to offer affordable Menu Rahmah meals in Malaysia
• South Korea hamburger prices reach 19-year high

QSR brand leaders

In 2023, we talked to several QSR brand leaders, discussing the latest trends and innovations in their brands.

• New-age robotics and AI bolster GOPIZZA’s aggressive expansion in India
• How Fore Coffee plans to conquer Singapore’s crowded coffee market
• Experts point to Indonesia as a top market for SG brands seeking expansion
• Baba Rafi's ‘attack’ strategy in multi-brand F&B transformation
• How Magnolia Bakery brought its New York legacy to India
• Inside llaollao’s growth strategy in the Philippines
• Why going upstream isn’t for every QSR brand operator
• How GOPIZZA plans to be the next McDonald’s
• Bask Bear Coffee’s brewing project banks on a unique coffee experience
• How Presotea plans to build a global bubble tea empire
• Why Woodpeckers Group is ready to raise a homegrown brand
• The secret ingredient to viral fast-food marketing campaigns
• The art of crafting a new menu: An inside look at KFC Singapore’s process

Expansions

The fast-food and fast-casual restaurant industry took the opportunity to enter new markets and make plans to further their growth in Asia and beyond.

• Gong cha eyes ‘untapped’ Central America market
• Chinese tea brand Heytea announces US entry
• Indonesian coffee brand Tomoro Coffee marks China debut
• Dave & Buster’s to open 15 restaurants in India
• Cotti Coffee debuts in Hong Kong
• McDonald’s eyes bigger bite on China market
• Tim Hortons announces Singapore debut
• Singapore’s Kusto Group to build 55 Wendy’s in Central Asia
• Woodpeckers Group opens first of 40 planned ChaTraMue in Malaysia
• ISSO to launch in Malaysia
• Korean fried chicken brand Kyochon 1991 opens first restaurant in Taiwan

Growth strategies

From McDonald's new spin-off brand to new concepts, QSRs have different strategies in how to maximise their growth potential.

• What’s on the menu in McDonald’s spin-off brand CosMc
• Beverage brand Yakult opens first cafe in Japan
• Tealive parent Loob Holding invests in $2m boba plant 
• How is Starbucks planning to cut $3b in cost?
• Jollibee opens first AI-assisted drive-thru in Singapore
• McDonald’s Korea adds voice guidance service in self-serve kiosks
• Starbucks opens first Starbucks Reserve in the Philippines

Appetite for new menu

The year has seen more QSRs experiment with new menu items and adapt to trends to cater to consumers.

• The art of crafting a new menu: An inside look at KFC Singapore’s process
• GOPIZZA India introduces new Korean menu option
• McDonald’s Korean-style Jjang Jjang burgers returns to Singapore
• Burger King Thailand releases new cheeseburger with no meat and just cheese
• Ramadan fuels food innovation in SEA: analysts
• Flash Coffee to default to oat milk for all milk-based drinks in Singapore
• McDonald’s Singapore releases new coconut soft serve
• Here’s how Magnolia Bakery puts a twist on the classic Tres Leches

Mergers and acquisition

Throughout the year, we see various movements in the QSR industry as brands enters new deals. Meanwhile, we see some operators get enveloped by other companies or exit markets all together.

• Domino's franchisee in Turkey answers Jubilant's acquisition bid
• Minor International acquires Sizzler for $15.5m
• Turn Capital buys Flash Coffee Thailand
• Lotus Capital to fuel myBurgerLab’s international expansion
• Jollibee enters JV to launch two new restaurant brands in the Philippines