Fast Food Market - Global Industry Analysis

Fast Food Market

Fast Food Market Size, Share, Trends, Growth Rate by 2030

Category: Food & Beverage Report Format : PDF Pages: 192 Report Code: ZMR-1172 Published Date: Feb-2023 Status : Published

The global fast-food market size was valued at $647.7 billion in 2021 and is likely to surpass $998 billion by the end of 2028 with a compound annual rate of 4.6% over the forecast years | Industry Share By End-User, Product, and Region.

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Fast food is a type of mass-produced food with high saturated fat, sugar, salt and calories. Typically, the term refers to food available in a restaurant or store with preheated or precooked ingredients, and served to the customer in a packaged form for take-out or to be consumed on the premises. According to the National Institutes of Health (NIH), fast foods are quick alternatives to home-cooked meals.  They provide delivery options in a relatively small time. Fast food options include fries, burgers, pizzas, sandwiches etc.

Drive-thru facility at fast food joints is expected to drive the market growth further. The sharp rise in adoption of western fast food among the emerging economies is anticipated to reinforce the growth of the fast food market in upcoming years. Rising hectic lifestyle with dual income is anticipated to elicit the demand for fast food in the forecast period. Moreover, growing fondness towards inexpensive food with no waiting time may further prompt the fast food market growth over the coming years. However, the shift in preference for natural and healthy food owing to the occurrence of obesity in the developed countries may obstruct the growth of the fast food market. Nevertheless, the introduction of healthy food on the fast food menu cards may offer ample opportunities for the fast food market in the forecast period.

Global-Fast-Food-Market.

The fast food market can be segmented based on types such as chicken, burger/sandwich, Asian/Latin American food, pizza/pasta, seafood, and others. Burger/sandwich emerged as the potent segment in 2015 and is expected to maintain this trend across the forecast period. Easy availability along with the presence of varied flavors is expected to spur the burger/sandwich market in coming years. Pizza/pasta is gaining flame owing to its taste and a wide range of product line. Pizza had footmark its presence worldwide this was mainly due to various outlets of pizza across the globe.

North America followed by Europe held the largest chucked off the total market in 2015 and is expected to maintain their position in the market during the forecast period owing to a majority of the on-the-run population. Rapidly escalating fast food chain around North America is likely to aid the growth of the fast food market in coming years. Asia Pacific is expected to specter elevated growth for the fast food market in the forecast period. This is majorly contributed by the increasing urbanization; rising disposable income and westernized lifestyle. India and China are considered the compelling markets for fast food owing to swift in preference for fast food over the traditional restaurant food. Substantial growth in fast food chains in Brazil and rest of Latin America is expected to bolster the growth of fast food market in the forecast period. Moreover, Latin American food had foothold its market owing to bold favors. The Middle East and Africa is anticipated to show sustainable growth owing to enhancement in living standards and discretional income.

Some of the key players in the fast food are McDonald’s Corporation, Yum! Brands Inc., Wendy’s International Inc, Burger King Worldwide Inc, Doctor’s Associates Inc, Jack in the Box Inc, Domino’s Pizza Inc, Dunkin Brands, Dairy Queen, and Papa John’s Pizza. The presence of various vendors along with street stalls had led to intense competition; therefore the manufacturers in fast food market space practices constant innovation strategy by focusing on research and product development for maintaining their sales in the market.

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