Global fast-food market expected to grow rapidly with an increasing population of wage laborers, daily commuters, & travelers

02-Mar-2022 | Zion Market Research

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. The report facilitates in-depth insights on the key growth drivers, emerging trends, restraints, challenges, and opportunities in the global market. Furthermore, investor and stakeholder space is well elaborated in the repertoire.

Fast foods are an alternative to homemade food. It is served in a large number of quick-service restaurants, hotels, and street vendor shops. These are largely manufactured with the help of pre-cooked ingredients, so it consumes less time to cook when compared to other meals. Burgers, sandwiches, and noodles are some of the popular fast food options. Suppliers are lately innovating new food options with the help of meatloaf, onion, bacon, cheese, and other ingredients to capture a larger customer base. Fast food was developed by manufacturers as a key marketing strategy to capture a huge population of travelers and busy commuters who cannot afford to wait in hotels for their meals.

The growing disposable income of people is one of the major factors driving the growth of the global fast-food market. Apart from this, the affordability and convenience offered by fast food is other key factor complementing the demand. Western lifestyle is spreading fast globally, thereby expanding the scope of developing markets all across the world. Nowadays, a growing number of consumers are spending largely on fast foods both as a part of their social lifestyle and fatty food cravings. Additionally, the busy and hectic lifestyle of people makes it difficult to cook a meal at home or wait for their regular meal at hotels, therefore customers with rigid time constraints rely completely on fast food options. However, due to the growing number of such consumers, manufacturers are combining healthy ingredients with fast-food meals to make them more attractive and healthy for consumers. The growing industrialization and urbanization, along with the rapid economic growth in the middle-class population, are likely to drive the growth of the global fast-food market. The adoption of aggressive marketing strategies by people like target marketing will further expand the scope of the market. The advent of e-commerce has scaled up the affordability, accessibility, and availability of fast food meals which is further expected to propel the demand over the forecast period. Also, manufacturers have come up with natural components, hormone-free meat, organic vegetables, and unprocessed cheese to retain their customers in the growing trend of healthy eating. However, such remarkable transformation in the global market is likely to pave the way for enormous growth opportunities in the forthcoming years, thereby expanding its growth indefinitely.

Browse the full Fast Food Market By End-User (Quick-Service Restaurants And Fast-Casual Restaurants), By Product (Seafood, Latin American Food, Chicken, Sandwich, Pasta, And Pizza), And By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/fast-food-market

The global fast-food market can be segmented into end-user, product type, and region.

By end-user, the market can be segmented into quick-service restaurants, fast-casual restaurants, and others. The quick-service restaurant segment holds the largest share in the global market due to its high expansion rate. Quick service restaurants have significantly grown during the pandemic due to the growing support for delivery applications.

By product, the market can be segmented into seafood, Latin American food, chicken, burger, sandwich, pasta, pizza, and others. The burger segment accounts for the largest share in the global market due to its high demand in the market. Additionally, its high growth can be attributed to the variety of burger options available in the market, like venison, beef, and other protein products.

North America accounts for the largest share in the global fast-food market due to the availability of a wide range of fast food cuisines and budget-friendly snacks with different flavors.

Asia Pacific is another leading region in the global market due to the growing disposable income of the people in the region along with the fast proliferating western lifestyle among consumers.

Some of the significant players in the global fast-food market include Restaurant Brands International, Inc., CKE Restaurants Holdings, Inc., Doctor's Associates, Inc., Inspire Brands, Inc., Firehouse Restaurant Group, Inc., Yum Brands Inc., McDonald’s, Jack in the Box, Inc., Domino’s Pizza, Inc., and Auntie Anne’s Franchisor SPV LLC.

Global Fast Food Market

Recent developments

  • McDonald's Corporation (MCD) announced the acquisition of Dynamic Yield in March 2019.
  • Westlife Development Ltd, in January 2021, announced to open three new stores in this quarter.

Global fast-food market is segmented as follows:

By end-user

  • Quick-service restaurants
  • Fast-casual restaurants

By product

  • Seafood
  • Latin American food
  • Chicken
  • Sandwich
  • Burger
  • Pasta
  • Pizza

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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