Fast Food Market - Global Industry Analysis
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
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.
Description
Fast Food Market Industry Perspective:
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 Food Market: Overview
The global fast-food market is gaining immense traction among consumers due to the worldwide rise of the consumer food service sector. Fast food refers to the food items prepared in advance in a short period of time at street vendors, shops, or quick-service restaurants. They are majorly prepared with the help of pre-cooked ingredients and take comparatively lesser time to complete. There are a large number of fast-food options available in the market, including fries, noodles, pizza, sandwiches, burgers, and many others which cover other protein-based product options like venison, beef, and others. Fast food is an innovative market strategy to serve the growing number of busy travelers, wage workers, and commuters who do not have enough time to wait and get their meals at the hotel and dine out restaurants.
COVID-19 Impact:
The outbreak of the Covid-19 pandemic has significantly impacted the food sector due to the surging cases of coronavirus along with the fear of spreading infections from food items. Apart from these, disruptions in the supply chain due to the worldwide lockdowns also impacted the sales. Labors all across the world have left their jobs and moved to their hometowns in the early months of the pandemic. As per the National Restaurant Association, around 7 million workers in the United States left their jobs in June 2020. Additionally, there was high awareness among people regarding consuming healthy food options to stay fit during the pandemic. However, the market is likely to regain growth due to the high demand post-pandemic period owing to the rise in the number of food franchises along with fast-expanding demand for online food services. During the pandemic, many restaurants offered meal kits delivery services which have contributed significantly to the growing demand for fast food services. Home sitting also induces the habit of snacking among consumers, which in turn has also positively shaped the growth trajectory of the global fast-food market.
Fast Food Market: Growth Drivers
Fast Food Market: Growing spending power and the busy lifestyle of people are primary growth drivers in the global market.
The global fast-food market is likely to grow exponentially due to the growing spending power of consumers all across the world. The food delivery applications are increasingly expanding the scope and influence in the market. Restaurants and hotels with quick services are growing in number. However, this growth can be attributed to the rapid globalization, industrialization, and urbanization in the market. Additionally, the transforming eating habits and shifting consumer preferences towards tasty food is likely to further complement the demand. Therefore, all these emerging landscapes are likely to augment the growth of the global market exponentially in the forthcoming years. Manufacturers are trying to expand the marketplace by innovating healthy fast food options that aid in weight loss with the right proportion and combination of other foods. Moreover, the growing demand for fast food deliveries by different end-users like resorts, full-service restaurants, and others are further promoting the growth.
Fast Food Market: Restraints
Transforming eating habits of people can restrain the growth of the global market.
Due to the outbreak of the Covid-19 pandemic, a significant transformation in the eating habits of people has been observed. Many people nowadays are looking for healthier alternatives to fast food options, therefore it is likely to impede the growth of the market in the forthcoming years.
Report Scope:
| Report Attribute | Details |
|---|---|
| Base Year | 2020 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2021 - 2028 |
| Segments Covered | By Product Type, By Application, and By End Use |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
Fast Food Market: Opportunities
Growing number of working women is likely to create new avenues in the global market
The growing working women population globally is one of the key factors creating lucrative growth opportunities in the global market. The high employment rate makes it difficult for them to cook meals along with their hectic daily job. Therefore, the trend of on-the-go fast food meals is much in popularity, particularly in regions like South Africa and China.
Fast Food Market: Challenges
The need for frequent product innovations is an emerging challenge in the global market.
There is a high demand for different varieties of food in the market. People are becoming very specific regarding their requirements, therefore global manufacturers are required to come up with frequent product innovations to retain their customers, which in turn has emerged as a big challenge in the global market.
Fast Food Market: Segmentation
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.
By product, the market can be segmented into seafood, Latin American food, chicken, sandwich, burger, pasta, pizza, and others.
Recent Developments
- India's first plant protein-based product – "The Unthinkable Pizza," was launched in December 2020 by Domino's Pizza. It is a vegetarian pizza made completely of plant-based proteins offering the sensory properties of chicken.
- McDonald's Corporation (MCD) announced the acquisition of Dynamic Yield in March 2019.
Fast Food Market: Regional Landscape
North America accounts for the largest share in the global market due to the high women's employment rate. Additionally, the growing popularity of fast food among millennials and the young generation is likely to further boost the growth of the regional market in the forthcoming years.
Fast Food Market: Competitive Landscape
Some of the significant players in the global fast-food market include Doctor's Associates, Inc., Inspire Brands, Inc., Yum Brands Inc., Restaurant Brands International, Inc., McDonald's, Jack in the Box, Inc., Firehouse Restaurant Group, Inc., CKE Restaurants Holdings, Inc., Domino's Pizza, Inc., and Auntie Anne's Franchisor SPV LLC.
The 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
Table Of Content
- Chapter 1. Introduction
- 1.1. Report description and scope
- 1.2. Research scope
- 1.3. Research methodology
- 1.3.1. Market research process
- 1.3.2. Market research methodology
- Chapter 2. Executive Summary
- 2.1. Global market revenue, 2016 - 2022 (USD Billion)
- 2.2. Global fast food market: Snapshot
- Chapter 3. Fast food Market – Global and Industry Analysis
- 3.1. Fast food : Market dynamics
- 3.2. Market drivers
- 3.2.1. Drivers of global fast food market: Impact analysis
- 3.2.2. Drive-thru facility at fast food joints
- 3.3. Market restraints
- 3.3.1. Restraints of global fast food market: Impact analysis
- 3.3.2. Rising health concern
- 3.4. Opportunities
- 3.4.1. Growing demand from emerging economies
- 3.5. Porter’s five forces analysis
- 3.6. Market Attractiveness Analysis
- 3.6.1. Market attractiveness analysis by type
- 3.6.2. Market attractiveness analysis by regional
- Chapter 4. Global Fast Food Market - Competitive Landscape
- 4.1. Company market share, 2016
- 4.1.1. Global fast food market : company market share, 2016
- 4.2. Strategic Development
- 4.2.1. Acquisitions & Mergers
- 4.2.2. New Type Launch
- 4.2.3. Agreements, Partnerships, Collaborations and Joint Ventures
- 4.2.4. Research and Development, Type and Regional Expansion
- 4.1. Company market share, 2016
- Chapter 5. Global Fast Food Market –Type Analysis
- 5.1. Global fast food market: type overview
- 5.1.1. Global fast food market revenue share, by type, 2016 - 2022
- 5.2. Chicken
- 5.2.1. Global chicken fast food market, 2016 – 2022 (USD Billion)
- 5.3. Burger/Sandwich
- 5.3.1. Global burger/sandwich fast food market, 2016 – 2022 (USD Billion)
- 5.4. Asian/Latin American Food
- 5.4.1. Global Asian/Latin American food fast food market, 2016 – 2022 (USD Billion)
- 5.5. Pizza/Pasta
- 5.5.1. Global pizza/pasta fast food market, 2016 – 2022 (USD Billion)
- 5.6. Sea-Food
- 5.6.1. Global sea-food fast food market, 2016 – 2022 (USD Billion)
- 5.7. Others
- 5.7.1. Global other fast food market, 2016 – 2022 (USD Billion)
- 5.1. Global fast food market: type overview
- Chapter 6. Global Fast Food market – Regional Analysis
- 6.1. Global fast food market: Regional overview
- 6.1.1. Global fast food market revenue share by region, 2016 - 2022
- 6.2. North America
- 6.2.1. North America fast food market revenue, by type, 2016 – 2022 (USD Billion)
- 6.3. Europe
- 6.3.1. Europe fast food market revenue, by a type, 2016 – 2022 (USD Billion)
- 6.4. Asia Pacific
- 6.4.1. Asia Pacific fast food market revenue, by type, 2016 – 2022 (USD Billion)
- 6.5. Latin America
- 6.5.1. Latin America fast food market revenue, by type, 2016 – 2022 (USD Billion)
- 6.6. Middle East and Africa
- 6.6.1. Middle East and Africa fast food market revenue, by type, 2016 – 2022 (USD Billion)
- 6.1. Global fast food market: Regional overview
- Chapter 7. Company Profile
- 7.1. McDonald’s Corporation
- 7.1.1. Overview
- 7.1.2. Financials
- 7.1.3. Product portfolio
- 7.1.4. Business strategy
- 7.1.5. Recent developments
- 7.2. Yum! Brands Inc.
- 7.2.1. Overview
- 7.2.2. Financials
- 7.2.3. Product portfolio
- 7.2.4. Business strategy
- 7.2.5. Recent developments
- 7.3. Wendy’s International Inc
- 7.3.1. Overview
- 7.3.2. Financials
- 7.3.3. Product portfolio
- 7.3.4. Business strategy
- 7.3.5. Recent developments
- 7.4. Burger King Worldwide Inc
- 7.4.1. Overview
- 7.4.2. Financials
- 7.4.3. Product portfolio
- 7.4.4. Business strategy
- 7.4.5. Recent developments
- 7.5. Doctor’s Associates Inc
- 7.5.1. Overview
- 7.5.2. Financials
- 7.5.3. Product portfolio
- 7.5.4. Business strategy
- 7.5.5. Recent developments
- 7.6. Jack in the Box Inc
- 7.6.1. Overview
- 7.6.2. Financials
- 7.6.3. Product portfolio
- 7.6.4. Business strategy
- 7.6.5. Recent developments
- 7.7. Domino’s Pizza Inc
- 7.7.1. Overview
- 7.7.2. Financials
- 7.7.3. Product portfolio
- 7.7.4. Business strategy
- 7.7.5. Recent developments
- 7.8. Dunkin Brands
- 7.8.1. Overview
- 7.8.2. Financials
- 7.8.3. Product portfolio
- 7.8.4. Business strategy
- 7.8.5. Recent developments
- 7.9. Dairy Queen
- 7.9.1. Overview
- 7.9.2. Financials
- 7.9.3. Product portfolio
- 7.9.4. Business strategy
- 7.9.5. Recent developments
- 7.10. Papa John’s Pizza
- 7.10.1. Overview
- 7.10.2. Financials
- 7.10.3. Product portfolio
- 7.10.4. Business strategy
- 7.10.5. Recent developments
- 7.1. McDonald’s Corporation
Table Of Figures
List of Figures
1. Fast food market segmentation
2. Global fast food market revenue, 2016 – 2022 (USD Billion)
3. Fast Food: Market attractiveness analysis, by type
4. Fast Food: Market attractiveness analysis, by regional
5. Global Fast Food Market : Company Market Share, 2016
6. Global fast food market revenue share by type, 2016 – 2022
7. Global chicken fast food market, 2016 – 2022 (USD Billion)
8. Global burger/sandwich fast food market, 2016 – 2022 (USD Billion)
9. Global Asian/Latin American food fast food market, 2016 – 2022 (USD Billion)
10. Global pizza/pasta fast food market, 2016 – 2022 (USD Billion)
11. Global sea-food fast food market, 2016 – 2022 (USD Billion)
12. Global other fast food market, 2016 – 2022 (USD Billion)
13. Global fast food market revenue share by region, 2016 - 2022
Table Of Tables
List of Tables
1. Global fast food market estimates and forecast, 2016 – 2022 (USD Billion)
2. Global fast food market, by region, 2016 – 2022 (USD Billion)
3. Global fast food market, by type, 2016 – 2022 (USD Billion)
4. Fast food – Key market driver analysis
5. Fast food – Key market restraint analysis
6. North America fast food market revenue, by type, 2016 – 2022 (USD Billion)
7. Europe fast food market revenue, by type, 2016 –(USD Billion)
8. Asia Pacific fast food market revenue, by type, 2016 – 2022 (USD Billion)
9. Latin America fast food market revenue, by type, 2016 – 2022 (USD Billion)
10. Middle East and Africa fast food market revenue, by type, 2016 – 2022 (USD Billion)
Methodology
This report is based on in-depth qualitative and quantitative analyses of the global Fast Food market. Zion Research has collected and analyzed key data belong to the global Fast Food market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Fast Food across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Fast Food industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
- Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
- Helps in validating and strengthening the secondary research findings
- Further, develops the analysis team’s expertise and market understanding
- Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies
Participants who typically participate in such a process include, but are not limited to:
- Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
- Purchasing managers, technical personnel, distributors and resellers
- Outside experts: Investment bankers, valuation experts, and research analysts specializing in specific markets
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
- Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
- IDC and other relevant magazines
- Internal and external proprietary databases, and relevant patent and regulatory databases
- National government documents, statistical databases, and market reports
News articles, press releases, and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Fast Food market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
- Demographic data: Population split by segments
- Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
- Industry indicators: Expenditure, technology stage, and infrastructure, sector growth and facilities
- Data is then cross-checked by an expert panel.
Free Analysis
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.
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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FrequentlyAsked Questions
The global fast-food market is likely to grow exponentially due to the growing spending power of consumers all across the world. The food delivery applications are increasingly expanding the scope and influence in the market. Restaurants and hotels with quick services are growing in number.
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.
Some of the significant players in the global fast-food market include Doctor's Associates, Inc., Inspire Brands, Inc., Yum Brands Inc., Restaurant Brands International, Inc., McDonald's, Jack in the Box, Inc., Firehouse Restaurant Group, Inc., CKE Restaurants Holdings, Inc., Domino's Pizza, Inc., and Auntie Anne's Franchisor SPV LLC.
North America accounts for the largest share in the global market due to the high women's employment rate. Additionally, the growing popularity of fast food among millennials and the young generation is likely to further boost the growth of the regional market in the forthcoming years.
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