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.
Fast Food Market
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 into 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.
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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, wageworkers, and commuters who do not have enough time to wait and get their meals at the hotel and dine-out restaurants.
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 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 the fast-expanding demand for online food services. During the pandemic, many restaurants offered meal kit 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.
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 their scope and influence in the market. Restaurants and hotels with quick services are growing in number. However, this growth can be attributed to 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 is further promoting the growth.
Transforming the 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 Attributes||Report Details|
|Report Name||Fast Food Market Research Report|
|Market Size in 2021||USD 647.7 Billion|
|Market Forecast in 2028||USD USD 998 Billion|
|Growth Rate||CAGR of 4.6%|
|Number of Pages||192|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||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.|
|Segments Covered||By end-user, By Product, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
A 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.
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.
The global fast-food market can be segmented into end-user, product types, and regions.
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.
North America accounts for the largest share of 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.
Some of the significant players in the global fast-food market include
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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