The global fast food market size reached US$ 821 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,140 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028. Hectic working schedules, improving logistics, and increasing usage of mobile applications that facilitate home delivery represent some of the key factors driving the market.
Fast food comprises pizza, pasta, burger, sandwich, French fries, hot dogs, tacos, fried chicken, sandwiches, onion rings, and nuggets. It is prepared in bulk quantities and then heated and packed for takeaway or dine-in. It is prepared using various ingredients and added with preservatives to extend the shelf life of processed food. It is budget-friendly, convenient to prepare and consume, and offers a quicker and easier alternative to home-cooked meals. Its packaging includes nutritional information, such as calories, total fat, saturated fat, cholesterol, sodium, fiber, sugar, carbohydrates, and protein content. At present, various restaurants, cafes, and fast-food joints are serving fast food in boiled, steamed, fried, and grilled forms and paired with sauces, salads, vegetables, and oil-based dressings across the globe.
Fast Food Market Trends:
The growing working population, rapid urbanization, and the expanding fast food restaurants and catering chains are among the key factors positively influencing the market. In addition, the increasing usage of mobile applications that offer lucrative discounts, assist in faster delivery, easy ordering of food, and facilitate secured payment gateways are strengthening the market growth. Moreover, inflating disposable incomes and changing dietary patterns of individuals are catalyzing the demand for fast food worldwide. Besides this, the growing popularity of cafe culture, and the introduction of several innovative and exotic recipes by service restaurants using natural, organic, and plant-based ingredients are creating a positive market outlook. In line with this, the growing use of numerous herbs and flavors in preparing fast food items is encouraging key market players in introducing more healthy product variants. Moreover, manufacturers are increasingly investing in marketing strategies, such as banner advertising, social media promotions, and celebrity endorsements, to expand their consumer base. This, in confluence with the launch of touch screens and digital sales terminals, is propelling the growth of the market around the world. Additionally, governments of various countries are imposing stringent regulations for food-grade packaging and nutritional labeling. This, along with the increasing investments in research and development (R&D) activities for food safety and quality management, is fueling the growth of the market. Furthermore, the rising influence of social media and the emerging trend of food vlogging are stimulating the market growth worldwide.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global fast food market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type and end user.
Product Type Insights:
- Asian/Latin American Food
The report has provided a detailed breakup and analysis of the fast food market based on the product type. This includes pizza/pasta, burger/sandwich, chicken, Asian/Latin American food, seafood, and others. According to the report, burger/sandwich represented the largest segment.
End User Insights:
- Food-Service Restaurants
- Quick Service Restaurants
A detailed breakup and analysis of the fast food market based on the end user has also been provided in the report. This includes food-service restaurants, quick service restaurants, caterings, and others. According to the report, quick service restaurants accounted for the largest market share.
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for fast food. Some of the factors driving the North America fast food market included the developed supply chain, high disposable income, working population, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global fast food market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Auntie Anne's (Focus Brands LLC), Chipotle Mexican Grill Inc., CKE Restaurants Holdings Inc., Domino's Pizza Inc., Jack in the Box, Little Caesar Enterprises Inc., McDonald's, Papa John's International Inc., Restaurant Brands International Inc., Subway (Doctor's Associates Inc.), The Wendy's Company, Yum! Brands Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Product Type, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Auntie Anne's (Focus Brands LLC), Chipotle Mexican Grill Inc., CKE Restaurants Holdings Inc., Domino's Pizza Inc., Jack in the Box, Little Caesar Enterprises Inc., McDonald's, Papa John's International Inc., Restaurant Brands International Inc., Subway (Doctor's Associates Inc.), The Wendy's Company and Yum! Brands Inc.
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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the fast food market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global fast food market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the fast food industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.