Market Overview:
The global fast food market size reached US$ 863.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,277.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.45% during 2024-2032. The increasing consumer preference for RTE food products, rising number of commercial establishments, and the growing adoption of fast food like frozen ready meals in the food service industry are some of the major factors propelling the market.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
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2018-2023
|
Market Size in 2023
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US$ 863.7 Billion |
Market Forecast in 2032
|
US$ 1,277.6 Billion |
Market Growth Rate 2024-2032 |
4.45% |
Fast food refers to a type of easily accessible and quickly prepared food, typically available in chain restaurants or food outlets. It is characterized by its rapid service and convenience, catering to those seeking immediate meals on-the-go. It consists of hamburgers, fried chicken, pizza, fries, noodles, tacos, sandwiches, and other items that can be swiftly cooked and served. It offers a quick solution for busy individuals or families seeking a meal without the time investment required by traditional dining establishments.
A shifting consumer preference for ready to eat (RTE) food products on account of rapid urbanization, busy lifestyles, and expanding purchasing power of consumers is strengthening the growth of the market around the world. Moreover, the rising adoption of Western food culture and the growing consumption of fast food like fried, baked, and confectionery items are influencing the market positively. In addition, the increasing number of commercial establishments, such as restaurants, cafes, food trucks, food stalls, hotels, and quick service restaurants (QSRs), is favoring the growth of the market. Apart from this, the rising consumption of convenient and packaged food products and the emerging adoption of fast food like frozen ready meals in the food service industry is propelling the growth of the market. Furthermore, the growing popularity of food ordering apps, as they are offering doorstep delivery, fast and easy ordering, and discount offers, is creating a positive outlook for the market.
Fast Food Market Trends/Drivers:
Increasing change in lifestyle patterns
Modern lifestyles often involve busy schedules and less time for home-cooked meals. Fast food caters to this shift by providing quick convenient options that fit into active lifestyles. Whether it is a family needing a quick dinner or an individual grabbing a meal between meetings, the fast food industry's adaptability to changing lifestyle patterns continues to fuel its demand.
Rise in affordability
Fast food is often seen as a cost-effective option, especially when compared to dining in more traditional restaurants. The competitive pricing and wide variety of budget-friendly menu items make fast food a popular choice for many, particularly among students and working-class individuals. This affordability factor continues to drive demand as people seek to maximize value without sacrificing taste or quality.
Growing influence of marketing and branding
The influence of marketing and branding is a significant factor driving the growth of fast food industry. Through advertising and promotional offers, fast food chains have created a strong brand presence that resonates with a broad audience. Utilizing multimedia channels, they target different age groups and demographics, successfully encouraging repeat visits and creating loyalty among consumers. This strategic marketing and branding effort contributes to the ongoing demand for fast food products.
Fast Food Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global fast food market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product type and end user.
Breakup by Product Type:
- Pizza/Pasta
- Burger/Sandwich
- Chicken
- Asian/Latin American Food
- Seafood
- Others
Burger/sandwich dominates the market
The report has provided a detailed breakup and analysis of the 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. It features items made with buns or bread slices, enclosing fillings such as beef, chicken, fish, or vegetarian options. These offerings often come with a variety of toppings, sauces, and sides. The appeal of the burger/sandwich lies in its ease of holding while consuming and the ability to assemble and serve quickly.
Chicken-based fast food includes fried, grilled, or roasted chicken pieces and meals. These items are often served with sides like fries, coleslaw, and biscuits. Chicken fast food outlets are known for their flavorful and crispy offerings, attracting people seeking a protein-centric meal.
Breakup by End User:
- Food-Service Restaurants
- Quick Service Restaurants
- Caterings
- Others
Quick service restaurants hold the largest share in the market
A detailed breakup and analysis of the 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. They are designed to provide quick, efficient service to people who are looking for a speedy meal. These people are often individuals or families seeking a convenient and rapid dining option. QSRs usually have a focused menu with items like burgers, fries, chicken, and other easily prepared offerings.
Food service restaurants refer to establishments that offer fast food options alongside other types of dishes in a sit-down setting. These restaurants provide a range of menu items, often including burgers, sandwiches, pizzas, and more. End users of fast food within food service restaurants are typically individuals or groups looking for a casual dining experience with a variety of menu choices.
Catering services provide fast food options for larger groups or events. The end users of fast food in catering are event planners, businesses, or individuals organizing gatherings, meetings, parties, or conferences. Catering companies offer the convenience of bulk ordering and delivery, making it easy for hosts to provide a variety of fast-food items to satisfy the tastes of their attendees.
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
North America exhibits a clear dominance, accounting for the largest fast food market share
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 accounted for the largest market share.
The establishment of commercial spaces like QSRs represents one of the primary factors driving the demand for fast food in the North American region. Moreover, rising inclination towards franchise business models by restaurant chains is contributing to the market growth in the region. Besides this, the growing adoption of home delivery models is influencing the market positively in the region.
Competitive Landscape:
The leading companies are developing mobile apps that allow customers to place orders, customize meals, and pay in advance, which reduces wait times, enables personalized orders, and encourages customer loyalty through rewards and promotions. They are also emerging self-service kiosks in fast food restaurants that enable customers to place their orders without interacting with a cashier, and enhance order accuracy, reduce lines, and provide an interactive and efficient ordering process. Moreover, product manufacturers are adopting the use of advanced payment methods, such as contactless payment options and QR code scanning, to minimize physical contact and enhance safety. Besides this, key players are utilizing data analytics to gather insights into customer preferences and behaviors to personalize menu recommendations, promotions, and marketing campaigns.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Auntie Anne's (Focus Brands LLC)
- Chipotle Mexican Grill Inc.
- CKE Restaurants Holdings Inc.
- Domino's
- Jack in the Box
- Little Caesar Enterprises Inc.
- McDonald's
- Papa John's International Inc.
- Restaurant Brands International Inc.
- Subway
- The Wendy's Company
- Yum! Brands Inc.
Recent Developments:
- In 2020, Domino's launched the Unthinkable Pizza in India, which is a vegetarian pizza made completely of plant-based proteins that have the sensory properties of chicken.
- In 2023, The Wendy's Company and Flynn Restaurant Group announced that it will be developing 200 restaurants in Australia.
- In 2023, McDonald's partnered with Glovo with new global strategic partnership for improved customer experience.
Fast Food Market Report Scope:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Scope of the Report |
Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Product Type
- End User
- Region
|
Product Types Covered |
Pizza/Pasta, Burger/Sandwich, Chicken, Asian/Latin American Food, Seafood, Others |
End Users Covered |
Food-Service Restaurants, Quick-Service Restaurants, Caterings, Others |
Regions Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
Auntie Anne's (Focus Brands LLC), Chipotle Mexican Grill Inc., CKE Restaurants Holdings Inc., Domino's, Jack in the Box, Little Caesar Enterprises Inc., McDonald's, Papa John's International Inc., Restaurant Brands International Inc., Subway, The Wendy's Company, Yum! Brands Inc., etc. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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 2018-2032.
- 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.