Global Fast Food Market to Reach US$ 1,277.6 Billion by 2032, Fostered by Expanding Food and Beverage Industry

November 11, 2022 | Food & Beverages

IMARC Group's latest report, titled "Fast Food Market Report by Product Type (Pizza/Pasta, Burger/Sandwich, Chicken, Asian/Latin American Food, Seafood, and Others), End User (Food-Service Restaurants, Quick Service Restaurants, Caterings, and Others), and Region 2024-2032", finds that the global fast food market reached a value of US$ 863.7 Billion in 2023. Fast food refers to food items that are easy to prepare and commonly made using pre-cooked ingredients. They facilitate quick preparation and preservation of food. They are generally manufactured in bulk in advance and then heated and packaged for takeaway or dine-in. Some of the most commonly available fast-food variants include noodles, pizza, fries, sandwiches, and burgers. They act as a quicker and more convenient alternative to prepared meals. As a result, fast food is gaining immense traction among consumers and is widely served in quick service restaurants (QSR), hotels, and street vendor shops across the globe.

Global Fast Food Market Trends:

The rising adoption of franchise business models by restaurant chains and the rapid expansion in the food and beverage industry represents the primary factors driving the market growth. Moreover, the emergence of café culture and the increasing establishment of fast food restaurants, food trucks, and other QSRs are positively influencing the market growth. Besides this, the launch of numerous innovative and exotic recipes by popular fast-food restaurants using natural, organic, and plant-based ingredients has accelerated the product adoption rate. Additionally, the escalating demand for fast food due to improving consumer lifestyles, busy schedules, and the rising working population is another major growth-inducing factor. Apart from this, the surging popularity of food ordering apps and the advent of home delivery models offering doorstep delivery, fast and easy ordering, and discount offers are contributing to the market growth. Furthermore, the emergence of touchscreen kiosks, kitchen display screens, and digital sales terminals and the modernization of the food retail industry have catalyzed market growth. Other factors, including an increasing number of hotels and restaurants, rising internet penetration, escalating demand for ready-to-eat (RTE) foods, and inflating consumer disposable incomes, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,277.6 Billion by 2032, growing at a CAGR of 4.45% during 2024-2032. 

Market Summary:

  • On the basis of the product type, the market has been segregated into pizza/pasta, burger/sandwich, chicken, Asian/Latin American food, seafood, and others. 
  • Based on the end user, the market has been divided into food-service restaurants, quick-service restaurants, caterings, and others. 
  • Region-wise, the market has been segmented into 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. 
  • The competitive landscape of the market has also been examined, with some of the key players being 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 and Yum! Brands Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, End User, Region
Region 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 and Yum! Brands Inc.
Customization Scope 10% Free Customization
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Global Fast Food Market to Reach US$ 1,277.6 Billion by 2032, Fostered by Expanding Food and Beverage Industry
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