IMARC Group's latest report, titled "Fast Food Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028", finds that the global fast food market reached a value of US$ 821 Billion in 2022. 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$ 1,140 Billion by 2028, growing at a CAGR of 5.2% during 2023-2028.
- 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.
|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, 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.
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