Fast food market size will exceed approximately US$964.6 billion by

Tokyo, May 13, 2022 (GLOBE NEWSWIRE) — The world fast food market was valued at around US$702.8 billion in 2021. The desire for snacks, ready meals, and convenience foods to go is driving the growth of the fast food industry. Fast food consumption has been influenced by the busy lifestyles of millennials and the global rise of working people. This will almost certainly contribute to the global expansion of the fast food industry. Consumer spending on food eaten outside the home has increased in recent years. This situation is exacerbated by the global growth in employment rates. As a result, eating meals on the go is now more convenient. Rapid development and urbanization are also contributing to the expansion of the global fast food industry. Additionally, the global fast food industry is driven by increasing disposable income.

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Regional overview

North America is the largest fast food market segment in terms of region. The United States dominates the fast food market in the North America region. The increase in consumer spending on fast food is attributable to the booming North American fast food market. Additionally, the demand for fast food in the regional market is driven by changing customer tastes and choices. The introduction of new flavors is also propelling the fast food industry in North America to grow and expand.

Asia-Pacific is the fastest growing region in the fast food market. India, China, and Japan hold the highest market share in the Asia-Pacific fast food market. Factors such as population growth, increasing disposable income and changing consumer preferences are all contributing to this trend. Moreover, fast food made from natural components is encouraging the growth and development of the fast food market in Asia-Pacific.

Report scope

Report attributes Details
Market size in 2021 $702.80 billion
Revenue forecasts by 2028 $899.06 billion
By product
  • Pizza/Pasta
  • Burgers/Sandwiches
  • Chicken
  • Asian/Latin American
  • Seafood
  • Others
By app
By region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • AEM

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Report Highlights

  • Based on the product, the hamburger/sandwich segment holds the largest market share in the global fast food market. The wide variety of burger options, which include food items with protein options such as venison and beef, can be attributed to the increased demand for burgers/sandwiches. For example, Subway launched a variety of Italian fillings and sandwich fillings in 2021.
  • Based on end user, the quick service restaurant segment holds the largest market share in the global fast food restaurant market. The development of this segment is fueled by an increased demand for international cuisines. The fast food segment is gaining momentum due to the potential for rapid globalization and demand from emerging countries. The expansion of the segment will also be facilitated by the launch of new dishes and flavors.

Market dynamics

Drivers

Skyrocketing sales via online platforms or e-commerce

Fast food sales through the online sales channel is one of the growing trends in the fast food market. Rising internet penetration and growing adoption of smartphones are driving the demand for online sales channels. As a result, increasing sales through online or e-commerce platforms are driving the growth of the global fast food market.

Constraints

Growing consumer awareness

The growing number of health conscious consumers is hampering the growth of the global fast food market. Fast food consumption is increasing among young people, which is concerning because it leads to high fat consumption, which can contribute to obesity and chronic obesity-related disorders. Thus, growing consumer awareness is limiting the expansion of the global fast food market.

Opportunities

Growth number of quick service restaurants

According to the USDA, the number of quick-service restaurants in the United States has increased by about 20% over the past decade, from about 285,000 in 2000 to more than 340,000 in 2015. Over the From 2000 to 2015, several metropolitan nations and rapidly urbanizing nations in the Western states experienced more than 30% growth in quick service restaurants, well above the national average of 20%. Thus, the growing number of quick service restaurants creates lucrative opportunities for the growth of the global fast food market.

Challenges

Fast food growth rate

The cost of fast food like burgers, pizzas and sandwiches is increasing on a massive scale. Major market players charge high prices for brand image and brand name. Low- and middle-income countries cannot afford these expensive products. Therefore, growing fast food rates is one of the biggest challenges in the global fast food market.

RECENT DEVELOPMENTS

  • Burger King introduced plant-based “Impossible Nuggets” and a statewide LTO version of Ghost Pepper Nuggets in October 2021, expanding its menu in the United States
  • Smashburger, the hamburger fast food chain, will announce a new menu in March 2022, which will be available in the United States. Scorchin’ Hot Chicken Tenders and Adult Chicken Tenders are among the latest additions to the revamped fast food menu. These chicken products, which are inspired by the growing success of the Scorchin’ Hot Crispy Chicken Sandwich, will be served in three or five pieces and will be made entirely of crispy white chicken with the sauce of the customer’s choice.

Some of the major players in the global fast food market include:

  • Franchisor of Aunt Anne SPV LLC
  • Jack in the Box Inc.
  • Domino’s Pizza Inc.
  • Firehouse Restaurant Group Inc.
  • McDonald’s
  • Restaurant Brands International Inc.
  • CKE Restaurants Holdings Inc.
  • Yum Brands Inc.
  • Inspire Brands Inc.
  • Doctor’s Associates Inc.

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