The global fast food market size was USD 862.05 billion in 2020. The market is projected to grow from USD 972.74 billion in 2021 to USD 1,467.04 billion by 2028 at a CAGR of 6.05% during the 2021-2028 period.
This information is published by Fortune Business Insights™, in its report titled, “Fast Food Market, 2021-2028.”
According to our analysts, the chaotic lifestyles among millennial and extending working populations across the globe have played a vital role in the ingestion of fast-food. This, in turn, has elevated the demand and supply of the same.
Lockdowns in Prime Markets for Food Service Industry amid COVID-19 to Hamper Market Growth
The fast foods market faced an exponential decline in sales owing to the lockdown triggered by COVID-19 pandemic. The impact on the foodservice industry was distressing in the first half of 2020. With full-service restaurants, QSRs and pubs being closed for on-premise services, combined with the struggle that several establishments are facing to keep their businesses running, the market is witnessing mixed growth signals.
List of Key Players Covered in the Report
- McDonald’s (Minnesota, U.S.)
- Burger King (Florida, U.S.)
- Wendy’s (Ohio, U.S.)
- Domino’s (Michigan, U.S.)
- Pizza Hut (Texas, U.S.)
- Papa John’s International, Inc. (Kentucky, U.S.)
- Little Caesars (Michigan, U.S.)
- Chipotle Mexican Grill (California, U.S.)
- Dunkin (Massachusetts, U.S.)
- Wallace, Fujian Food Co., Ltd. (Fujian, China)
Product Type, Service Type, and Region are studied for the Market
On the basis of product type, the market is segmented into burger & sandwich, pizza & pasta, Asian & Latin American food, and others. The burger & sandwich segment leads the market, owing to the admiration of burgers and sandwiches among all age groups.
Based on service type, the market is classified into on-premise and delivery/take away.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report delivers insightful visions gained by conducting a meticulous review by our researchers. A thorough examination was presented to offer the predicted size of the fast food market. The data utilized to estimate the shares for multiple segments at the country, regional, and global levels is gained from extensive interviews with various stakeholders. Furthermore, we have obtained admittance to numerous global as well as regional paid databases to offer accurate information to make business capitalization choices effortless for you.
Rising Number of QSR across Globe to Boost Fast Food Market Growth
The fast food industry is preliminarily fueled by the suitability presented by serving food promptly, which entices customers primarily from the millennial age group. Consumer inclination for convenience food and fast-food items has caused a prompt fluctuation in the global market. Fast foods necessitates minimal struggle and lower time in comparison with cooking food from scratch, which is the prime aspect navigating the demand for fast-food products. Moreover, the surging dispensable income of consumers is an additional and fundamental cause for the market to spur in the coming years.
North America holds the major fast food market share with a value of USD 337.8 billion in 2020. The rising number of dual working households, upsurge in flexible income, occurrence of fast-food chains, and complete monetary growth of the region makes this region among the biggest markets in the foodservice market.
Europe is anticipated to develop progressively in the fast-food market owing to the growing tourists’ population in the region, which is predicted to fuel the sales of fast-food products with an augmented amount of QSR outlets during the upcoming time period.
Asia Pacific is expected to register the fastest growth in the global market due to consumer adoption of digital retailing platforms.
Inventive Product Launch Declarations by Vital Players to Boost Market Growth
The important players embrace numerous tactics to boost their position in the market as dominating companies. One such prominent tactic is procuring companies to boost the brand value among users. Another fundamental stratagem is intermittently presenting groundbreaking products with methodical review of the market as well as its target audience.
For example, in October 2021, Burger King extended its U.S. menu with a plant-based version of nuggets, called, “Impossible Nuggets” and the countrywide LTO launch of Ghost Pepper Nuggets. The chain will be termed as the prime quick-service restaurant to examine nuggets from Impossible Foods when the product unveils in Boston, Des Moines, Iowa, and Miami.
September 2021: Papa John’s International entered in a domestic franchisee progression deal in the U.S. with franchisee operator Sun Holdings in the U.S. As per the terms of the contract, Sun Holdings is set to launch 100 novel stores throughout Texas by 2029.