Fast Food Market Size To Surpass Around US$ 964.6 Bn By 2030| MENAFN.COM

Sunday, 22 May 2022 10:29 GMT

Fast Food Market Size To Surpass Around US$ 964.6 Bn By 2030


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Tokyo, May 13, 2022 (GLOBE NEWSWIRE) -- The global fast food market was valued at around US$ 702.8 billion in 2021. The desire for on-the-go snacks, convenience foods, and ready meals is driving growth in the fast food industry. Fast food consumption has been influenced by millennials' hectic lifestyles and the global rise of working people. This will almost certainly aid the global expansion of the fast food industry. Consumer spending on food consumed out from home has risen in recent years. This is exacerbated by the global growth in employment rates. As a result, eating on-the-go meals is now more convenient. Rapid development and urbanization are also contributing to the expansion of the global fast food sector. Furthermore, the global fast food business is being driven by increased disposable income.

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Regional Snapshot

North America is the largest segment for fast food market in terms of region.The U.S. is dominating the fast food market in the North America region. The increased consumer expenditure on fast food is attributable to the rise of the North American fast food market. Furthermore, the demand for fast food in the regional market is being driven by a shift in customer taste and choice. The introduction of new flavors is also propelling the fast food sector in North America to grow and expand.

Asia-Pacific region is the fastest growing region in the fast food market.India, China, and Japan hold the highest market share in the Asia-Pacificfast food market. Factors such as population growth, rising disposable income, and shifting consumer preferences are all contributing to this trend. Furthermore, fast food made with natural components is encouraging the Asia-Pacific fast food market's growth and development.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 702.80 Billion
Revenue Forecast by 2028 USD 899.06 Billion
By Product
  • Pizza/Pasta
  • Burgers/Sandwich
  • Chicken
  • Asian/Latin American
  • Seafood
  • Others
By Application
  • Quick Service Restaurants
  • Fast Casual Restaurants
  • Caterings
  • Others
By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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Report Highlights

  • On the basis of product , burgers/sandwich segment holds the largest market share in the global fast food market. The large variety of burger options, which include food products with protein options such as venison and beef can be attributable to the increased demand for burgers/sandwiches. For instance, Subway launched a variety of Italian fillings and sandwich toppings in 2021.
  • On the basis of end user , quick service restaurants segment holds the largest market share in the global fast food market. This segment's development is fueled by increased demand for international cuisines. The quick service restaurants segment is gaining momentum due to potential for rapid globalization and demand from emerging nations. The segment's expansion will also be aided by the launch of new meals and flavors.

Market Dynamics

Drivers

Surge in sales through online or e-commerce platforms

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

Restraints

Growing awareness among consumers

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

Opportunities

Growing number of quick service restaurants

As per the USDA, the number of quick service restaurants in the U.S. increased by about 20% in the last decade, from approximately 285,000 in 2000 to over 340,000 in 2015. During the period 2000 to 2015, several metropolitan nations and quickly urbanizing nations in Western states, saw quick service restaurant growth of more than 30%, much greater than the national average of 20%. Thus, growing number of quick service restaurants is creating lucrative opportunities for the growth of global fast food market.

Challenges

Growing rates of fast food

The cost of fast food such as burgers, pizza, and sandwich are growing on a large scale. The major market players are charging high prices for brand image and for brand name. The low- and middle-income nations can't afford to buy these high-cost products. As a result, growing rates of fast food is one of the biggest challenges in the global fast food market.

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Recent Developments

  • Burger King introduced plant based 'Impossible Nuggets' and a statewide LTO release of Ghost Pepper Nuggets in October 2021, expanding its menu in the U.S.
  • Smashburger, the burger fast food chain, will announce a new menu in March 2022, which will be available across the U.S. Scorchin' Hot Chicken Tenders and Adult Chicken Tenders are among the latest additions to the redesigned fast food menu. These chicken products, which are inspired by the rising success of the Scorchin' Hot Crispy Chicken Sandwich, will be served in three or five piece sizes and will be made completely of white and crispy chicken with the customer's choice of sauce.

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

  • Auntie Anne's Franchisor 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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