(MENAFN- GlobeNewsWire - Nasdaq) New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Fast Food Market Global Market Report 2022: Ukraine-Russia War Impact' -
, McDonald's Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor's Associates Inc., CKE Restaurants Holdings Inc., Wallace Foods Inc., Inspire Brands Inc., and Chipotle Mexican Grill Inc.
The global fast-food market is expected to grow from $575.31 billion in 2021 to $628.55 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The fast-food market is expected to grow to $802.62 billion in 2026 at a CAGR of 6.3%.
The fast-food market consists of the sales of fast foods by entities (organizations, sole traders, and partnerships) that are used for quickly providing customers with a fast and convenient food option.Fast food is a quickly prepared food option that is cheap and easily available.
Convenience and taste are the main selling points of fast food. In recent times, there have been efforts being made to improve the nutritional content and healthiness of fast foods by adding healthy ingredients.
The main types of fast-food services are on-premise, delivery, and take-away.On-premise fast food service markets are used to provide customers with food and a place to sit and enjoy fast food.
On-premise restaurants offer customers the opportunity to sit, relax, and enjoy delicious meals in a great ambiance with a great experience.Fast food products include seafood, Latin American food, chicken, sandwiches, burgers, pasta, and others.
The different end-users include quick-service restaurants, fast-casual restaurants, and others.
North America was the largest region in the fast-food market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the fast-food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing number of restaurants is a key factor significantly contributing to the growth in the fast-food market.The basic aim of a restaurant is to provide food and drink.
As fast food takes less time in preparation, this allows restaurants to cater to large customers. For instance, according to FinancesOnline, a US-based platform for SaaS (Software as a Service) or B2B (Business-to-Business) software and financial products reviews, in the US there were over one million restaurants that employed 15.6 million people in 2021, and 101,811 chain restaurants in the US as of 2021. Therefore, an increasing number of restaurants and hotels are driving the growth of the fast-food market.
The new advancement in online food delivery is a key trend gaining popularity in the fast-food market.Major companies operating in the fast-food market are coming up with new ways to improve the online food delivery experience for customers.
For instance, in April 2019, Co-op Food, a UK-based food retail business of The Co-operative Group, launched a new online delivery service that uses electric cargo bikes.The new service would initially be made available to customers within a 4-kilometer radius of the store on Kings Road in Chelsea, London.
Orders would first be filled utilizing human-powered electric bikes with a zero-emission electric motor to help. The prices of the goods are the same as in-store prices, with a $6 (£5) delivery fee and an $18.26 (£15) minimum purchase requirement. The new delivery service provides a quick and flexible way to buy, with a selection of over 1500 products available to order, including alcohol, between the hours of 9 a.m. and 10 p.m.
In November 2021, Restaurants Brands International, a US-based chain of fast-food restaurants, acquired Firehouse Subs for a deal amount of $1 billion.With this acquisition, Restaurants Brands International would capitalize on its development expertise, global franchise network, and digital capabilities to grow Firehouse Subs as a global brand.
Firehouse Subs is a US-based chain of fast-food restaurants.
The countries covered in the fast-food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The fast-food market research report is one of a series of new reports that provides fast-food market statistics, including fast-food industry global market size, regional shares, competitors with fast-food market share, detailed fast-food market segments, market trends, and opportunities, and any further data you may need to thrive in the fast-food industry. This fast-food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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