New York, United States , June 01, 2023 (GLOBE NEWSWIRE) -- The Global Fast Food Market Size to grow from USD 980.65 billion in 2022 to USD 1584.09 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.56% during the forecast period. Restaurants, motels, and fast-food restaurants frequently serve fast food. Additionally, it makes the process of cooking and preserving food simpler. Faster globalisation and banization are blamed for the increase in hotels and restaurants, which is expected to benefit the fast food industry.
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Due to expanding family incomes and the growth of families with two or more family members in various locations, consumers are increasingly choosing to eat out for supper. Due to the existence of well-known brands like KFC, Pizza Hut, Domino's, McDonald's, and others, the major expansion of various food services outlets is also gaining appeal in both established and developing countries worldwide. Many multinational fast food franchises are experiencing rapid expansion in the foreign market as fast food has begun to gain favour among the younger population. The key drivers of this market's rise include rising disposable income, increased travel, an expanding millennial population, and changes in consumer behaviour.
Another significant aspect driving the need for fast food is convenience, which draws in customers of the younger generation with its ability to provide food more quickly and in a short amount of time. In addition, the movement in consumer demand towards products like ready-to-drink milk and quick meals has fundamentally altered the market environment. Fast food is becoming more and more popular because it requires less work and time.
Although ready-to-eat fast food is becoming more and more popular in the food market due to the ease with which it can be consumed at home, these foods are nonetheless high in calories and contain less fibre, minerals, vitamins, and other nutritious elements than natural foods. The consumption of junk food has increased dramatically as a result of rapid urbanisation, rising incomes, home delivery services, international cuisines, and alluring advertising. Concerns have been raised about the younger generation's rising fast food consumption because it results in a high intake of fats, which can cause obesity and chronic illness sufferers. In actuality, there is a link between obesity and a number of chronic illnesses, including arthritis, diabetes, cancer, gallbladder disease, and heart disease.
Browse key industry insights spread across 220 pages with 125 market data tables and figures & charts from the report on "Global Fast Food Market Size, Share, and COVID-19 Impact Analysis, By Product (Burgers/Sandwich, Asian/Latin American), By End Users (Fast Casual Restaurants, QSRs), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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Product Insights
Burgers/ Sandwich segment is dominating the market with the largest market share over the forecast period
On the basis of product, the global fast food market is segmented into pizza/ pasta, burgers/ sandwich, chicken, Asian/ Latin American, seafood, and others. Among these, the burgers/ sandwich segment is dominating the market with the largest market share over the forecast period. The wide variety of burger selections, which include foods with protein sources like beef, venison, and several others, may be to blame for the increase in burger and sandwich consumption. In addition, a lot of restaurant owners are experimenting with different combinations of meatloaf, cheese, bacon, and onions. In 2022, Subway introduced a number of Italian-inspired ingredients and sandwich topping options.
Asian/ Latin American is estimated to witness the fastest market share over the forecast period. As customer demand for a range of food products increases, this market is growing. An growth in the Hispanic population is driving the demand for Mexican food in the United States. For instance, approximately 110 million Americans consumed tortillas in 2017, according to the U.S. Census and the Simmons National Consumer Survey.
End User Insights
QSRs segment holds the largest market share over the forecast period
Based on the end user, the global fast food market is segmented into Quick Service Restaurants (QSRs), fast-casual restaurants, and others. Among these, the QSRs segment holds the largest market share over the forecast period. The market is expected to keep leading the pack while expanding at the fastest CAGR. During the epidemic, a number of quick-service restaurants saw a surge in their off-premises sales. Support for delivery applications was enhanced, which sped up market expansion.
The rising interest in international cuisines is another factor driving the growth of this market. For example, the market is expanding as a result of the opportunities offered by accelerating globalisation and demand from developing countries like Brazil and India. With the creation of new cuisines and flavours, the category will also expand. For instance, McDonald's introduced the BTS meal in response to changing consumer demands and preferences.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period
North America is dominating the Fast Food market over the forecast period. The development is ascribed to the region's rapidly expanding fast food chains, the region's growing middle class, and dual-income households. The United States has the highest proportion of fast food consumers among all other nations because of the ageing population, changing lifestyles, and rising tourism.
Asia Pacific region on the other hand is anticipated to witness the fastest market growth over the forecast period. The proliferation of fast food chains throughout China, India, and Japan as well as the rapid use of digital platforms for meal delivery are all credited with the growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Fast Food Market are Auntie Anne’s Franchisor SPV LLC, Domino’s Pizza Inc., CKE Restaurants Holdings Inc., Firehouse Restaurant Group Inc., Jack in the Box Inc., McDonald’s, Restaurant Brands International Inc., Yum Brands Inc., Inspire Brands Inc., Doctor’s Associates Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Fast Food Market based on the below-mentioned segments:
Fast Food Market, Product Analysis
- Energy based devices
- Laser devices
- Intense pulse devices
- Others
Fast Food Market, End Use Analysis
- Beauty clinics
- Dermatology clinics
- Home use
- Others
Fast Food Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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