Fort Collins, Colorado, Oct. 02, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Fast Food Market Size, Growth, Share, Statistics Report, By Product Type (Burger & Sandwich, Pizza & Pastas, Asian & Latin American Food), By End-User (Food Service Restaurants, Quick Service Restaurants), By Region, And Segment Forecasts, 2022-2032."
According to DataHorizzon Research, The fast food market size was valued at USD 698.3 Billion in 2022 and is expected to reach USD 1,141.8 Billion by 2032 with a CAGR of 5.1%. Fast food offers instant preparation and is ready to serve. The food served in restaurants is packed and stored with ingredients that have already been heated or cooked. Common examples of fast food available in the market include sandwiches, burgers, pasta, pizza, fried chicken, French fries, soft drinks, and caffeine products.
Fast food is easily accessible as the demand is growing. Besides, its widespread availability, time-saving convenience, suitability, and affordability are some factors that promote the demand. One main characteristic of fast food centers is that they offer food with several varieties at affordable prices to consumers.
The fast food industry is experiencing growth, and one of the key drivers behind this trend is the increasing number of working professionals. Additionally, the expansion of hotels and restaurants contributes to the rise of the fast food sector, thus, the fast-food industry is evolving to meet the needs of a changing workforce and consumer base.
The growth of the fast food market, including the rise in family income and the increase in households with two or more members. These trends have made fast food more appealing and convenient for many people seeking meals on the go. Moreover, the expansion of various food administration outlets is acquiring bids across several markets globally. Besides, fast food consumption is positively influenced by the millennial lifestyle and the increase in several working populations.
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Report Snapshot:
| Report Title | Fast Food Market |
| Market Size in 2022 | USD 698.3 Billion |
| Market Size by 2032 | USD 1,141.8 Billion |
| CAGR from 2023 to 2032 | 5.1% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market size, estimations, competitor analysis, trends, and growth factors |
| By Product Type | Burger & sandwich, pizza & pastas, Asian & Latin American food and others. |
| By End-user | Food service restaurants, quick service restaurants, and others |
| Region | North America, Latin America, Europe, Middle East and Africa, and Asia Pacific |
| Countries Covered | U.S., Canada, Brazil, Mexico, U.K., Germany, France, Italy, Spain, Saudi Arabia, South Africa, Japan, India, China, Australia, South Korea. |
| Major Market Players | Domino’s Pizza Inc., McDonald’s, Firehouse Restaurant Group Inc., Restaurant Brands International Inc., Jack in the Box Inc., Burger King, Pizza Hut, Dunkin, KFC, Wendy’s International Inc., Yum Brands, Inc. |
Segmentation Overview:
The global fast food market has been segmented into product, end-user, and region. Burger and sandwich are leading in the product category. These foods are quite popular with the millennial and Gen Z crowd. Also, several brands offer multiple burger and sandwich options at affordable prices, therefore, burger and sandwiches are expected to dominate in the following years. Food service restaurants are expected to showcase high growth in the forthcoming years. Easy setup and consumer choice are growth factors contributing to the segment growth.
North America holds significant shares in the overall fast food market. Increasing consumer spending on fast food is a substantial reason for the growth of the fast food market in this region. Moreover, changes in consumer preference and taste with the add-ons in various new flavors are accelerating the need for fast food in North America.
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Fast Food Market Report Highlights:
- The global fast food market is anticipated to reach USD 1141.8 billion at a CAGR of 5.1% by 2032.
- The fast food market growth is significantly driven by the growing demand for street food, emerging startups with various food choices, and cloud kitchens. Also, consumer demand for tasty food is expected to create more opportunities for market growth.
- The quick-service restaurants dominated the end-user segment attributed to its easy availability and popularity.
- Asia Pacific is the leading region for the fast food market, attributed to the rise in demand for quick snacks and their popularity.
- Some prominent players in the fast food market report include Domino's Pizza Inc., McDonald's, Firehouse Restaurant Group Inc., Restaurant Brands International Inc., Jack in the Box Inc., Burger King, Pizza Hut, Dunkin, KFC, Wendy's International Inc., Yum Brands, Inc.
Key Developments in the Industry:
- In March 2022, Jack in the Box opened a chain of fast food stores in the United States. The new locations and 2,208 stores already in operation represent the brand's greatest-ever expansion.
- In October 2021, Plant-based impossible nuggets and the nationwide LTO release of ghost pepper nuggets helped Burger King expand its menu in the United States.
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Fast Food Market Report Segmentation:
Fast Food Market, By Type (2023-2032)
- Burger & Sandwich
- Pizza & Pastas
- Asian & Latin American Food
- Others
Fast Food Market, By End-user (2023-2032)
- Food Service Restaurants
- Quick Service Restaurants
- Others
Fast Food Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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