Global Fast Food Market Size Poised To Reflect USD 998

Omaha, NE, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Fast Food Market By End-User (Quick-Service Restaurants And Fast-Casual Restaurants), By Product (Seafood, Latin American Food, Chicken, Sandwich, Pasta, And Pizza), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Fast Food Market size & share was valued at approximately USD 647.7 billion in 2021. The market is expected to grow above a CAGR of 4.6% and is anticipated to reach over USD 998 billion by 2028.”

The report analyses the Fast Food market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Fast Food market.

What is Fast Food? How big is the Fast Food Industry?

The fast food industry refers to a segment of the food service industry that specializes in providing quick and convenient meals to customers. Fast food restaurants typically have a limited menu of popular items that can be prepared quickly and efficiently, often using pre-prepared ingredients.

The industry is characterized by a focus on speed, affordability, and convenience. Fast food restaurants are often designed to accommodate large volumes of customers quickly, with features such as drive-thru windows and self-service kiosks. Many fast food restaurants also offer delivery services and mobile ordering options to further enhance convenience.

The fast food industry includes a variety of different restaurant chains, including burger chains, pizza chains, sandwich shops, and other quick-service restaurants. Some of the most well-known fast food chains in the world include McDonald's, KFC, Subway, Burger King, and Pizza Hut, among others.

Market Overview:

Fast food restaurants are becoming increasingly popular around the world as the consumer food service industry expands in every region. The term "fast food" is used to describe the pre-prepared meals sold by sellers on the street, in stores, and at fast-food restaurants. They require less time overall to make because they typically call for pre-cooked components. Fries, noodles, pizza, sandwiches, burgers, and many more options, many of which also include protein-based products like venison, cattle, and others, are just some of the fast food options available on the market. A increasing number of business travellers, hourly workers, and commuters simply do not have time to sit in a restaurant and wait for their food. This has led to a creative marketing strategy: fast food.

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Key Insights from Primary Research

As per the analysis, the Fast Food market is likely to grow above a CAGR of around 4.6% between 2022 and 2028.
The Fast Food market size was worth around US$ 647.7 billion in 2021 and is estimated to hit approximately US$ 998 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on type segmentation, The burger segment accounts for the largest share in the global market due to its high demand in the market 2021.
Based on End User segmentation, The quick-service restaurant segment holds the largest share in the global market due to its high expansion rate 2021
On the basis of region, the “North America accounts for the largest share in the global fast-food market”.

Market Growth Dynamics: Industry Drivers/Growth Drivers

The global fast-food market is likely to grow exponentially due to the growing spending power of consumers all across the world. The food delivery applications are increasingly expanding their scope and influence in the market. Restaurants and hotels with quick services are growing in number. However, this growth can be attributed to rapid globalization, industrialization, and urbanization in the market. Additionally, the transforming eating habits and shifting consumer preferences towards tasty food is likely to further complement the demand. Therefore, all these emerging landscapes are likely to augment the growth of the global market exponentially in the forthcoming years. Manufacturers are trying to expand the marketplace by innovating healthy fast food options that aid in weight loss with the right proportion and combination of other foods. Moreover, the growing demand for fast food deliveries by different end-users like resorts, full-service restaurants, and others is further promoting the growth.

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The fast food market in the United States is a significant and growing industry. In 2021, the fast food industry was estimated to be worth over $255 billion in the US alone. The industry has experienced consistent growth over the years due to various factors such as the busy lifestyles of consumers, the convenience factor of fast food, and the ability of fast food restaurants to provide affordable and easily accessible meals.

The market is dominated by major fast food chains such as McDonald's, Subway, Taco Bell, Wendy's, and Burger King, among others. These chains operate thousands of locations across the country and have a significant market share.

In recent years, there has been a growing trend towards healthier fast food options, and many fast food chains have responded by introducing new menu items that are lower in calories and offer more nutritional value. Additionally, many fast food chains have been investing in technology to enhance the ordering and delivery experience for customers.

Despite concerns over the health impact of fast food, the industry is expected to continue to grow in the coming years, as busy lifestyles and a desire for convenience continue to drive demand for quick and easy meal options.

Fast Food Market: COVID-19 Impact Analysis

The outbreak of the Covid-19 pandemic has significantly impacted the food sector due to the surging cases of coronavirus along with the fear of spreading infections from food items. Apart from these, disruptions in the supply chain due to the worldwide lockdowns also impacted sales. Labors all across the world have left their jobs and moved to their hometowns in the early months of the pandemic. As per the National Restaurant Association, around 7 million workers in the United States left their jobs in June 2020.

Competitive Players

The report contains qualitative and quantitative research on the global Fast Food Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Fast Food market include

Doctor's Associates, Inc.
Inspire Brands, Inc.
Yum Brands Inc.
Restaurant Brands International, Inc.
McDonald's
Jack in the Box, Inc.
Firehouse Restaurant Group, Inc.
CKE Restaurants Holdings, Inc.
Domino's Pizza, Inc.
Auntie Anne's Franchisor SPV LLC.

Browse the full “Fast Food Market By End-User (Quick-Service Restaurants And Fast-Casual Restaurants), By Product (Seafood, Latin American Food, Chicken, Sandwich, Pasta, And Pizza), And By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/fast-food-market

Segmentation Analysis / Fast Food Market: Segmentation Analysis

The global fast-food market can be segmented into end-user, product type, and region.

By end-user, the market can be segmented into quick-service restaurants, fast-casual restaurants, and others. The quick-service restaurant segment holds the largest share in the global market due to its high expansion rate. Quick service restaurants have significantly grown during the pandemic due to the growing support for delivery applications.

By product, the market can be segmented into seafood, Latin American food, chicken, burger, sandwich, pasta, pizza, and others. The burger segment accounts for the largest share in the global market due to its high demand in the market. Additionally, its high growth can be attributed to the variety of burger options available in the market, like venison, beef, and other protein products.

Regional Analysis/Dominance:

North America accounts for the largest share in the global fast-food market due to the availability of a wide range of fast food cuisines and budget-friendly snacks with different flavors.

Asia Pacific is another leading region in the global market due to the growing disposable income of the people in the region along with the fast proliferating western lifestyle among consumers.

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The growing number of restaurants in developing countries, combined with the inclination of consumers towards dining out, reflects the changing lifestyles and increasing disposable incomes of people in these regions. As incomes rise, more consumers are able to afford to eat out, and many are attracted to the convenience and variety of options that restaurants offer.

In addition, the growth of the middle class in many developing countries has created a significant market for higher-end and specialty restaurants, which cater to more sophisticated and discerning tastes. As a result, the restaurant industry in many developing countries is becoming more diverse, with a wider range of cuisines and dining experiences available to consumers.

At the same time, the growth of the restaurant industry in developing countries also poses challenges, such as increased competition and the need to maintain high standards of food safety and quality. Restaurant operators must also navigate regulatory and cultural differences in order to succeed in these markets.

Recent Industry Developments:

McDonald's Corporation (MCD) announced the acquisition of Dynamic Yield in March 2019.
Westlife Development Ltd, in January 2021, announced to open three new stores in this quarter.

History of fast food?

The history of fast food can be traced back to the late 1800s and early 1900s in the United States, when the first fast food restaurants began to emerge. These early fast food restaurants were typically small, family-owned businesses that offered quick and inexpensive meals to workers and travelers.

One of the earliest and most influential fast food restaurants was White Castle, which was founded in 1921 in Wichita, Kansas. White Castle popularized the hamburger and helped to establish the fast food industry as we know it today. The company's founders, Walter Anderson and Billy Ingram, developed a unique system for cooking and serving hamburgers quickly and efficiently, using a simple menu of just a few items.

In the 1940s and 1950s, the fast food industry began to grow rapidly, with the introduction of new chains such as McDonald's, Burger King, and KFC. These chains introduced new technologies and business models that made it possible to serve large volumes of customers quickly and efficiently, using standardized menus and pre-prepared ingredients.

Over the years, the fast food industry has continued to evolve, with new chains and menu items emerging to meet changing consumer preferences and demands. In recent years, there has been a growing trend towards healthier fast food options, as well as a focus on sustainability and environmentally-friendly practices. Despite these changes, the fast food industry remains an important part of the global food service industry, with a significant impact on the way people eat and live.

Key questions answered in this report:

What is the market size and growth rate forecast for Fast Food industry?
What are the main driving factors propelling the Fast Food Market forward?
What are the leading companies in the Fast Food Industry?
What segments does the Fast Food Market cover?
How can I receive a free copy of the Fast Food Market sample report and company profiles?

Report Scope:

Report Attribute	Details
Market Size in 2021	USD 647.7 billion
Projected Market Size in 2030	USD 998 billion
CAGR Growth Rate	4.6% CAGR
Base Year	2021
Forecast Years	2022-2030
Key Market Players	Doctor's Associates, Inc., Inspire Brands, Inc., Yum Brands Inc., Restaurant Brands International, Inc., McDonald's, Jack in the Box, Inc., Firehouse Restaurant Group, Inc., CKE Restaurants Holdings, Inc., Domino's Pizza, Inc., and Auntie Anne's Franchisor SPV LLC.
Key Segment	By Type, By Application, and By Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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The global Fast Food market is segmented as follows:

By end-user

Quick-service restaurants
Fast-casual restaurants

By product

Seafood
Latin American food
Chicken
Sandwich
Burger
Pasta
Pizza

By Region

North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America

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Key Offerings:

Market Size, Trends, & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis By end-user, By product, and by Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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