The global Fast Food Market is estimated to be valued at US$ 745.8 Billion in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The fast food market consists of restaurants that offer quickly prepared food served in packaged form for take-out/take-away. Major products in the fast food market include pizza and pasta, chicken, burgers and sandwiches, Asian/Latin American food and seafood. The fast food market caters to the rapidly growing ready-to-eat food service industry.
Market key trends:
One of the key trends in the fast food market is growing popularity and availability of online food delivery platforms. Various fast food chains have entered partnerships with food delivery aggregators such as UberEats, DoorDash, GrubHub to provide online ordering and delivery options. This allows customers to order food from their favorite chains conveniently via mobile apps and get it delivered at their doorsteps. The ease and flexibility provided by online food delivery is attracting more customers, especially millennials and Generation Z, thereby fueling the growth of the overall fast food market.
Segment Analysis
The global fast food market is segmented based on product type and distribution channel. Based on product type, the market is segmented into burgers/sandwiches, chicken, pizza/pasta, Asian/Latin American food, seafood, meat products, and others. Burgers/sandwiches segment dominates the market, accounting for around 35% share of the overall fast food market in 2022. Burgers are highly preferred fast food among consumers in North America and Europe due to their easy availability and quick cooking properties.
Key Takeaways
The global fast food market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for fast, convenient and pocket-friendly food options among millennials and working professionals.
Regional analysis:
North America dominated the fast food market in 2022, accounting for around 40% share. The presence of major fast food chains such as McDonald's, Burger King, Wendy's, Subway and Dunkin Donuts drives the market in the region. Asia Pacific is expected to witness the fastest growth during the forecast period due to growing western influence and rising incomes in developing countries such as China and India.
Key players:
Key players operating in the fast food market are Auntie Anne's, INC, Cinnabon Franchisor SPV LLC, Domino’s Pizza, INC, Dunkin’ Brands Group, Inc, Hardee's Restaurants LLC, Firehouse Restaurant Group, Inc, Jack in The Box INC., McDonald’s, Restaurant, Brands International Inc, INC, and YUM! BRANDS, INC. McDonald's tops the global fast food industry with a revenues of over $21 billion in 2021, primarily driven by its huge overseas market share.
Read more: https://www.rapidwebwire.com/fast-food-market-insights-trends/
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