Fast food products like burgers, pizza, sandwiches, fried chicken and other snacks provide nutritional value and convenience to busy lifestyles.
Fast food products like burgers, pizza, sandwiches, fried chicken and other snacks provide nutritional value and convenience to busy lifestyles. The consumption of ready-to-eat meals is gaining traction among people with hectic schedules and limited time for cooking.
The global Fast Food Market is estimated to be valued at US$ 898.69 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for convenient food options has been a major trend fueling the growth of the fast food market. Busy schedules leave little time for home-cooked meals, driving people towards quick service restaurants and takeaway/delivery suits fast pacing lifestyles. Moreover, the younger demographic especially millennials and Gen Z have grown accustomed to the ease and variety offered by fast food. Restaurants are capitalizing on this by enhancing their digital presence, streamlining delivery processes and tie-ups with food ordering apps. The popularity of international cuisine has also expanded fast food segments like Asian, Mexican beyond traditional burger and pizza chains.
Segment Analysis
The global fast food market is dominated by hamburgers and chicken sub-segments. Hamburgers account for the largest market share in North America as burgers are the favorite choice for quick meals among American consumers. Burgers offer convenience and affordability which has led to their popularity. The chicken sub-segment is growing rapidly due to increasing health awareness. Protein-rich chicken is seen as a healthier option compared to burgers.
Key Takeaways
The global Fast Food Market Growth is expected to witness high growth over the forecast period. The market is expected to reach a value of US$ 898.69 Bn by 2024 expanding at a CAGR of 7.3% from 2024 to 2030.
Regional analysis: North America currently dominates the global fast food market accounting for over 35% market share in 2024.Burger giants like McDonald's and Burger King have established a stronghold in the US driving market growth. However, Asia Pacific is emerging as the fastest growing regional market. countries like China and India are witnessing rising fast food consumption due to changing lifestyles and busy schedules.
Key players: Key players operating in the fast food market include Epicurean, John Boos, Edward Wohl, San Jamar, SAGE, Neoflam, Catskill Craftsmen, Proteak, Carver Board, Virginia Boys Kitchens, Totally Bamboo, Lipper International, Madeira, Fackelmann, TOPULORS. McDonald's and Burger King have established dominance in the burger sub-segment while KFC, Pizza Hut and Domino's lead the chicken and pizza segments respectively at a global level. These multinational chains are expanding aggressively into emerging markets of Asia and Latin America to tap into growth opportunities.
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