USD 527 billion
Fast Food Market Size, Share, Growth Analysis, By Type(Burgers, Sandwiches, Pizzas, Pasta), By Distribution Channel(Quick Service Restaurants (QSR), Street Vendors), By Service type(On premise and delivery & take away), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30C2131 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
94
|Figures:
76
Fast Food Market Insights
Global Fast Food Market size was valued at USD 527 billion in 2019 and is poised to grow from USD 548.08 billion in 2023 to USD 750.08 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
Fast food is defined as food that is quick to prepare and serve. It acts as an alternative to home-cooked food. It is popularly used in restaurants, hotels, and fast-food centers. In addition, it facilitates easy preparation and preservation of food. The rise in the number of restaurants and hotels is attributed to more rapid urbanization and globalization, which in turn is expected to boost the growth of the Global Fast Food Market.
The increase in the working population, which relies on fast food, the market's capacity to adapt to new consumer habits, including menu options that are healthier and more sustainable, including vegetarian and vegan options, and the expansion of the service through delivery options are some of the aspects that are driving the growth of the Global Fast Food Market. The workforce's need for simple, affordable, and quick solutions is a most responsible aspect of the market growth. However, vendors are expected to come up with the changing dietary trends, particularly those involving healthier menu items and offering vegetarian and vegan options to customers. While the market participants are expected to adopt sustainable packaging and implement new delivery methods for their company’s growth.
US Fast Food Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Quick Service restaurants (QSR)
Fastest Growth
Quick Service restaurants (QSR)
Growth Rate
4% CAGR
Global Fast Food Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Fast Food Market Segmental Analysis
The Global Fast Food Market is segmented based on Type, Distribution Channel, service type, and Region. Based on Type, the market is segmented into Burgers and Sandwiches, Pizzas and Pasta, Meat and Chicken, Seafood, Snacks, Mexican, and Others. Based on Distribution Channel the market is segmented into the Quick Service restaurants (QSR) and Street Vendors. Based on service type, the market is segmented into On premise and delivery & take away. Based on Region the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Fast Food Market Analysis by Type
Based on Type, the fast food market is segmented into Burgers and Sandwiches, Pizzas and Pasta, Meat and Chicken, Seafood, Snacks, Mexican, and Others. Due to the widespread acceptance of burgers and sandwiches across all age groups, the burger and sandwich segment category dominates the market. Burgers and sandwiches also cost less than pizza and pasta which again is a key aspect that contributes to that fast food market growth. The most well fast food franchise is McDonald's; in 119 nations throughout the world, it has company-operated restaurants, franchised restaurants, and licensed affiliates. Burger and sandwich restaurants' distinctive breakfast menu is a key competitive advantage. These options give the customer who is traveling to work in the morning a convenient choice, thus favoring the segmental growth of the market.
Fast Food Market Analysis by Distribution Channel
Based on Distribution Channel the fast food market is segmented into the Quick Service restaurants (QSR) and Street Vendors. The services provided by quick Serving Restaurants are more popularized across the globe. Another factor that significantly contributes to the segmental growth is the growing trends and acceptance of online food delivery. Due to the services and varieties of delicacies are delivered on your home or office is it more preferred way adopted by people worldwide. This, thus, contributes to the segmental growth of the market.
Global Fast Food Market by Distribution Channel, 2021 (%)
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Fast Food Market Regional Insights
The North American region held the largest Global Fast Food Market share. The regional growth of the sector will be aided by the fast food chain's rapid expansion in North America. Due to their strong reliance on convenience and growing preference for meals in restaurants, Europe is also expected to hold a significant market share. The introduction of raw dairy, organic veggies, hormone-free meat, and natural components into fast-food menus as well as other healthful changes helped this sector to grow significantly. These major changes have proven to be important for the growth of the market, fueled by changes in consumer preferences for fast food and the transparency of fast-food chain operations.
The Asia-Pacific region is further expected to witness significant growth in the global fast food market during the forecast period. This is due to urbanization, an increase in disposable income, and demand for western-style living. Due to their preference for quick food over traditional restaurant fare, China and India are regarded as promising markets for fast food. The market growth is also significantly improved by favorable demographics, rising disposable income and purchasing power, and the quick uptake of western lifestyles. The bold flavors of the Middle East are also projected to favor the growth of the region in upcoming years.
Global Fast Food Market By Geography, 2021 - 2028
- Largest
- Fastest
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Fast Food Market Dynamics
Fast Food Market Driver
- The key aspect that drives the growth of the market is the changing consumer habits and increased spending on food products. The growth of households with two or more people in the majority of regions and increased family income are the main factors encouraging consumers to eat out more. Additionally, despite the continued popularity of well-known brands like Domino's, Pizza Hut, McDonald's, KFC, and Burger King, the rapid proliferation of various food service outlets is gaining popularity in both developed and developing regions around the world. International fast food companies are focusing on foreign markets as fast food becomes increasingly popular among millennials. The expansion of the millennial population, rising family incomes, increasing tourism, and changing consumer purchasing patterns are all contributing to the global market growth.
Fast Food Market Restraint
- People's eating patterns have undergone a substantial change as a result of the COVID-19 pandemic epidemic. As a result of the widespread desire for healthy fast food alternatives, the market's potential growth is projected to be constrained in the upcoming years. Its increased consumption of among millennials leads to high fat intake, which may result in obesity and consequently obesity-related chronic diseases. Obesity is associated with a number of chronic diseases, illnesses, and early deaths, including cancer, diabetes, gallstone disease, fatty liver, heart disease, arthritis, and joint problems. The habit of eating fast food has been identified as a possible risk factor for childhood obesity. Due to the numerous health issues associated with eating fast food, the increased awareness among the people regarding their eating habits is likely to restrain the global market growth.
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Fast Food Market Competitive Landscape
The Global Fast Food market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability. The growth of their commercial operations in developing regions is a key priority for numerous well-known businesses active in the global market. Companies in the global fast food market are also developing strategies for new product development and product portfolio expansion through investments, mergers, and acquisitions.
Fast Food Market Top Player's Company Profiles
- McDonald's
- Domino's
- Pizza Hut
- Subway
- KFC
- Burger King
- Taco Bell
- Wendy's
- Dunkin' Donuts
- Starbucks
- Chipotle Mexican Grill
- Dairy Queen
- Tim Hortons
- Popeyes Louisiana Kitchen
- Hardee's
- Baskin-Robbins
- Papa John's
- Jollibee Foods Corporation
- Church's Chicken
- Nathan's Famous.
Fast Food Market Recent Developments
- In June 2022, Lunchbox, an online ordering system, has agreed to acquire NovaDine, an enterprise digital ordering provider for multi-unit restaurant chains, according to a press release. The terms of the deal were not disclosed. The acquisition provides Lunchbox with an enterprise suite to build on its digital ordering technology and is expected to enable restaurant operators to manage digital guest experiences from a single operating system.
- In May 2022, Fat Brands has agreed to acquire Nestle Toll House Cafe by Chip from Crest Foods, an 85-unit franchised chain of stores that sells lunch, cookies, espresso, and ice cream treats, the company said on Wednesday. Fat will rebrand the stores as Great American Cookies locations. Terms of the acquisition were not disclosed.
Fast Food Key Market Trends
- Increasing trends of online ordering of food are likely to aid the market growth in the upcoming years. During the global COVID-19 pandemic in 2020, the foodservice industry benefited from online food delivery since it gave customers access to meals while also enabling food providers to carry on business. E-commerce adoption is rising globally as a result of a number of variables, including economic expansion, rising disposable income, rising food consumption, and rising internet access. The rise of online food delivery in many developing nations, particularly during the COVID era, has completely changed how consumers engage with food suppliers. Even before the COVID-19 outbreak, arranging meal deliveries was a standard habit in developed regions. However, the trend accelerated in developing nations like India, Qatar, Saudi Arabia, the United Arab Emirates, Singapore, Turkey, Argentina, Brazil, and Chile after COVID-19.
Fast Food Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global fast food market analysis, in 2021, the global market is dominated by the North American region. Considering the majority of its workforce during the projection period, North America, had the greatest share of the overall market. The future growth of the fast-food sector will be aided by the fast-food chain's rapid expansion in North America. Further, due to people’s strong reliance on convenience and growing preference for meals in restaurants, Europe is likely to hold a significant market share. The introduction of raw dairy, organic veggies, hormone-free meat, and natural components into fast-food menus as well as other healthful changes helped this sector mature. These major changes have proven to be important for growth, fueled by changes in consumer preferences for fast food and the transparency of fast-food chain operations. The trend of eating nutritious snacks is growing in North America as a means of addressing a number of health problems, such as high cholesterol, obesity, high blood sugar, and others. According to segmental analysis, as more individuals switch to eating a plant-based diet to maintain a healthier lifestyle, the prevalence of vegetarianism around the world contributes to the product's rising demand. The Vegan Society estimates that there are 600,000 vegans in Great Britain as of 2019, which represents 1.16% of the country's overall population. Additionally, plant-based bars have reduced fat contents, which has led to an increase in demand among obese people.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 527 billion |
| Market size value in 2031 | USD 750.08 billion |
| Growth Rate | 4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fast Food Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fast Food Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fast Food Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fast Food Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fast Food Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fast Food Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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