Global Fast Food Market

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 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

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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).

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. '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.'

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.

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.

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.

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Global Fast Food Market

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