The fast food market size was valued at $647.7 billion in 2019 and is estimated to reach $931.7 billion by 2027, growing at a CAGR of 4.6% during the forecast period. Fast food is defined as food that is quick to prepare and serve. It acts as an alternative to home cooked food. Fast food is popularly used in restaurants, hotels, and fast-food centers. In addition, it facilitates easy preparation and preservation of food. The rise in number of restaurants and hotels is attributed to rapider banization and globalization, which in turn is expected to boost the growth of the fast food market. Moreover, rise in health consciousness among consumers and increased demand for healthy and tasty food drive the market growth. There area lot of rise in concerns related to fast food. Researches claimed that consumption of fast food causes overweight, obesity, and other medical issues. The health issue is the biggest restraint in the fast food market growth. This rise in concerns has led people to switch from fast food to fast casual food. The fast food market is losing its market share to fast casual food.
Most of the fast foods available nowadays are healthy, and help in the weight loss with right combinations and proportions of other foods. There has been an increase in the demand for fast food over the past decadeas new product-types launches have permeated the food industry. Moreover, the utilization of these products by numerous end users such as full-service restaurants, hotels and resorts, and quick service restaurants is expected to drive the growth of this market.
The world has witnessed a significant growth in the women employment rate. With the increase in number of employed women, it becomes significantly difficult for them to cook meals, which results in consuming fast food. For instance, according to the United States Department of Labor, the U.S. female employment rate in 2019 was 46%. Similarly ,in China, the women employment rate was around 43.7% and in South Africa it was around 45%. All these factors collectively drive the fast food industry growth during the forecast period.
The report segments the fast food market on the basis of type, end user, and region. On the basis of type, the market is segmented into pizza/pasta, burger/sandwich, Chicken, Asian/Latin American food, seafood, and others. On the basis of end user, the market is segmented into food-service restaurants, quick service restaurants, caterings, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
On the basis of type, the Asian/Latin American food segment accounted for the maximum share in the global market in 2019. Asian/Latin American food has been one of the most preferred choice of fast food among the consumers ,due to increase in demand from millennials coupled with surge in need for ready to eat foods. Additionally, new launches in burger/sandwich products owing to increased investment in R & D of food processing, coupled with strengthening distribution network of fast food items and high-shelf life of fast food are expected to contribute significantly to the growth of the burger/sandwich market segment.
By Product Type
Asian/Latin American Food segment dominates the global market and is expected to retain its dominance throughout the forecast period.
On the basis of end user ,the quick service restaurants segment spearheads the market, which accounts 42.59% share in the fast food market in 2019, and is expected to dominatet he market throughout the forecast period. Quick service restaurants produces processed food in bulk to fulfill the growing demand of customers. In addition, increased internet penetration and quick access to smart phones have resulted in more purchase through online channels. As a result, several food chains are shifting to ward online portals to enhance online food ordering for these fast food chains, which in turn, augment the growth of the quick service restaurants market.
By End User
Quick service restaurants segment is expected to grow at a fastest CAGR of 5.1% during the forecast period.
Region wise, North America was the prominent market in 2019,which accounted for the maximum share in the market. The North American market is witnessing a transition in terms of consumption pattern, due to increase in health consciousness among consumers, who demand fast foods with healthy ingredients and low cholesterol. Asia-Pacific is likely to gain a major demand during the fast food market forecast period. Asia-Pacific majorly contains developing countries, these countries are inviting the manufacturers all around the world to invest and hence this factor is proving to be a market booster in this region for the fast food market.
North America dominates the market and is expected to grow with a CAGR of 3.4% during the forecast period
The players in the market have adopted various developmental strategies to expand their fast food market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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.
Key Benefits For Stakeholders
The report provides a quantitative analysis of the current fast food market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing fast food market opportunity.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth fast food market analysis and segmentation assists to determine the prevailing market opportunities.
The major countries in each region are mapped according to their revenue contribution to the market.
The market player positioning segment facilitates bench marking and provides a clear understanding of the present position of the market players.
Fast Food Market Report Highlights
By Product Type
By End User
Key Market Players
MCDONALD’S, DUNKIN’ BRANDS GROUP, INC, HARDEE'S RESTAURANTS LLC, Cinnabon Franchisor SPV LLC, AUNTIE ANNE'S, INC., DOMINO’S PIZZA, INC, Restaurant Brands International Inc, JACK IN THE BOX INC., YUM! BRANDS, INC, Firehouse Restaurant Group, Inc
Rise in preference for quick service restaurants over full-service restaurants has been identified as an important driver for the growth of the market. Change in food habits and busy lifestyle of consumers have led to increase in demand for fast food. Rapid changes in the supporting factors such as disposable income, consumer preferences, increase in working women population, and digitization have resulted in rise in number of quick-service, pop & shop, and other types of restaurants. This in turn drives the growth of the fast food market. Factors such as growth of hospitality industry and increase in tourism also support the growth of this market. Asia-Pacific and Europeare offering incremental growth opportunities for fast food, and hence the market in the region is anticipated to grow at the highest CAGR.
Health concerns among consumer are one of the major limitations for the global fast food market. Moreover, introduction of fast casual food is expected to restrain the growth of the fast food market. Numerous players are stepping in the fast food market with healthy meals. Increasing fast food restaurants and change in consumer taste and preference is expected to drive the market growth.