Overview and Scope
Fast-food are used to quickly provide customers with a fast and convenient food option. Fast food is a quickly prepared food option that is cheap and easily available. Convenience and taste are the main selling points of fast food. In recent times, there have been efforts being made to improve the nutritional content and healthiness of fast foods by adding healthy ingredients.
Sizing and Forecast
The fast food market size has grown strongly in recent years. It will grow from <b>$295.03 billion in 2023 to $316.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. </b> The growth in the historic period can be attributed to change in consumer preferences and lifestyles, rapid urbanization, globalization, increased demand for convenience foods, rise in working population.
The fast food market size is expected to see strong growth in the next few years. It will grow to <b>$412.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. </b> The growth in the forecast period can be attributed to rising consumer expenditure on food, rapid industrialization, rise in young population, rise in disposable income, economic growth. Major trends in the forecast period include plant-based options, ghost kitchens, contactless ordering and payment, menu customization, healthier menu options.
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Segmentation & Regional Insights
The fast food market market covered in this report is segmented –
1) By Service Type: On-Premise, Delivery And Take Away
2) By Product: Seafood, Latin American Food, Chicken, Sandwich, Burger, Pasta, Other Products
3) By End-User: Quick-Service Restaurants, Fast-Casual Restaurants, Other End-Users
<b>North America</b> was the largest region in the fast-food market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the fast food market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing number of restaurants is a key factor significantly contributing to the growth in the fast-food market. The basic aim of a restaurant is to provide food and drink. As fast food takes less time in preparation, this allows restaurants to cater to large customers. For instance, according to Finances Online, a US-based platform for SaaS (Software as a Service) or B2B (Business-to-Business) software and financial products reviews, in the US there were over one million restaurants that employed 15.6 million people in 2021, and 101,811 chain restaurants in the US as of 2021. Therefore, an increasing number of restaurants and hotels are driving the growth of the fast-food market.
Key Industry Players
Major companies operating in the fast food market market include <b> 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 Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor’s Associates Inc., CKE Restaurants Holdings Inc., Wallace Foods Inc., Inspire Brands Inc., Chipotle Mexican Grill Inc., Subway SA, Kentucky Fried Chicken, Burger King Holdings, Pizza Hut Inc., Taco Bell IP Holder LLC, Wendy’s/Arby’s Group Inc., Starbucks Corp., Saint Louis Bread Co., International Dairy Queen Inc., Hardee’s Restaurants LLC, Arby’s Restaurant Group Inc., Jimmy John’s LLC, Papa John’s International Inc., Little Caesar Enterprises Inc., Sonic Drive-In Corp., Five Guys Enterprises LLC, Chick-fil-A Inc., Popeyes Louisiana Kitchen Inc., Bojangles OpCo LLC., Whataburger Restaurants LLC, In-N-Out Burger Inc., Jack in the Box Inc., White Castle Corp., Checkers Drive-In Restaurants Inc. </b>
The fast food market report table of contents includes:
1. Executive Summary
2.Fast Food Market Characteristics
3.Fast Food Market Trends And Strategies
4.Fast Food Market analysis
5.Fast Food Market Size And Growth
6. Fast Food Segmentation
7.Fast Food Regional And Country Analysis
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27.Fast Food Competitive Landscape And Company Profiles
28.Fast Food Key Mergers And Acquisitions
29.Fast Food Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Auntie Anne’s Inc.
- Cinnabon Franchisor SPV LLC
- Domino’s Pizza Inc.
- Dunkin’ Brands Group Inc.
- Hardee’s Restaurants LLC
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