The Business Research Company’s report on the Fast Food Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the fast food market in recent years?
The increasing demand for plant-based proteins is a key factor significantly contributing to the growth in the fast-food market. Plant-based proteins are proteins sourced from plants like legumes, grains, nuts, seeds, and vegetables, serving as a sustainable alternative to animal-derived proteins. The rising demand for plant-based proteins is fueled by greater consumer awareness of their health benefits, concerns about environmental sustainability, ethical issues related to animal welfare, and the growing popularity of vegan and flexitarian diets. Fast food chains are diversifying their menus with plant-based protein options like veggie burgers and nuggets to cater to the growing demand for healthier, meat-free alternatives. For instance, in April 2023, according to the Good Food Institute, a US-based non-profit organization, the global retail sales of plant-based meat and seafood in 2022 amounted to $6.1 billion, indicating an 8% growth in revenue and a 5% increase in weight. Additionally, the collective sales of plant-based milk, cheese, and yogurt reached $21.6 billion globally, marking a 7% rise from the previous year. Therefore, an increasing demand for plant-based proteins are driving the growth of the fast-food market.
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What is the projected market size of the fast food industry, and how is it expected to grow?
The fast food market size has grown steadily in recent years. It will grow from $645.2 billion in 2024 to $663.92 billion in 2025 at a compound annual growth rate (CAGR) of 2.9%. 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 $833.43 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. 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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Who are the key players driving competition in the fast food market?
Major companies operating in the fast food market include Auntie Anne’s Inc., Cinnabon Franchisor SPV LLC, Domino’s Pizza Inc., Dunkin’ Brands Group Inc., Hardee’s Restaurants LLC, Jack in the Box Inc., McDonald’s Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor’s Associates Inc., CKE Restaurants Holdings Inc., Inspire Brands Inc., Chipotle Mexican Grill Inc., Subway SA, Kentucky Fried Chicken, Burger King Holdings, Pizza Hut Inc., Taco Bell IP Holder LLC, International Dairy Queen Inc., 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., White Castle Corp., Checkers Drive-In Restaurants Inc.
What key trends are expected to drive the farm animal healthcare market during the forecast period?
The new advancement in online food delivery is a key trend gaining popularity in the fast-food market. Major companies operating in the fast-food market are coming up with new ways to improve the online food delivery experience for customers. For instance, in February 2022, KFC, a US-based, Fast-food restaurant company, launched Wing, Australia’s first on-demand drone delivery service. A cloud kitchen has been built in collaboration with Collins Food Limited, KFC Australia’s largest corporate franchise partner. This unique facility that will prepare KFC’s chicken in advance for drone delivery, allowing consumers to obtain their KFC in minutes with ultimate convenience.
Which key geographies are driving the growth of the fast food market?
North America was the largest region in the fast-food market in 2024. Asia-Pacific 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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What are the key segments driving growth in the fast food market?
The fast food 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
Subsegments:
1) By On-Premise: Dine-In Service, Drive-Thru Service
2) By Delivery And Take Away: Third-Party Delivery Services, In-House Delivery, Pre-Packaged Takeaway, Custom Order Takeaway
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How is the fast food market defined?
Fast food refers to quickly prepared and served meals that are typically inexpensive and convenient. These foods are often characterized by their standardized recipes, high-speed service, and quick consumption.
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