Global Fast Food Market Size, Share, and COVID-19 Impact Analysis, By Product (Burgers/Sandwich, Asian/Latin American), By End Users (Fast Casual Restaurants, QSRs), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032Industry: Food & Beverages
Global Fast Food Market Insights Forecasts to 2032
- The Global Fast Food Market Size was valued at USD 980.65 Billion in 2022.
- The market is growing at a CAGR of 6.56% from 2022 to 2032
- The global Fast Food Market is expected to reach USD 1584.09 billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period
Get more details on this report -
The Global Fast Food Market Size is expected to reach USD 1584.09 billion by 2032, at a CAGR of 6.56% during the forecast period 2022 to 2032.
Fast food is frequently utilised in eateries, lodging facilities, and fast-food outlets. Additionally, it makes food preparation and preservation simple. Rapider globalisation and banization are blamed for the increase in restaurants and hotels, which is projected to have a positive impact on the market for fast food.
Impact of COVID 19 on Global Fast Food Market
With the onset of COVID 19 pandemic, the sales of fast food has significantly owing to the nationwide lockdowns in various countries across the world. As the lockdown has been imposed by governments of various countries, the food industry has witnessed a devastating scenario. Many businesses such as pubs, QSRs, and restaurants were closed and they were struggling in the entire pandemic period. When the new normal period have started, consumers used to maintain social distancing guidelines and they used to visit the premises just to pick up their orders that were made online. All the many restaurants have started allowing pick up and take out facilities the overall number of orders were very less than the normal orders in the first half of the Year 2020. Not only this but also the customers visiting to fast food and casual dining restaurants have reduced to almost 60% after the lockdown ended. Having said that the number of online food orders have increased at a significant rate and it has become one of the popular ordering options in the food industry.
Key Market Drivers
The primary factors that are driving the consumers to go out for dinner at increase in due to the rising family income and the development of households with two or more family members in different regions. Moreover, the significant expansion of different food services outlet is also gaining popularity in both developed and developing countries across the world due to the presence of popular brands such as KFC, Pizza Hut, Dominos, McDonald's and others. As the fast food has started gaining popularity among younger generation many international fast food chains are witnessing Rapid growth in the overseas market. The main reason behind the growth of this market is due to the increasing disposable income, rising tourism, expansion in millennial population, and shift in the consumer habit.
The another important factor which is propelling the demand of the fast food market is the convenience because it has in providing faster food delivery at a very short interval of time which attracts the attention of younger generation consumers. Apart from this, the shift in the demand of consumer towards the ready to it milk as well as the fast food product has significantly changed the market scenario. Fast food need less time and effort which is rising the demand of these products.
Global Fast Food Market Report Coverage
|Market Size in 2022:||USD 980.65 Billion|
|Forecast Period:||2022 - 2032|
|Forecast Period 2022 - 2032 CAGR:||6.56%|
|2032 Value Projection:||USD 1584.09 Billion|
|Historical Data for:||2018 - 2021|
|No. of Pages:||220|
|Tables, Charts & Figures:||125|
|Segments covered:||By Product, By End Users, By Region|
|Companies Covered:||Auntie Anne’s Franchisor SPV LLC, Domino’s Pizza Inc., CKE Restaurants Holdings Inc., Firehouse Restaurant Group Inc., Jack in the Box Inc., McDonald’s, Restaurant Brands International Inc., Yum Brands Inc., Inspire Brands Inc., Doctor’s Associates Inc.|
Get more details on this report -
Key Market Challenges
Although ready to eat fast food is gaining popularity in food industry as they can we easily consumed in home, but this food are high in Calories and have a lower level of fibres, minerals, vitamins and other nutritional compounds than the natural food. Rapid urbanisation, increasing income, home delivery services, International cuisines, and attractive advertisement has significantly increase the consumption of junk food. The increasing consumption of Fast Food among the younger generation is a matter of concern as it results into high intake of fats which may lead to obesity and this may results in People suffering to chronic diseases. In fact obesity is related to various long term health conditions such as heart disease, gallbladder, diabetes, cancer, joint disorders, and arthritis. All these health consult related to the consumption of fast food are awaring consumers which may hamper the growth of the market.
Burgers/ Sandwich segment is dominating the market with the largest market share over the forecast period
On the basis of product, the global fast food market is segmented into pizza/ pasta, burgers/ sandwich, chicken, Asian/ Latin American, seafood, and others. Among these, the burgers/ sandwich segment is dominating the market with the largest market share over the forecast period. The large range of burger options, which include goods with protein options like beef, venison, and several others, might be blamed for the rising demand for burgers and sandwiches. Additionally, a number of restaurant operators are experimenting with various meatloaf, cheese, bacon, and onion combinations. Subway added a number of Italian ingredients and a number of sandwich topping alternatives in 2022.
Asian/ Latin American is estimated to witness the fastest market share over the forecast period. This market is expanding as a result of rising consumer demand for a variety of food goods. The demand for Mexican food in the United States is being driven by an increase in the Hispanic population. For instance, according to the U.S. Census and the Simmons National Consumer Survey, around 110 million Americans consumed tortillas in 2017.
End User Insights
QSRs segment holds the largest market share over the forecast period
Based on the end user, the global fast food market is segmented into Quick Service Restaurants (QSRs), fast-casual restaurants, and others. Among these, the QSRs segment holds the largest market share over the forecast period. The market is anticipated to continue growing at the quickest CAGR while maintaining its top spot. Several quick-service eateries increased their off-premises sales during the pandemic. Support for delivery applications was improved, which accelerated segment growth.
The expansion of this market is also being fueled by the growing demand for international cuisines. For instance, the market is gaining traction due to the prospects presented by rising globalisation and the demand from developing nations like Brazil and India. The segment will grow in addition with the development of novel cuisines and flavours. For instance, in response to the shifting requirements and desires of customers, McDonald's launched the BTS meal.
North America is dominating the market with the largest market share over the forecast period
Get more details on this report -
North America is dominating the Fast Food market over the forecast period. The growth is attributed to the increasing income of the people, dual walking household, and Rapid expansion of fast food chains in the region. Among all other countries, the accounts the largest number of consumers of fast food due to the increasing number of younger generation, changing lifestyle, and expansion in tourism.
Asia Pacific region on the other hand is anticipated to witness the fastest market growth over the forecast period. The growth is attributed to the Rapid use of digital platform for food delivery, increasing availability of products via online retail websites, and expansion of fast food chains across India, Japan and China.
Recent Market Developments
- In October 2022, Burger King has extended its U.S. menu with the plant based ‘impossible Nuggets’ and the nationwide LTO release of Ghost Pepper Nuggets.
List of Key Companies
- Auntie Anne’s Franchisor SPV LLC
- Domino’s Pizza Inc.
- CKE Restaurants Holdings Inc.
- Firehouse Restaurant Group Inc.
- Jack in the Box Inc.
- Restaurant Brands International Inc.
- Yum Brands Inc.
- Inspire Brands Inc.
- Doctor’s Associates Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Fast Food Market based on the below-mentioned segments:
Fast Food Market, Product Analysis
- Energy based devices
- Laser devices
- Intense pulse devices
Fast Food Market, End Use Analysis
- Beauty clinics
- Dermatology clinics
- Home use
Fast Food Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Need help to buy this report?