The global Fast Food market size is expected to be worth around US$ 913.9 billion by 2030, according to a new report by Vision Research Reports.
The global Fast Food market size was valued at US$ 550.5 billion in 2020 and is anticipated to grow at a CAGR of 5.6% during forecast period 2021 to 2030.
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|Market Size||US$ 913.9 Billion by 2030|
|Growth Rate||CAGR of 5.6% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, End user|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Auntie Anne’s Inc.; McDonald’s; Domino’s Pizza; Wendy’s International; Doctor’s Associates, Inc.|
The rise in disposable income and rapid globalization of the food industry are the key factors driving the market growth. The increasing middle-class population coupled with the advent of online delivery apps and e-commerce websites is compelling companies operating in the market to expand their reach through introducing new food varieties and flavors.
The COVID-19 pandemic has severely impacted the food and restaurant industry. Decreased consumer spending and disruptions in the supply chain affected the industry to a large extent. In addition, the increased awareness about the consumption of healthy foods affected the market growth during the pandemic. However, the market is expected to regain its demand post-pandemic owing to a rise in the number of fast-food franchises and increasing demand for online food deliveries. Furthermore, the rise in the working population is supporting market growth.
By Product Analysis
Based on product, the market is segmented into pizza/pasta, burgers/sandwiches, chicken, Asian/Latin American, seafood, and others. The burgers/sandwich segment accounted for the maximum revenue share of more than 42% in 2020 owing to the high product demand.
The growing demand for burgers/sandwiches can be attributed to the wide availability of burger options, which include products with protein options like beef, venison, and several others.
On the other hand, the Asian/Latin American fast-food segment is anticipated to register the fastest CAGR over the forecast period. Increasing demand for diverse food products is driving the growth of this segment.
By End-user Analysis
On the basis of end-user, the market has been divided into Quick Service Restaurants (QSRs), fast-casual restaurants, and others. The QSRs segment accounted for the largest revenue share of more than 44% in 2020.
The rising demand for international cuisines is also driving the growth of this segment. For example, the rapid globalization opportunities and demand from developing countries, such as India and Brazil, are helping the segment to gain traction.
By Regional Analysis
North America accounted for the maximum revenue share of more than 27%. A rise in consumer spending on fast foods in the region is driving the market growth.
On the other hand, the market in Asia Pacific is expected to register the fastest CAGR over the forecast period. Changing consumer preferences coupled with the presence of a large customer base is driving the demand for fast-foods in the region.
- 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.
- By Product
- Asian/Latin American
- By End User
- Quick Service Restaurants
- Fast Casual Restaurants
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- North America
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