According to a new report published by Allied Market Research, titled, “Fast Food Market by Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027,”the global fast food market size is expected to reach $931.7 billion by 2027 at a CAGR of 4.6% from 2020 to 2027.Fast food is referred to the food, which can be prepared and serve quickly. Moreover, this term is also used to refer to food that is sold in restaurants/shops with preheated or precooked ingredients. The emergence of fast food has also led to the spurt of take aways and drive through delivery channels. Fast foods are also considered to be quick and low-price meal alternatives of home cooked food. The global fast-food market is poised to witness significant growth during the forecast period, owning to increase in number of fast-food restaurants, rise number of working women, tech-savvy ordering options, rise in demand for international cuisines, and change in consumer taste and preference. However, factors such as high setup cost of restaurants and rise in health concerns among the fast-food consumers are expected to hamper the growth of this market. Moreover, the rise of fast casual food is forecasted to negatively affect the fast-food market growth.
Fast food product is one such convenient food product that can be consumed with ease anywhere, anytime. Hence, the fact that the busy lifestyle being adopted by majority of customers paves way for fast food product to grow in terms of volume sales. Increase in popularity of fast-food restaurants, also known as the quick service restaurants (QSRs), boosts the growth of the global fast-food market. Among the emerging economies, China, India, and Brazil dominate in terms of fast-food consumption, owing to their large population base and growth in number of QSRs such as McDonalds, Burger King, Wendy’s, Subway, and Dunkin’ Donuts.
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According to fast food market analysis, the market is segmented on the basis of product type, end user, and region. By product type, it is categorized into burgers/sandwiches, pizza/pasta, chicken, seafood, Asian/Latin America food, and others. By end user, fast food market is divided into food-service restaurants, quick service restaurants, caterings, and others. Region wise, it is analysed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Indonesia, Australia, Thailand, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
On the basis of type, the Asian/Latin American food has been the most preferred fast food among consumers, due to its flavours and ingredients added in the products. Thus, the Asian/Latin American food segment was valued $155.5 billion and is expected to grow with a CAGR of 3.4% from 2020 to 2027, to reach $203.6 billion by 2027. However, the burger/sandwich segment is expected to grow at the highest rate during the fast-food market forecast period. This is attributed to increase in consumer demand for taste and preferences of the food.
On the basis of end user, the quick service restaurants segment is dominating in the market, which accounts 42.59% of the share in global fast-food market in 2019 and is expected to retain its dominance throughout the forecast period. Quick service restaurants are the most preferred by the consumers. With the increasing demand for fresh, tasty, and appealing food at affordable cost, the demand for quick service restaurants is increasing. Moreover, retaining the healthy and natural ingredients along with maintaining the taste also boosts the market growth.
On the basis of region, North America was the prominent market in 2019 and accounted for the maximum share in the global fast-food market. This is attributed to the high consumption of fast food in the U.S., Canada, and Mexico. Consumers in the region are attracted by the fast food with new flavours, textures, and higher nutrition of the fast food and has led to the growth of the market in the region. Further more, North America is expected to witness a highest CAGR of 3.4%, owing to rise in disposable income and busy lifestyle of the consumers as a result of higher employment and increase in number of working women in the region.
The players in the fast-food industry have adopted product launch and business expansion as their key developmental strategies to expand their 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 findings of the study:
· 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.
· By type, the Asian/Latin American food segment is estimated to witness the fastest growth, registering a CAGR of 3.4% during the forecast period.
· In 2019, by end user, the quick service restaurants segment held the highest share, accounts for 42.59% of the global fast food market share.
In 2019, U.S. was the most prominent market in the North America region and is expected to grow at a significant CAGR throughout the forecast period.
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Allied Analytics LLP