According to IMARC Group’s latest report, titled “Fast Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” Offers a comprehensive analysis of the industry, which comprises insights on fast food market.
The global fast food market size reached US$ 803 Billion in 2021. Fast food is prepared in bulk quantities and then heated and packed for takeaway or dine-in. It includes pizza, pasta, burger, sandwich, French fries, hot dogs, tacos, fried chicken, sandwiches, onion rings and nuggets. It is prepared using various ingredients and added with preservatives to extend the shelf life of processed food. It is budget-friendly, convenient to prepare and consume, and served in various restaurants, cafes and fast-food joints. It is available in boiled, steamed, fried, and grilled forms and paired with sauces, salads, vegetables, and oil-based dressing. Its packaging generally includes nutritional information like calories, total fat, saturated fat, cholesterol, sodium, fiber, sugar, carbohydrates, and protein content.
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Fast Food Market Trends
The increasing global population, rapid urbanization, and the expanding fast food restaurants and catering chains are among the key factors positively influencing the market. In addition, the rising working population, fast-paced lifestyle of individuals, and the growing popularity of café culture are creating a positive market outlook. Moreover, the easy availability of fast food across online distribution channels, coupled with doorstep delivery and secured payment gateways, is bolstering the market growth. In line with this, the integration of various applications that assist in faster delivery and easy ordering of food, along with lucrative discount offers and schemes, is strengthening the market growth. Besides this, inflating disposable incomes and changing dietary patterns of individuals are catalyzing the demand for fast food. In addition, the introduction of several innovative and exotic recipes by service restaurants using natural, organic, and plant-based ingredients is strengthening the market growth. Additionally, the growing use of numerous herbs and flavors in preparing fast food items is encouraging key market players to introduce more healthy product variants.
Apart from this, continuous investments by prominent players in marketing strategies, such as banner advertising, social media promotions, and celebrity endorsements, are bolstering the growth of the market. Furthermore, the modernization of the food and beverage (F&B) industry, including the launch of touch screens, digital sales terminals, tabletop tablets, and online ordering, is creating a favorable market outlook. Apart from this, rising investments in research and development (R&D) activities for food safety and quality management with technology are driving the market. In addition, stringent government regulations for food-grade packaging and nutritional labeling are providing a thrust to the market growth. Moreover, the rising influence of social media and the emerging trend of food vlogging are propelling the market growth. Looking forward, IMARC Group expects the market to reach US$ 1,105 Billion by 2027, exhibiting a growth rate (CAGR) of 5.4% during 2022-2027.
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The report has segmented the market on the basis of product type, end user and geography.
Breakup by Product Type:
- Pizza/Pasta
- Burger/Sandwich
- Chicken
- Asian/Latin American Food
- Seafood
- Others
Breakup by End User:
- Food-Service Restaurants
- Quick Service Restaurants
- Caterings
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Auntie Anne’s (Focus Brands LLC), Chipotle Mexican Grill Inc., CKE Restaurants Holdings Inc., Domino’s Pizza Inc., Jack in the Box, Little Caesar Enterprises Inc., McDonald’s, Papa John’s International Inc., Restaurant Brands International Inc., Subway (Doctor’s Associates Inc.), The Wendy’s Company and Yum! Brands Inc.
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