IMARC Group, a leading market research company, has recently releases report titled “Fast Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global fast food market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the fast food market?
|Market Size in 2022||US$ 821 Billion|
|Market Forecast in 2028||US$ 1,140 Billion|
|Growth rate (2023 to 2028)||CAGR of 5.2%|
|Base Year of the Analysis||2022|
What is fast food?
Fast food refers to edible items that are easy to prepare and commonly made using pre-cooked ingredients. They facilitate the immediate preparation and preservation of meals. Fast food is generally manufactured in bulk in advance and then heated and packaged for takeaway or dine-in. Commonly available edible variants include pizza, fries, noodles, sandwiches, and burgers. They act as a faster and more convenient alternative to prepared meals. As a result, fast food is gaining immense traction among consumers and is widely served in hotels, quick service restaurants (QSR), and street vendor shops across the globe.
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What are the growth prospects and trends in the fast food industry?
The rising adoption of franchise business models by popular restaurant chains and the expanding food and beverage (F&B) industry are among the primary factors driving the fast food market. In line with this, the emerging trend of cafe culture and the increasing number of fast-food outlets, quick service restaurants (QSRs), meal trucks, etc., are further augmenting the market growth. Moreover, the launch of various innovative and exotic recipes by famous fast-food eateries using natural, organic, and plant-based ingredients, the high working population, busy schedules, and the improving consumer lifestyles are also catalyzing the global market. Apart from this, the growing popularity of food ordering apps and the introduction of home delivery models offering doorstep delivery, fast and easy ordering, and discount offers are acting as significant growth-inducing factors. Furthermore, the development of touchscreen kiosks, kitchen display screens, and digital sales terminals and the modernization of the retail industry are anticipated to propel the fast food market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Asian/Latin American Food
Breakup by End User:
- Food-Service Restaurants
- Quick Service Restaurants
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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
- Papa John’s International Inc.
- Restaurant Brands International Inc.
- Subway (Doctor’s Associates Inc.)
- The Wendy’s Company
- Yum! Brands Inc.
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