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The global fast food market was valued at USD 736.52 Billion in 2022, which is anticipated to grow at a CAGR of 8.36% from 2023 to 2032. The primary drivers of market expansion are the increase in consumer expenditure and the expanding impact of food delivery applications. Because of the increase in cases and the concern that food could contain the virus, the COVID-19 pandemic had a negative impact on the food industry. Early in the pandemic, labour constraints and supply-chain disruptions had an influence on the demand for fast food.
The term "fast food" describes a category of readily available, rapidly cooked cuisine that is usually found at fast-food chains or other establishments. It serves people looking for quick meals on the go and is known for its quick service and convenience. It includes quick-to-cook and serve foods including tacos, sandwiches, pizza, fries, fried chicken, hamburgers, and noodles. It provides a speedy fix for busy individuals or families looking for a meal without having to spend the time that typical dining facilities require. Global market expansion is being supported by a changing customer desire for ready-to-eat (RTE) food products brought on by fast urbanisation, hectic lives, and rising purchasing power. Additionally, the market is being favourably impacted by the expanding acceptance of Western culinary culture and the rising consumption of fast food staples like baked, fried, and candy. The market is also growing since there are more and more businesses including cafes, restaurants, food trucks, food stalls, motels, and quick service restaurants (QSRs). In addition, the market is expanding due to the growing popularity of packaged and handy foods as well as the growing use of fast food, such as frozen ready meals, in the food service sector. Additionally, the market is expected to develop as a result of the increasing use of food ordering apps, which provide doorstep delivery, quick and simple ordering, and promotional offers. Food that is easy to make and serve is referred to as fast food. It serves as a substitute for food prepared at home. Fast food is frequently served in eateries, lodging facilities, and fast-food chains. Furthermore, it makes food preparation and preservation simple. Globalisation and faster urbanization are responsible for the increase in hotels and restaurants, which will likely fuel the fast food industry's expansion. Additionally, the market is growing due to consumers' growing health consciousness and their rising need for good and nutritious food. There has been a significant increase in worries about fast food. Studies have asserted that eating fast food contributes to obesity, overweight, and other health problems. The main factor limiting the growth of the fast food market is health concerns. People are moving from fast food to fast casual meals as a result of these growing concerns. Fast casual dining is gaining market share from the fast food market.
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A growing shift in the way people live- Schedules are often hectic in modern life, leaving little time for home-cooked meals. Fast food adapts to this change by offering quick, easy solutions that work with busy schedules. The fast food industry's ability to adjust to shifting consumer demands—be it a family in need of a quick dinner or an individual taking a snack to eat in between meetings—continues to drive demand. Fast food is frequently thought of as a more affordable alternative, particularly when compared to eating at more conventional eateries. Many people choose fast food because of its affordable prices and extensive menu selection, especially working-class and student populations. Demand is still being driven by this affordability issue as consumers look to get the most for their money without compromising on quality or taste. The fast food sector is expanding because of large part by the impact of branding and marketing. Fast food restaurants have established a powerful brand presence that appeals to a wide range of consumers through advertising and promotional offerings. Through the use of multimedia platforms, they effectively target a variety of age groups and demographics, fostering customer loyalty and driving repeat business. This deliberate branding and marketing initiative helps to sustain the market for fast food items.
People's eating habits can be changed- People's food patterns have undergone a tremendous alteration as a result of the Covid-19 pandemic. The fact that so many individuals these days are searching for healthier fast food options is probably going to hinder the market's expansion in the years to come.
An increasing proportion of women who work- One of the main reasons generating profitable growth chances in the worldwide market is the increasing number of working women around the world. They find it challenging to balance their demanding daily jobs with cooking meals due to the high employment rate. As a result, the practise of eating fast food on the run has gained a lot of traction, especially in China and South Africa.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global fast food market, with a 30.53% market revenue share in 2022. The expansion of the market is being driven by an increase in consumer expenditure in the region for fast food. The region's market is expanding due to a number of factors, including the availability of a wide range of cuisines and reasonably priced snacks and add-ons in a variety of flavours.
North America Region Fast Food Market Share in 2022 - 30.53%
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The product segment is divided into burgers/sandwich, asian/latin american, pizza/pasta, seafood, chicken, and others. The burgers/sandwich segment dominated the market, with a market share of around 18.35% in 2022. The enormous demand for a product is the cause. In addition, it is estimated that Americans eat about 50 billion hamburgers annually. The abundance of burger options, including items with protein options like beef, venison, and several others, can be credited with the rising demand for burgers and sandwiches. Furthermore, a number of food-service providers are experimenting with various cheese, bacon, onion, and meatloaf fillings. Subway debuted a number of Italian fillings and topping options for sandwiches in 2021.
The end-user segment is divided into fast casual restaurants, quick service restaurants, and others. The quick service restaurants segment dominated the market, with a market share of around 35.06% in 2022. A number of quick-service eateries increased their off-premise operations during the pandemic. An expansion of delivery application support contributed to the segment's growth.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 736.52 Billion |
| Market size value in 2032 | USD 1,643.89 Billion |
| CAGR (2023 to 2032) | 8.36% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product, End-user |
As per The Brainy Insights, the size of the fast food market was valued at USD 736.52 Billion in 2022 & USD 1,643.89 Billion by 2032.
Global fast food market is growing at a CAGR of 8.36% during the forecast period 2023-2032.
North America region emerged as the largest market for the fast food.
A growing shift in the way people live is a significant driving factor for the growth of the fast food market.
Changing people's eating habits is a significant restraining factor for the growth of the fast food market.
An increasing proportion of women who work is a significant opportunity for the growth of the fast food market.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global fast food market based on below mentioned segments:
Global Fast Food by Product:
Global Fast Food by End-user:
Global Fast Food by Region:
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