The latest report by IMARC Group, titled “Fast Food Market Report 2023: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast till 2028“. The global fast food market size reached US$ 821 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,140 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Fast food is a segment of the global food industry that caters to consumers seeking convenient, quick, and readily available meals. Typically characterized by its swift service, limited menu options, and standardized preparation methods, fast food has become a ubiquitous presence in the global culinary landscape. These establishments specialize in a range of dishes, often centered around staples like burgers, fries, fried chicken, pizzas, and sandwiches. Since it provides customers with a rapid dining experience, fast food has gained immense traction as an appealing choice for individuals on the go, busy professionals, and families seeking a quick and hassle-free meal solution.
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Fast Food Market Trends and Drivers:
The global fast-food market is primarily driven by the fast-paced lifestyles of modern consumers and the escalating demand for quick and easily accessible food options. This convenience-driven approach resonates with a significant portion of the population, making fast food chains a preferred choice for dining. Additionally, the rapid expansion of international fast-food brands into new markets, especially emerging economies, contributes to market growth. These global chains often adapt their menus to suit local tastes while maintaining the core elements that define fast food. Furthermore, there is a growing emphasis on healthier fast food options as consumers are seeking alternatives that are lower in calories, saturated fats, and sugars. Fast food chains have responded to this demand by introducing healthier menu choices, incorporating fresh ingredients, and providing nutritional information to meet the evolving preferences of health-conscious customers. Moreover, technological advancements, such as mobile ordering and delivery services, have further streamlined accessibility to fast food, catering to the digital-savvy consumer base, thus propelling market growth.
Report Segmentation:
The report has segmented the market into the following categories:
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
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Auntie Anne's (Focus Brands LLC)
- Chipotle Mexican Grill Inc.
- CKE Restaurants Holdings Inc.
- Domino's
- Jack in the Box
- Little Caesar Enterprises Inc.
- McDonald's
- Papa John's International Inc.
- Restaurant Brands International Inc.
- Subway
- The Wendy's Company
- Yum! Brands Inc.
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