Fast-Food Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, End User, and Region

Fast-food Market Overview:

Fast food is primarily described as food that can be prepared and served on the spot. One of the prevailing phenomena of the twenty-first century is the quick adoption of fast food. Because of the increased need for fast meals, new concepts such as "takeaway" or "dining on the go" have emerged.

 

The fast-food idea has globalized the demand for food, and fast-food establishments have benefited from this. International cuisines are now being served outside of their traditional regions. The fast-food industry has proliferated because of fast food's convenience and low cost.

 

Fast-food Market report examines the market's growth drivers as well as its segments (Product, End User, and Region). Data has been provided by market participants, and regions (North America, APAC, Europe, MEA, and South America). This market study takes an in-depth look at all of the significant advancements that are currently occurring across all industry sectors. To provide key data analysis for the historical period (2017-2020), statistics, and presentations are used. The report examines the Fast-food markets, Drivers, Restraints, Opportunities, and Challenges. This SMR report includes investor recommendations based on a detailed analysis of the current competitive landscape of the Fast-food market.

 

Fast-food market is projected to grow from USD 972.77 billion in 2021 to an estimated value of USD 1,468 billion by 2027 at a Compounded Annual Growth rate of 6.08 % during the forecast period.

 

 

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Fast-Food Market Dynamics:

Changing lifestyle habits, such as hectic schedules and working women, have fueled the demand for smaller meals, culminating in the growth of the fast-food market. Increase in female employment rate, resulting in less time for women to prepare meals; increase in the number of fast-food establishments, resulting in quick access to fast food and tech-savvy ordering; fuel the growth of the fast-food market.

 

Moreover, increased exposure to international cuisine through media and travel will fuel the market's growth. However, opening a restaurant or a food truck is prohibitively expensive, limiting the growth of the fast-food market.

 

The COVID-19 pandemic has dramatically impacted the food and restaurant industries. Reduced consumer spending and supply chain disruptions significantly impacted the industry. Also, more excellent knowledge about the consumption of nutritious foods influenced Fast-food market growth throughout the epidemic.

 

However, due to an increase in the count of fast-food franchises and increased demand for online meal deliveries, the sector is likely to regain its demand post-pandemic. Furthermore, the growing labor force is boosting the Fast-food market growth.

 

Though the industry has been thriving for the past few years, some significant challenges are faced. There is a significant perception of fast-food joints selling unhealthy and adulterated food items, and with consumers shifting towards a healthier mindset would prefer other options. Fast-food joints are also known for paying low wages to workers. Since they have high Human Resources requirements and costs due to staffing in the kitchen, cleaning, and counters, the wages often cause a wage crunch.

 

Fast-food Market Segment Analysis:

By product type, the fast-food market is segmented into Burgers, Sandwiches, Pizza & Pasta, Seafood, Asian and Latin American food, and others. Burgers & sandwiches comprise the major share in the product market due to their popularity and low costs. One of the fastest-growing Burger fast-food chains, McDonald’s has a presence in almost 120 countries, operating over 39,000 restaurants. With the presence of McDonald's and Burger King, two popular fast-food chains, the segment is expected to dominate the fast-food market during the forecast period.

 

    

 

The Asian and Latin American food segment held the second-largest share in the global market. The majority of the world's population resides in Asia, and due to the increasing purchasing power, new standards of living, and high spending power in countries like India, China, Japan, and South Korea, the fast-food market is expected to grow. Because of the tastes and ingredients added to the products, Asian/Latin American food has become the most popular fast food among consumers. As a result, the Asian/Latin American food category was valued at $155.5 billion in 2017 and is predicted to increase at a CAGR of 3.4 percent from 2020 to 2027, reaching $203.6 billion by 2027.

 

By end users, fast-food market is segmented into Full-Service Restaurants, Quick-Service restaurants, Catering, Others. The quick service restaurants segment leads the market, accounting for xx percent of the fast-food market in 2021, and is likely to dominate the market during the forecast period.

 

Quick service restaurants produce processed food in volume to meet customers' increased demand. Furthermore, growing internet usage and easy access to smartphones have led to a surge in online purchases.

 

As a result, some food chains are changing to dedicated internet portals to improve online meal ordering for these fast-food chains, hence augmenting the growth of the quick-service restaurant market.

 

Fast-food Market Regional Insight:

North America is estimated to dominate the global market in 2021, with a revenue share of USD 337.8 billion. This dominance can be accredited to the existence of dual-income households, rising income, increased standards of living, and more spending power of consumers. This makes the US one of the most rapidly expanding food chain markets globally.

 

Europe is the global leader in tourism, attracting over 700 million inbound tourists arriving in the region each year. The growth in the fast-food market has intensified due to the significant presence of tourists and increasing reliance on packed goods for breakfast due to busier lifestyles. Over time, packaged food items were even preferred for meals other than breakfast.

 

Asia Pacific is expected to grow at the fastest growth in the Fast-food Market. Countries like India, China, and Japan are developing nations, and consumers have increased spending power. Apart from this, the expansion of online retail facilitates fast food joints' growth.

 

South America, Africa, and the Middle East are expected to grow at a medium CAGR due to less fast food and beverage packing progress.

 

The report's goal is to provide stakeholders in the fast-food industry with a detailed market outline. The research discusses the most critical trends in the fast-food sector and how these trends will impact future business investments and marketing strategies throughout the forecast period. By studying market leaders, market followers, and regional players, the report also aids in the understanding of the Fast-Food Market dynamics, economic fundamentals, and competitive structure.

 

The qualitative and quantitative data in the Fast-Food market report is intended to assist in establishing which market segments, regions, as well as factors affecting the market are anticipated to expand at higher rates, as well as key opportunity areas that will drive the industry and market growth over the forecast period.

 

The competitive landscape of important players in the industry and their recent advances in the Fast-Food Market are also included in the report. The study examines company size, market share, market growth, revenue, production volume, and profitability of the Fast-Food industry's major players.

 

The objective of the report is to present a comprehensive analysis of the fast-food market and highlight the major trends and growth opportunities. The report provides Porter's Five Force Model for analysis of the fast-food industry, which helps design the business strategies in the market. The study aids in determining the number of rivals, who they are, and the performance of the products in the industry.

 

The analysis also examines whether the fast-food business is open to new entrants, whether they enter and exit the market regularly, and whether a few players dominate it. For example, a major dominant player in the fast-food industry is McDonald's.

 

The report also includes PESTEL Analysis, which aids in developing company strategies. Numerous elements affect growth and profitability. A PESTEL study can assist in determining the significance and strength of these elements.

 

It helps firms in deciding which of these characteristics are beneficial and which are not. PESTEL is a word that stands for Political, Economic, Socio-cultural, Technological, Environmental, and Legal. These variables take on added significance for organizations functioning in a global setting.

 

Fast-Food Market Scope:

Fast-food Market
Market Size in 2023	USD 1161.20 Bn.
Market Size in 2030	USD 1755.26 Bn.
CAGR (2024-2030)	6.08%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Product Pizza & Pasta Burger & Sandwich Latin American Food Chicken Seafood Others
	By Application Full-Service Restaurants Quick-Service restaurants Catering Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Key players and their Insights:

The fast-food industry has become competitive, with various players in the industry have adopted product launch and business expansion as their developmental strategies to expand their market share, increase profitability, and remain stable in the market.

 

Some of the most prominent and loved players in the Fast-food market from all over the globe are:

• Auntie Anne’s Franchisor SPV LLC (Pennsylvania, United States)
• Domino’s Pizza, Inc. (Michigan, United States)
• Firehouse Restaurant Group, Inc. (Florida, United States)
• McDonald’s (Minnesota, United States)
• Pizza Hut (Texas, United States)
• Starbucks (Washington, United States)
• KFC (Kentucky, United States)
• Taco Bell (California, United States)
• Subway (Connecticut, United States)
• Burger King (Florida, United States)
• Chick-Fil-A (Georgia, United States)
• Café Coffee Day (India)
• Hesburger (Finland)
• Steers (South Africa)