DUBLIN, March 1, 2024 /PRNewswire/ — The “Fast Food Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
Global Fast Food Market is predicted to be priced at around US$ 1,075.83 Billion by 2030 from US$ 750.45 Billion in 2023. Global Fast Food Market is foreseen to increase at a CAGR of 5.28% from 2024 to 2030
Globalization and urbanization have greatly affected people’s eating habits and propelled many people to consume fancy and high-calorie fast foods, popularly known as ‘Junk food.’ Fast food is essential as it is convenient food and easy to eat. Food eaten outside the house is now becoming a necessary everyday element of life. These quick changes in the levels and composition of dietary and activity/inactivity patterns in transitional societies are related to several socioeconomic and demographic changes.
Rapid industrialization and urbanization worldwide are the key factors driving fast food market growth. Also, the rising disposable income of consumers is again expected to support the market growth during the forecast period. The major companies in the fast food market are focusing on increasing the efficiency of their operations to minimize operating costs and increase profitability. They are putting money into technology and automation to streamline their procedures. Moreover, they focus on marketing and promoting to improve their brand visibility in the global market.
Digital technology and delivery services are crucial in driving the global market, which has transformed the industry in many ways. Their impact is seen in several features of the fast food business, from improving customer comfort to developing operational efficiency. The fast food chains have highly developed mobile apps and user-friendly websites that allow customers to browse menus, customize orders, and place orders in a few taps.
This convenience is increasingly a motive for more constant and extensive requests. Fast food chains increasingly use customer data to offer personalized recommendations, promotions, and loyalty rewards, creating a more engaging and tailored experience. Digital technology connects order-taking systems to kitchen display systems, reducing order errors and expediting food preparation. It also helps to manage inventory in real-time, ensuring that ingredients are available to meet customers’ demands and minimize waste.
Furthermore, an increase in the working population is supporting market growth. Nowadays, several restaurants offer delivery services and meal kits, which adds to the demand for fast food services. The rise in customer snacking habits also propels the need for fast food. On the other hand, the Asian fast-food segment is projected to register the most rapid increase over the forecast period. Increasing demand for diverse food products is driving the development of this segment.
Burgers and sandwiches have one of the highest shares in the global fast food market
The burger/sandwich segment is expected to have one of the highest share in the near future. The enormous demand for a product is the cause. Also, the abundance of burger options, including protein options like beef, venison, and several others, can be credited with the rising demand for burgers and sandwiches. Furthermore, several food service providers are experimenting with various cheese, bacon, onion, and meatloaf fillings.
QSR (Quick Service Restaurants) segment is popular in the fast food market
The Quick Service Restaurant segment is one of the popular segments in fast-food industry. The market is anticipated to increase while maintaining its top spot. Numerous quick-service eateries have increased their off-premises sales in recent times. Support for delivery applications was improved by providers, which accelerated segment growth.
Meanwhile, the expansion of this market is also being fueled by the increasing demand for global cuisines. For example, the market is gaining traction due to the prospects presented by rising globalization and the demand from emerging countries like Brazil and India. The segment will grow with the development of novel cuisines and flavors. For instance, in response to customers’ shifting requirements and desires, McDonald’s launched the BTS meal.
Major fast food players dominate the United States market due to high demand from the working population
The United States fast food sector has dominated the global market. The market expansion is driven by increased consumer expenditure for fast food in the region. The region’s industry is rising due to the availability of a wide range of cuisines and reasonably priced snacks and add-ons in various flavors.
Fast food chains are using technology highly, which has improved their ordering and delivery services, such as mobile apps, online ordering, and third-party delivery partnerships. The region also sees an influx of international flavors, with chains incorporating global cuisines and fusion dishes into their menus.
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Starbucks Corp.
- Papa John’s International Inc.
- Domino’s Pizza Inc.
- The Wendys Co.
- Performance Food Group
- Yum! Brands, Inc.
- Restaurant Brands International Inc.
- Kentucky Fried Chicken (KFC)
Product Types – Global Fast Food Market breakup in 6 viewpoints:
- Pizza/Pasta
- Burger/Sandwich
- Chicken
- Asian/Latin American Food
- Seafood
- Others
End-Users – Global Fast Food Market breakup in 4 viewpoints:
- Quick Service Restaurants
- Fast Casual Restaurants
- Catering
- Others
Countries – Global Fast Food Market breakup in 25 viewpoints:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
For more information about this report visit https://www.researchandmarkets.com/r/66uq4e
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