Global Fast Food Market Size Worth $998 Billion, Globally, by 2028 at 4.6% CAGR,(Including COVID-19 Impact Analysis): Exclusive Report by Zion Market Research
NEW YORK, March 3, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Fast-Food Market size was valued at $647.7 billion in 2021 and is likely to surpass $998 billion by the end of 2028 with a compound annual rate of 4.6% over the forecast years. The report facilitates in-depth insights on the key growth drivers, emerging trends, restraints, challenges, and opportunities in the global market. Furthermore, investor and stakeholder space is well elaborated in the repertoire.
Fast foods are an alternative to homemade food. It is served in a large number of quick-service restaurants, hotels, and street vendor shops. These are largely manufactured with the help of pre-cooked ingredients, so it consumes less time to cook when compared to other meals. Burgers, sandwiches, and noodles are some of the popular fast food options. Suppliers are lately innovating new food options with the help of meatloaf, onion, bacon, cheese, and other ingredients to capture a larger customer base. Fast food was developed by manufacturers as a key marketing strategy to capture a huge population of travelers and busy commuters who cannot afford to wait in hotels for their meals.
Fast Food Market: Overview
The global fast-food market is gaining immense traction among consumers due to the worldwide rise of the consumer foodservice sector. Fast food refers to the food items prepared in advance in a short period of time at street vendors, shops, or quick-service restaurants. They are majorly prepared with the help of pre-cooked ingredients and take comparatively lesser time to complete. There are a large number of fast-food options available in the market, including fries, noodles, pizza, sandwiches, burgers, and many others which cover other protein-based product options like venison, beef, and others. Fast food is an innovative market strategy to serve the growing number of busy travelers, wage workers, and commuters who do not have enough time to wait and get their meals at the hotel and dine out restaurants.
Fast Food Market: Growth Drivers
The global fast-food market is likely to grow exponentially due to the growing spending power of consumers all across the world. The food delivery applications are increasingly expanding the scope and influence in the market. Restaurants and hotels with quick services are growing in number. However, this growth can be attributed to the rapid globalization, industrialization, and urbanization in the market. Additionally, the transforming eating habits and shifting consumer preferences towards tasty food is likely to further complement the demand. Therefore, all these emerging landscapes are likely to augment the growth of the global market exponentially in the forthcoming years. Manufacturers are trying to expand the marketplace by innovating healthy fast food options that aid in weight loss with the right proportion and combination of other foods. Moreover, the growing demand for fast food deliveries by different end-users like resorts, full-service restaurants, and others are further promoting the growth.
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Fast Food Market: Restraints
Due to the outbreak of the Covid-19 pandemic, a significant transformation in the eating habits of people has been observed. Many people nowadays are looking for healthier alternatives to fast food options, therefore it is likely to impede the growth of the market in the forthcoming years.
Fast Food Market: Opportunities
The growing working women population globally is one of the key factors creating lucrative growth opportunities in the global market. The high employment rate makes it difficult for them to cook meals along with their hectic daily job. Therefore, the trend of on-the-go fast food meals is much in popularity, particularly in regions like South Africa and China.
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Fast Food Market: Challenges
There is a high demand for different varieties of food in the market. People are becoming very specific regarding their requirements, therefore global manufacturers are required to come up with frequent product innovations to retain their customers, which in turn has emerged as a big challenge in the global market.
Fast Food Market: Segmentation
- The global fast-food market can be segmented into end-user, product type, and region.
- By end-user, the market can be segmented into quick-service restaurants, fast-casual restaurants, and others.
- By product, the market can be segmented into seafood, Latin American food, chicken, sandwich, burger, pasta, pizza, and others.
Recent Developments:
- India's first plant protein-based product – "The Unthinkable Pizza," was launched in December 2020 by Domino's Pizza. It is a vegetarian pizza made completely of plant-based proteins offering the sensory properties of chicken.
- McDonald's Corporation (MCD) announced the acquisition of Dynamic Yield in March 2019.
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Regional Landscape:
North America accounts for the largest share in the global market due to the high women's employment rate. Additionally, the growing popularity of fast food among millennials and the young generation is likely to further boost the growth of the regional market in the forthcoming years.
Report Scope:
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Global Fast-Food Market is segmented as follows:
Fast Food Market: By end-user Outlook (2022-2028)
- Quick-service restaurants
- Fast-casual restaurants
Fast Food Market: By product Outlook (2022-2028)
- Seafood
- Latin American food
- Chicken
- Sandwich
- Burger
- Pasta
- Pizza
Fast Food Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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- Zion Market Research methodology
List of Key Players of Fast-Food Market:
- Doctor's Associates, Inc.
- Inspire Brands Inc.
- Yum Brands Inc.
- Restaurant Brands International Inc.
- McDonald's
- Jack in the Box Inc.
- Firehouse Restaurant Group Inc.
- CKE Restaurants Holdings Inc.
- Domino's Pizza Inc.
- Auntie Anne's Franchisor SPV LLC.
- Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Fast Food Market?
- What are the key driving factors propelling the Fast-Food Market forward?
- What are the most important companies in the Fast-Food Market Industry?
- What segments does the Fast-Food Market cover?
- How can I receive a free copy of the Fast-Food Market sample report and company profiles?
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