SAN FRANCISCO, Nov. 22, 2021 /PRNewswire/ -- The global fast-food market size is expected to reach USD 813.9 billion by 2028, registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. The rise in disposable income and rapid globalization of the food industry are the key factors driving the market growth. The increasing middle-class population coupled with the advent of online delivery apps and e-commerce websites is compelling companies operating in the market to expand their reach through introducing new food varieties and flavors.
Key Insights & Findings:
Based on end-user, the market is characterized into Quick Service Restaurants (QSRs), fast-casual restaurants, and others
The QSRs end-user segment accounted for the largest revenue share of the global market in 2020 owing to the high demand for international cuisines
In 2020, North America was the dominant regional market on account of the high disposable income levels and demand for innovative food flavors
Asia Pacific, on the other hand, is anticipated to witness the fastest growth rate over the forecast period
This growth can be credited to the factors, such as rapid urbanization and discretionary income coupled with favorable demographics, which drive the demand for fast foods
The COVID-19 pandemic has severely impacted the food and restaurant industry. Decreased consumer spending and disruptions in the supply chain affected the industry to a large extent. In addition, the increased awareness about the consumption of healthy foods affected the market growth during the pandemic. However, the market is expected to regain its demand post-pandemic owing to a rise in the number of fast-food franchises and increasing demand for online food deliveries. Furthermore, the rise in the working population is supporting market growth.
On the basis of product, the market has been categorized into pizza/pasta, burgers/sandwiches, chicken, Asian/Latin American, seafood, and others. The burgers/sandwich product segment accounted for the highest share of the global revenue in 2020 due to the wide availability of burger varieties in the market. Some of the players operating in the global market are McDonald's, Burger King, and KFC Corp.
Grand View Research has segmented the global fast-food market based on product, end-user, and region:
Fast Food Product Outlook (Revenue, USD Billion, 2016 - 2028)
Fast Food End-user Outlook (Revenue, USD Billion, 2016 - 2028)
Quick Service Restaurants (QSRs)
Fast Casual Restaurants
Fast Food Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Fast Food Market
Auntie Anne's Franchisor SPV LLC
Domino's Pizza, Inc.
CKE Restaurants Holdings, Inc.
Firehouse Restaurant Group, Inc.
Jack in the Box, Inc.
Restaurant Brands International, Inc.
Yum Brands Inc.
Inspire Brands, Inc.
Doctor's Associates, Inc.
Check out more studies related to fast food and other food types, conducted by Grand View Research:
Fast Food & Quick Service Restaurant Market – The global fast food and quick service restaurant market size was valued at USD 257.19 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027. The market growth is assisted by increasing preference for fast food among generation X, Y, and Z across the globe.
Functional Foods Market – The global functional foods market size was estimated at USD 161.49 billion in 2018. It is anticipated to register a CAGR of 7.9% during the forecast period. Increasing demand for nutritional and fortifying food additives is anticipated to drive the growth.
Organic Food And Beverages Market – The global organic foods and beverage market size reached USD 91 billion in 2015. The increasing awareness about health benefits associated with consumption of organic products is expected to drive the demand over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.