The fast food market is expected to generate $828.8 billion in revenue by 2030 at a CAGR of 6.8%

Future of Market Research

Fast Food Market Size & Trends by Type (Burger/Sandwich, Pizza/Pasta, Chicken & Seafood, Asian/Latin American, Others), Service Type (Dine In, Take Out, Drive Through, Delivery at home, others) and region – Forecast to 2030

New York, U.S., Aug. 03, 2022 (GLOBE NEWSWIRE) — Market overview

According to a comprehensive research report by Market Research Future (MRFR), “Fast Food Market LowerTraining by Type, Service Type and Region – Forecast to 2030”, the market will grow at an impressive rate of 6.8% to reach $828.8 billion by the end of 2030.

Market summary

Most fast foods on the market today are healthier than they were a few years ago, with the majority of them even making weight loss easier. The amplified demand for a fast food variety may be in response to the launch of new varieties and tastes that appeal to most consumers.

Also, the massive demand for fast food among major end users such as hotels and resorts, quick service restaurants and full service restaurants will be a notable growth driver.

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Report Scope:

Report attribute

Details

Market size 2030

$828.8 billion

CAGR

6.8% (2020-2030)

Year of reference

2019

Forecast period

2020-2030

Historical data

2018

Forecast units

Value (USD billion)

Report cover

Revenue forecasts, competitive landscape, growth factors and trends

Segments Covered

by type, type of service and region

Geographical areas covered

North America, Europe, Asia-Pacific and Rest of the World (RoW)

Key Market Drivers

Increase in the number of restaurants and hotels

Rise of prohibition and globalization

Market Competitive Landscape:

The main suppliers to the fast food industry are:

  • McDonald’s Corporation (USA)

  • Burger King Worldwide, Inc. (USA)

  • Domino’s Pizza Inc. (USA)

  • Yum! Brands Inc. (USA)

  • Jack In The Box Inc. (USA)

  • Wendy’s International Inc. (USA)

  • Doctor’s Association Inc. (USA)

  • Papa John’s International, Inc. (USA)

  • Dunkin’ Brands Group, Inc. (USA)

  • Taco Bell (USA)

Covered USP market:

Market factors:

Rising consumer spending coupled with growing popularity of food delivery apps will aid the growth of the market. But the COVID-19 outbreak has had a negative impact on the food industry due to the fear of infection transmission, which will not be profitable for the market. Huge gaps between supply and demand rates and labor restrictions have also impacted the fast food industry. Having said that, the market can anticipate lucrative business in the coming period, thanks to the growing number of franchises and huge demand for online food delivery.

The increase in the working population in the world is another growth factor for the market. With the majority of restaurants offering delivery services as well as meal kits, the demand for fast food has increased dramatically across the world. Rising snacking habits among millennials will also boost the fast food market.

Browse the in-depth market research report (115 pages) on fast food: https://www.marketresearchfuture.com/reports/fast-food-market-1036

Market constraints:

Fast foods are notoriously known to have given rise to several disorders such as increase in obesity which leads to other medical issues. Fast foods contain unsaturated fats and do not completely comply with all food safety regulations, which also reduces their demand in the market.

Apart from this, the emergence of new animal safety regulations and laws would adversely impact the global market.

COVID 19 analysis

The negative impact of the COVID-19 outbreak has led to a series of serious repercussions on the health status of people across the world. The consequences are linked to the significant social and economic burden on people around the world. As key policy makers implement new frameworks and industries adopt advanced expansion models to maintain relevance, people are facing a series of mental traumas.

However, the stockpiling trend of different food products, especially ready meals and convenience foods, is expected to favor the global market. Several dependent industries in the food and beverage industry have been impacted by the COVID 19 pandemic. However, with the accelerating growth rate of fast food market and increasing demand for different tasty snacks among people working in home, lucrative opportunities will arise in the future.

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Market segmentation

By product type

The main types of products covered in the MRFR study are burgers, pizzas, Asian cuisines, American foods and many others.

The hamburger segment constitutes the largest revenue share in the global market, owing to the growing demand for the product globally. The United States Department of Agriculture (USDA) reveals that the consumption rate of burgers is around 50 billion per year. The growing demand for burgers can be a result of the wide availability of different options including various protein options such as venison, beef, etc. Additionally, many food service operators are exploring a variety of toppings of bacon, cheese, meatloaf and onions, etc. In 2020, Subway launched various Italian fillings along with several other options for their sandwich fillings.

Per end user

The major end users of the market are caterers, quick service restaurants, food service restaurants, etc.

The fast food segment has taken the top spot in the market and between 2020 and 2027 it will remain in the lead. Following the COVID-19 outbreak, many quick service restaurants have been working to expand their offline presence. The surge in preference for food delivery apps has been favorable to these restaurants in recent years, giving a significant boost to the growth rate of the segment.

Regional outlook

North America has risen to the top of the global market, earning the highest share thanks to increased consumer spending on a variety of fast food outlets. Encouraging factors for the regional market include increasing availability of different cuisines as well as cost-effective snacks with appealing flavors. Although the 2008 recession slowed the rate of expansion of the food industry and reduced consumer confidence, consumption and average spending on fast food restaurants still managed to increase due to convenience and low cost. Consumers still prefer the convenience associated with restaurant dining, attracted by the lower prices of fast food compared to table-service restaurant food. Several fast-food chains are taking advantage of the pandemic-induced chaos by offering new deals and offers on top of their low-cost menus. In the United States, McDonald’s is the first chain of quick service restaurants (QSR).

Meanwhile, the Asia-Pacific market is likely to achieve the fastest growth rate between 2020 and 2027, driven by the growing number of consumers and their changing tastes and preferences. Moreover, increasing their discretionary income and improving their standard of living will increase the demand for different snacks and fast foods. Asian food products are not only preferred in Asia-Pacific, but also in developed countries, especially among millennials and the increased preference for ready-to-eat foods. Moreover, the launch of new varieties of burgers and sandwiches due to the increase in R&D investments in food processing and the emphasis placed on strengthening the distribution network will also favor the regional industry.

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About the future of market research:

Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis with respect to various markets and consumers around the world. Market Research Future has the distinct objective of providing clients with top quality research and granular research. Our market research by products, services, technologies, applications, end users and market players for global, regional and country market segments enables our clients to see more, know more and do more , which helps answer your most important questions. questions.

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