How Has The Fast Food Market Size Evolved In Recent Years?
The fast food market has seen considerable growth due to a variety of factors.
• Over the past few years, the size of the fast food market has consistently expanded. The market, which is projected to rise from $645.2 billion in 2024 to $663.92 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 2.9%.
The surge observed during the historic period is due to shifts in consumer tastes and ways of life, acceleration in urban development, globalization, heightened demand for convenience foods, and a growing workforce.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Fast Food Market?
The fast food market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the fast food market is anticipated to witness substantial expansion. Its valuation is predicted to reach $833.43 billion in 2029, growing at a compound annual growth rate (CAGR) of 5.8%.
This growth during the forecast period can be linked to various factors such as increased spending on food by consumers, swift industrialization, a surge in the youthful population, growth in disposable income, and overall economic development. Noteworthy trends projected during this period include the rise of plant-based food options, the emergence of virtual or 'ghost' kitchens, the adoption of contactless ordering and payment systems, enhanced menu customization, and a shift towards healthier food choices in menus.
Which Key Drivers Are Propelling The Fast Food Market's Growth?
There is a notable surge in the demand for plant-based proteins, significantly propelling the fast-food industry's expansion. Plant-based proteins derived from various plant sources such as grains, vegetables, legumes, seeds, and nuts present a sustainable alternative to proteins sourced from animals. An escalating demand for these proteins stems from increased consumer awareness regarding their health benefits, concerns over environmental sustainability, animal welfare issues, and the rising trend of vegan and flexitarian diet choices. To accommodate this shift in consumer preferences, fast food chains add plant-based protein items like veggie nuggets and burgers to their menus. For instance, the Good Food Institute, a US non-profit organization, reported in April 2023 that the global retail sales of plant-based seafood and meat in 2022 stood at $6.1 billion, showing an 8% rise in revenue and a 5% weight increase. Additionally, combined sales of plant-based milk, cheese, and yogurt achieved a global total of $21.6 billion, reflecting a 7% increase from the previous year. Hence, the progressing demand for plant-based proteins is steering the growth trajectory of the fast-food industry.
What Are The Key Segments Within The Global Fast Food Market?
The fast food market covered in this report is segmented –
1) By Service Type: On-Premise, Delivery And Take Away
2) By Product: Seafood, Latin American Food, Chicken, Sandwich, Burger, Pasta, Other Products
3) By End-User: Quick-Service Restaurants, Fast-Casual Restaurants, Other End-Users
Subsegments:
1) By On-Premise: Dine-In Service, Drive-Thru Service
2) By Delivery And Take Away: Third-Party Delivery Services, In-House Delivery, Pre-Packaged Takeaway, Custom Order Takeaway
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How Are New Trends Impacting The Size Of The Fast Food Market?
A notable trend that is growing in prominence within the fast-food market is the innovative progression in internet-based food delivery. Leading firms in the fast-food sector are creating new strategies to enhance the user experience in online food delivery. For example, KFC, a fast-food company based in the US, introduced Wing, a pioneering on-demand drone delivery service in Australia in February 2022. This service was formed through a partnership with Collins Food Limited, the largest corporate franchise partner of KFC Australia, and involves the creation of a cloud kitchen. This unique installation will pre-make KFC's chicken for drone delivery, offering customers their KFC meals swiftly and conveniently.
Who Are the Key Players in the Fast Food Market?
Major companies operating in the fast food market include:
• Auntie Anne's Inc.
• Cinnabon Franchisor SPV LLC
• Domino's Pizza Inc.
• Dunkin' Brands Group Inc.
• Hardee's Restaurants LLC
• Jack in the Box Inc.
• McDonald's Corporation
• Restaurant Brands International Inc.
• Yum! Brands Inc.
• Doctor's Associates Inc.
• CKE Restaurants Holdings Inc.
• Inspire Brands Inc.
• Chipotle Mexican Grill Inc.
• Subway SA
• Kentucky Fried Chicken
• Burger King Holdings
• Pizza Hut Inc.
• Taco Bell IP Holder LLC
• International Dairy Queen Inc.
• Arby's Restaurant Group Inc.
• Jimmy John's LLC
• Papa John's International Inc.
• Little Caesar Enterprises Inc.
• Sonic Drive-In Corp.
• Five Guys Enterprises LLC
• Chick-fil-A Inc.
• Popeyes Louisiana Kitchen Inc.
• Bojangles OpCo LLC.
• Whataburger Restaurants LLC
• In-N-Out Burger Inc.
• White Castle Corp.
• Checkers Drive-In Restaurants Inc.
What are the Regional Insights into the Fast Food Market?
North America was the largest region in the fast-food market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fast food market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
