Industry Overview
The global fast food Industry size was USD 862.05 billion in 2020. The Industry is projected to grow from USD 972.74 billion in 2021 to USD 1,467.04 billion by 2028 at a CAGR of 6.05% during the 2021-2028 period.
This information is published by Fortune Business Insights™, in its report titled, “Fast Food Industry, 2021-2028.”
According to our analysts, the chaotic lifestyles among millennial and extending working populations across the globe have played a vital role in the ingestion of fast-food. This, in turn, has elevated the demand and supply of the same.
Segmentation
Product Type, Service Type, and Region are studied for the Industry
On the basis of product type, the Industry is segmented into burger & sandwich, pizza & pasta, Asian & Latin American food, and others. The burger & sandwich segment leads the Industry, owing to the admiration of burgers and sandwiches among all age groups.
Based on service type, the Industry is classified into on-premise and delivery/take away.
Geographically, the Industry is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report delivers insightful visions gained by conducting a meticulous review by our researchers. A thorough examination was presented to offer the predicted size of the fast food Industry. The data utilized to estimate the shares for multiple segments at the country, regional, and global levels is gained from extensive interviews with various stakeholders. Furthermore, we have obtained admittance to numerous global as well as regional paid databases to offer accurate information to make business capitalization choices effortless for you.
Source: https://www.fortunebusinessinsights.com/fast-food-market-106482
Drivers
Rising Number of QSR across Globe to Boost Fast Food Industry Growth
The fast food industry is preliminarily fueled by the suitability presented by serving food promptly, which entices customers primarily from the millennial age group. Consumer inclination for convenience food and fast-food items has caused a prompt fluctuation in the global Industry. Fast foods necessitates minimal struggle and lower time in comparison with cooking food from scratch, which is the prime aspect navigating the demand for fast-food products. Moreover, the surging dispensable income of consumers is an additional and fundamental cause for the Industry to spur in the coming years.
Regional Insights
North America holds the major fast food Industry share with a value of USD 337.8 billion in 2020. The rising number of dual working households, upsurge in flexible income, occurrence of fast-food chains, and complete monetary growth of the region makes this region among the biggest Industrys in the foodservice Industry.
Europe is anticipated to develop progressively in the fast-food Industry owing to the growing tourists’ population in the region, which is predicted to fuel the sales of fast-food products with an augmented amount of QSR outlets during the upcoming time period.
Asia Pacific is expected to register the fastest growth in the global Industry due to consumer adoption of digital retailing platforms.
Competitive Landscape
Inventive Product Launch Declarations by Vital Players to Boost Industry Growth
The important players embrace numerous tactics to boost their position in the Industry as dominating companies. One such prominent tactic is procuring companies to boost the brand value among users. Another fundamental stratagem is intermittently presenting groundbreaking products with methodical review of the Industry as well as its target audience.
For example, in October 2021, Burger King extended its U.S. menu with a plant-based version of nuggets, called, “Impossible Nuggets” and the countrywide LTO launch of Ghost Pepper Nuggets. The chain will be termed as the prime quick-service restaurant to examine nuggets from Impossible Foods when the product unveils in Boston, Des Moines, Iowa, and Miami.
Industry Development
September 2021: Papa John’s International entered in a domestic franchisee progression deal in the U.S. with franchisee operator Sun Holdings in the U.S. As per the terms of the contract, Sun Holdings is set to launch 100 novel stores throughout Texas by 2029.
List of Key Players Covered in the Report
- McDonald’s (Minnesota, U.S.)
- Burger King (Florida, U.S.)
- Wendy’s (Ohio, U.S.)
- Domino’s (Michigan, U.S.)
- Pizza Hut (Texas, U.S.)
- Papa John’s International, Inc. (Kentucky, U.S.)
- Little Caesars (Michigan, U.S.)
- Chipotle Mexican Grill (California, U.S.)
- Dunkin (Massachusetts, U.S.)
- Wallace, Fujian Food Co., Ltd. (Fujian, China)
