Fast Food Industry Overview
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.
Fast Food Market Segmentation
Grand View Research has segmented the global fast-food market based on product, end-user, and region:
Based on the Product Insights, the market is segmented into Pizza/Pasta, Burgers/Sandwich, Chicken, Asian/Latin American, Seafood, Others.
- The burgers/sandwich segment accounted for the maximum revenue share of more than 42% in 2020 owing to the high product demand. Furthermore, as per the U.S. Department of Agriculture(USDA), consumers consume close to 50 billion burgers per year.
- The growing demand for burgers/sandwiches can be attributed to the wide availability of burger options, which include products with protein options like beef, venison, and several others. In addition, several food-service operators are experimenting with different fillings of cheese, bacon, onions, meatloaf, etc.
- On the other hand, the Asian/Latin American fast-food segment is anticipated to register the fastest CAGR over the forecast period. Increasing demand for diverse food products is driving the growth of this segment.
Based on the End-user Insights, the market is segmented into Quick Service Restaurants (QSRs), Fast Casual Restaurants, Others.
- The QSRs segment accounted for the largest revenue share of more than 44% in 2020. The segment is estimated to expand further at the fastest CAGR from 2021 to 2028 retaining the leading position. During the pandemic, several quick-service restaurants expanded their off-premise businesses. Increased support for delivery applications augmented the segment growth.
- The rising demand for international cuisines is also driving the growth of this segment. For example, the rapid globalization opportunities and demand from developing countries, such as India and Brazil, are helping the segment to gain traction.
Fast Food Regional Outlook
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The market has a strong presence of global players, such as McDonald’s, Burger King, and Domino’s Pizza. The key players in the market have strong distribution networks worldwide. Companies in the market are improving their menus and services to cater to the changing consumer preferences.
Some prominent players in the global fast food market include
- Auntie Anne’s Franchisor SPV LLC
- Domino’s Pizza, Inc.
- CKE Restaurants Holdings, Inc.
- Firehouse Restaurant Group, Inc.
- Jack in the Box, Inc.
- McDonald’s
- Restaurant Brands International, Inc.
- Yum Brands Inc.
- Inspire Brands, Inc.
- Doctor's Associates, Inc.
Order a free sample PDF of the Fast Food Market Intelligence Study, published by Grand View Research.
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.
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