According to IMARC Group’s latest report, titled “Fast Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global fast food market size reached US$ 821 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,140 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Fast food refers to edible items that are easy to prepare and commonly made using pre-cooked ingredients. They facilitate the immediate preparation and preservation of meals. Fast food is generally manufactured in bulk in advance and then heated and packaged for takeaway or dine-in. Commonly available edible variants include pizza, fries, noodles, sandwiches, and burgers. They act as a faster and more convenient alternative to prepared meals. As a result, fast food is gaining immense traction among consumers and is widely served in hotels, quick service restaurants (QSR), and street vendor shops across the globe.
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Fast Food Market Trends
The rising adoption of franchise business models by popular restaurant chains and the expanding food and beverage (F&B) industry are among the primary factors driving the fast food market. In line with this, the emerging trend of cafe culture and the increasing number of fast-food outlets, quick service restaurants (QSRs), meal trucks, etc., are further augmenting the market growth. Moreover, the launch of various innovative and exotic recipes by famous fast-food eateries using natural, organic, and plant-based ingredients, the high working population, busy schedules, and the improving consumer lifestyles are also catalyzing the global market. Apart from this, the growing popularity of food ordering apps and the introduction of home delivery models offering doorstep delivery, fast and easy ordering, and discount offers are acting as significant growth-inducing factors. Furthermore, the development of touchscreen kiosks, kitchen display screens, and digital sales terminals and the modernization of the retail industry are anticipated to propel the fast food market over the forecasted period.
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List of Key Companies Covered in this Market Report:
- Auntie Anne’s (Focus Brands LLC)
- Chipotle Mexican Grill Inc.
- CKE Restaurants Holdings Inc.
- Domino’s Pizza Inc.
- Jack in the Box
- Little Caesar Enterprises Inc.
- McDonald’s
- Papa John’s International Inc.
- Restaurant Brands International Inc.
- Subway (Doctor’s Associates Inc.)
- The Wendy’s Company
- Yum! Brands Inc.
The report has segmented the market on the basis of product type, end user and geography.
Breakup by Product Type:
- Pizza/Pasta
- Burger/Sandwich
- Chicken
- Asian/Latin American Food
- Seafood
- Others
Breakup by End User:
- Food-Service Restaurants
- Quick Service Restaurants
- Caterings
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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