Fast Food Market: Global Industry Analysis and Forecast (2024-2030)

Fast Food Market size was valued at US$ 784.24 Bn in 2023 and the total revenue is expected to grow at 4.9% through 2024 to 2030, reaching nearly US$ 1096.22 Bn.
Fast Food Market Overview
Fast food is defined as a substitute to home-made meals which are prepared quickly, easily accessible, and served. Although this food has not as much of nutrition value as compared to other food products and dishes. Typically, fast food is sold in a restaurant or store with precooked or preheated ingredients, and served to the customer in a wrapped form for take away or drive through. These foods are high in sodium, sugar, and fat, which cause health-related problems, and obesity. As per the study, the market for fast food is dynamic and evolving sector of the food industry that plays a crucial role in many economies across the world. The report provides fast food industry outlook on the various aspects of the fast food market such as its history, key players, market size, trends, challenges, and future prospects. To know about the Research Methodology :- Request Free Sample Report

Fast Food Market Report Scope and Research Methodology

The objective of the report is to present a comprehensive analysis of the global Fast Food industry overview to the stakeholders. The past and current status of the industry with the forecasted global Fast Food market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of Fast Food key competitors that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Fast Food market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which is expected to give a clear futuristic view of the Fast Food industry to the decision-makers.

The global Fast Food market report also helps in understanding the Market dynamic, structure by analyzing the market segments and project the market size. Clear representation of competitive analysis of Fast Food key competitors by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Fast Food Market make the report investor’s guide.
Fast Food Market Dynamics
Fast food is considered as empty calorie food which defines food with bulk of calories and no or rarer micronutrients. This rise in concern resulted in people switching from fast food to fast casual food. According to WHO, around 40% of the world population were overweight and 15% of the population was suffering from obesity, in 2023. Hectic lifestyle of consumers and rising corporate culture have increased the acceptance of fast food globally.

Urbanization is one of the key drivers that significantly impacts the fast food industry in many ways. Faster urbanization is leading to an increase in the number of restaurants and hotels, which is expected to support the fast food market growth. Many urban areas have a thriving nightlife, with restaurants and entertainment venues that operate late in the night. Fast food chains majorly offer extended hours, with some outlets open 24/7. This caters to demands of urban consumers who want a meal after a night out, during night shifts or in response to irregular work schedules. Thus, this fast food chain market share is resulting in the growth of fast food market. Additionally, increased consumer health awareness and acceptance of healthy and delicious cuisine are fueling market growth. Fast food has emerged as a significant source of worry.

The majority of fast foods available today are healthy, and when combined with the correct ratios and amounts of other nutrients, they aid in weight loss. During the last decade, as recent product kinds have entered the food sector, there has been an increase in supply for fast food. Furthermore, the adoption of these items by a variety of end users, including full-service restaurants, hotel chains, and fast and easy restaurants, is likely to propel the market forward.

Digital technology and delivery services are playing a crucial role in driving the global market, which has transformed the industry in many ways. Their impact is evident in several aspects of the fast food business, from improving customer convenience to enhancing operational efficiency. The fast food chains have highly developed mobile apps and user-friendly websites that allow their customers to browse menus, customize orders and place orders in few taps. This convenience is increasingly encouraging for more frequent and larger orders. Fast food chains are increasingly using customer data to offer personalized recommendations, promotions and loyalty rewards, which creates a more engaging and tailored experience. Digital technology connects order-taking systems to kitchen display systems, which majorly reduces order errors and expediting food preparation. It also helps to manage inventory in real-time, ensuring that ingredients are available to meet demands of customers and reduce waste.

However, rising food safety and wildlife protection laws are expected to be significant major challenges for this sector. Additionally, consumer health awareness, particularly obesity, is estimated to be a constraint to market growth. Malaysians have increasingly showing support for Palestine by boycotting Western companies such as McDonald's and Burger King. This have expressed solidarity with Israel during its conflict with Hamas. This Muslim-majority nation has witnessed large-scale rallies in favor of Palestine. This is expected to hamper the fast food market growth in some countries.
Fast Food Market Segment Analysis 
Based on Product Type, the global Fast Food market is segmented into Burger/Sandwich, Chicken, Pizza/Pasta, Sea-Food, Asian/Latin American Food, and Others. The Asian/Latin American Food segment is expected to grow at a higher CAGR of 3.4% during the forecast period. Asian/Latin American food has become one of the most leading fast food alternatives across customers, thanks to an increase in utilisation among youths and a surge in demand for completely prepared items.

Based on Distribution Channel, the global Fast Food market is segmented into Quick Service Restaurant (QSR), Street Vendors, Home delivery and Others. The Quick Service Restaurant segment held the largest Fast Food market share of 53% in 2023. Customers prefer fast fastfood restaurants to sit-down restaurants. The demand for fast food businesses is increasing as people seek for fresh, flavorful, and appealing meals at a reasonable price. Also, preserving the taste of healthy and decent products helps to increase the market.
Fast Food Market Regional Insights
North America Fast Food market dominated the global market with the share of around 35.3% in 2023 and is expected to grow at a CAGR of 3.5% during the forecast period. The region is a leading the fast food market followed by Europe. It includes wide range of fast food establishments such as burger joints, pizza places, fried chicken restaurants, taco shops, and sandwich chains. The U.S. dominated the North American market due to the occurrence of major key players coupled with a high inclination of working population towards fast foods. Fast food chains are highly using technology, which have improved their ordering and delivery services such as mobile apps, online ordering, and third-party delivery partnerships. The region is also seeing an influx of international flavors, with chains incorporating global cuisines and fusion dishes into their menus.

Asia Pacific Fast Food market held the share of around 24.7% in 2023 and is expected to grow rapidly during the forecast period. Emerging markets such as China and India are showing huge opportunity for the fast food market in the future. Changing lifestyle and adoption of western cultures among the population of these regions is mainly driving the growth of the market. In the region, the fast food chains adapt their menus to cater to local flavors and preferences, including ingredients and dishes that resonate with the specific culture. Street food culture has highly influenced fast food offerings, with items such as skewers, bao buns, and noodle dishes, which have found their way onto menus.

The growing urbanization and middle class population are creating opportunities for fast food chains to grow their customer base. The continuous innovation and experimentation with flavors and menu items is expected to attract for fast food chains to grow their customer base.
Fast Food Market Competitive Landscape
This section of the Fast Food Market report provides a detailed analysis of the competitors and information provided by the competitors. A secondary research method was used to provide detailed information on Fast Food key competitors while the primary research method included interviews of the market players. SWOT analysis was used to provide the strengths and weaknesses of the key players in the Fast Food industry.As per the study, the market is highly competitive, with a large number of both domestic and international brands vying for global fast food market share. There are also a large number of smaller fast food chains that are majorly growing in popularity such as Chipotle Mexican Grill and Panera Bread. The fast food companies mentioned in the chart accounts for over 60% of the global market share.
Global Fast Food Market Scope: Inquire before buying



Global Fast Food Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 784.24 Bn.


Forecast Period 2024 to 2030 CAGR:
4.9%
Market Size in 2030:
US $ 1096.22 Bn.


 Segments Covered:
by Product
Pizza/Pasta
Burger/Sandwich
Chicken
Asian/Latin American Food
Sea-Food
Others


by Distribution Channel
Quick Service Restaurant (QSR)
Street Vendors
Home delivery
Others



Fast Food Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Fast Food Market, Key Players are
1. .McDonald’s
2. Hardee’s
3. Pizza Hut
4. Domino’s Pizza
5. Burger King
6. KFC
7. Subway
8. Firehouse Subs
9. Auntie Anne’s
10. Starbucks
11. Wendy’s International
12. Yum! Brands
13. Jack in the Box Inc.
14. Dunkin Brands
15. Dairy Queen
16. Papa John’s Pizza
17. Auntie Anne's INC
18. Cinnabon Franchisor SPV LLC
19. Restaurant Brands International Inc
20. Chick-fil-A

Frequently Asked Questions:

1] What segments are covered in Fast Food Market report?
Ans. The segments covered in Fast Food Market report are Product Type and Distribution Channel.

2] Which region is expected to hold the highest share in the global Fast Food Market during the forecast period?
Ans. North America is expected to hold the highest share in the global Fast Food Market during the forecast period in which the US is expected to dominate the regional market.

3] What is the market size of global Fast Food Market by 2030?
Ans. The expected Fast Food market size by 2030 is US $ 1096.22 Bn

4] Who are the key players in the global Fast Food Industry?
Ans. McDonald’s, Hardee’s, Pizza Hut, Domino’s Pizza, Burger King, and KFC are the key players in the global Fast Food Industry.

5] What was the Fast Food market size in 2023?
Ans. The Fast Food market size in 2023 was US $ 784.24 Bn.