The Global Fast Food Market size is expected to reach $1,044.61 billion by 2027, rising at a market growth of 7.8% CAGR during the forecast period.
Fast food refers to the convenient food, which is made and served at quick-service restaurants as well as by street vendors. They are the popular substitute for homemade food. Such food types are widely consumed by customers across different sectors such as hotels, restaurants, and fast food centers. Fast food vendors offer a wide range of foods under the category of pizza/pasta, chicken & seafood, burgers/sandwiches, and Asian/Latin American food.
In the last few years, the fast food industry has witnessed various trends and product launches to cope up with the growing demand for fast food across the world. In addition, the high demand for fast food items in hotels, restaurants, and resorts would accelerate the growth of the fast food market over the forecast period.
With the increasing women employment rate across the world, the demand for fast food has increased as such women find it difficult to invest time in cooking and thus, contributing to the growth of the fast food market. For example, in 2019, as per the United States Department of Labor, the women's employment rate was 46%. Additionally, in China, the women's employment rate was approximately 43.7% and South Africa has witnessed 45% of the women's employment rate. Due to this, the demand and growth of the fast food market would witness a surge in the coming years.
The outbreak of the COVID-19 pandemic has negatively impacted the fast food industry as the risk of virus spread is high in food delivery. Additionally, the imposition of lockdown across various nations and the disruption in the supply chain of various goods have affected the demand and growth of the overall fast food market. The travel ban and unavailability of a workforce in the industry have also restricted the demand and growth of the fast food market. In addition, the increasing health awareness among the people due to the pandemic has motivated consumers to eat healthy food items, which would further hinder the growth of the fast food market in the coming years.
Though, during the post-pandemic situation, the fast food market would regain its demand due to the reopening of fast food franchises and rising demand for online food deliveries. Also, the increasing snacking habits among people would fuel the growth of the fast food market over the forecast period.
With the growing tourism sector and globalization, people are increasingly demanding international cuisines in their country. Several global hotels, restaurants, and food chains are expanding their presence across the world to serve the local customers with high quality and taste of international cuisines. Internet and social media platforms have opened doors for the customers to know about other countries’ or regions’ food and culture.
With the rapid pace of globalization, the penetration of different cultures and food items in one economy has increased, which would create lucrative opportunities for many companies to expand their business across different regions. Globalization refers to the widespread of various products, information, technology, and jobs across borders & cultures. This has resulted in various fashion and food trends across the world, nowadays, people are becoming more eager to try out new cuisines or food items.
There is an increase in health awareness among consumers, which restricts them from the consumption of fast food as they are considered unhealthy. It is due to the usage of various ingredients that are unhealthy and can affect a person’s health condition like deep-fried items, which restrict people from its consumption and hence, hamper the growth of the fast food market. In addition, as consumers are becoming more aware of the importance of maintaining a healthy food habit and lifestyle, they would shift from the consumption of fast food items to homemade food.
The fast food market is segmented into Pizza/Pasta, Burgers/Sandwich, Chicken, Asian/Latin American, seafood, and others. Among these, the burgers/sandwich segment dominated the market with the highest revenue share due to the growing demand for these products. In addition, according to the U.S. Department of Agriculture (USDA), people consume approximately 50 billion burgers each year.
The fast food segment is fragmented into quick-service restaurants (QSRs), fast casual restaurants, and others. In 2020, the QSRs segment acquired the highest revenue share in the market and is anticipated to record the fastest growth rate over the forecast period. The COVID-19 pandemic has motivated numerous quick-service restaurants to expand their off-premise businesses.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 493.7 Billion |
| Market size forecast in 2027 | USD 1,044.6 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 7.8% from 2021 to 2027 |
| Number of Pages | 173 |
| Number of Tables | 286 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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North America emerged as the leading region in the fast food market with the highest revenue share. This growth is attributed to the factors like the accessibility of numerous cuisines and budget-friendly snacks & add-ons in different flavors. Further, the high consumer spending on fast food across this region would also augment the regional growth.
Free Valuable Insights: Global Fast Food Market size to reach USD 1,044.61 billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Mcdonald’s Corporation is the major forerunners in the Fast Food Market. Companies such as Restaurant brands international, Inc., Yum! Brands, Inc., Inspire Brands, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wendy’s International, Inc., Domino’s Pizza, Inc., Mcdonald’s Corporation, Restaurant brands international, Inc., Yum! Brands, Inc., Inspire Brands, Inc., Hardee's Restaurants LLC (CKE Restaurants Holdings, Inc.), Firehouse Restaurant Group, Inc., Focus Brands LLC (Roark Capital Group), and Subway (Doctor’s Associate, Inc.).
By Product
By End User
By Geography
The Fast Food market size is projected to reach USD 1,044.61 billion by 2027.
High demand for international cuisines are driving the market in coming years, however, health concerns of fast food limited the growth of the market.
Wendy’s International, Inc., Domino’s Pizza, Inc., Mcdonald’s Corporation, Restaurant brands international, Inc., Yum! Brands, Inc., Inspire Brands, Inc., Hardee's Restaurants LLC (CKE Restaurants Holdings, Inc.), Firehouse Restaurant Group, Inc., Focus Brands LLC (Roark Capital Group), and Subway (Doctor’s Associate, Inc.).
Fast food market estimated to grow at a CAGR of 7.8%.
On the basis of product, The Asian/Latin American fast food segment is estimated to record the fastest growth rate during the forecast period. In the U.S., the growing Hispanic population is estimated to fuel the demand for Mexican food.
Based on Region, The Asia Pacific is estimated to witness the fastest growth rate in the fast food market during the forecast period.
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