Fast Food Market Size is estimated to reach $745.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.8% over the forecast period of 2022-2027. Fast Food is defined as the food that is prepared and served at quick service restaurants or street vendors. Fast Food is typically high in sugar, salt, and saturated fat or trans fats. Fast Food is an example of a convenient food that can be enjoyed anywhere, at any time. As a result of majority of customers' busy lifestyles, Fast Food products are estimated to rise in terms of volume sales. The popularity of Fast Food restaurants, sometimes known as quick service restaurants, is increasing (QSRs). They are prepared in huge quantities and served to customers promptly based on their requirements. Burger, sandwiches, pizza, spaghetti, fried chicken, seafood and other types of junk food are among the quick foods available. The growth of these markets has been aided by the introduction of unprocessed dairy, organic vegetables, hormone-free meat, and natural components to Fast Food menus. Shifting consumer Fast Food preferences, as well as increased exposure to Fast Food chain operations are significant factors boosting the Fast Food industry's growth. New product launches, as a result of increased investment in food processing R&D, as well as a stronger distribution network for Fast Food products and a lengthy shelf life for fast food, are all expected to contribute considerably to the growth of Fast Food market size over the forecast period 2022-2027.
Fast Food Market Report Coverage
The report: “Fast Food Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Fast Food Market.
Key Takeaways
- Geographically, North America held the largest market share in 2021, owing to the highest fast food consumption attributed to a busy lifestyle and high disposable income.
- The popularity of international cuisines has soared in recent years all throughout the world. The rapid rate of globalisation, combined with strong demand from emerging markets such as India and Brazil, is providing large brands with multiple economic options.
- Factors such as high restaurant setup costs and a shift in Fast Food consumers' health consciousness toward quick casual cuisines are projected to stifle the Fast Food market growth throughout the forecast period.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Fast Food Market Report.
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Fast Food Market Segmentation Analysis - By Product Type
Fast Food based on product type can be further segmented into Pizza & Pasta, Burger & Sandwich, Chicken, Asian & Latin American Food, Seafood, Others. Burger & Sandwich Food held a dominant Fast Food market share in a year 2021 owing to the growing consumption of burgers and sandwiches. For instance, according to the United States Department of Agriculture (USDA), Americans consume an average of 2.4 burgers per day, or roughly 50 billion burgers per year. Additionally, new burger & sandwich product launches are estimated to contribute significantly to the growth of the market segment.
However, Asian and Latin American food is estimated to be fastest growing with a CAGR of 6.2% over the forecast period 2022-2027. Asian/Latin American food has become one of the most popular fast food options among consumers, owing to a rise in demand from millennials mixed with a boom in demand for ready-to-eat dishes. Fast Food is extremely popular among people of all ages today, as Fast Food restaurants are everywhere and offer a wide range of options to suit most tastes. Fast Food restaurants offer take-out and drive-through services in addition to dining in. The growth of this segment is being fuelled by rising demand for a variety of food products.
Fast Food Segmentation Analysis - By End User
Fast Food based on end user can be further segmented into Full-service Restaurants, Quick-service Restaurants, Catering, Others. Quick-service Restaurants held a dominant Fast Food market share in a year 2021. To meet the increased demand of customers, quick service restaurants produce processed food in bulk. Furthermore, increased internet usage and easy access to smart phones has led in more online purchases. As a result, some Fast Food industry are turning to ward internet portals to improve online meal ordering for these Fast Food chains, which would help the quick service restaurant market expansions.
However, Full-service restaurants is estimated to the fastest growing with a CAGR of 6.7% over the forecast period of 2022-2027. Quick service restaurants prepare processed food in excess to accommodate rising consumer demand. Furthermore, more online purchases have resulted from greater internet usage and simple access to smart phones. As a result, several Fast Food restaurants are turning to using internet platforms to improve online meal ordering, which will help the full-service restaurant sector to grow.
Fast Food Segmentation Analysis by Geography
The Fast Food based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant Fast Food market share of 30% in the year 2021. The Fast Food market is growing owing to an increase in consumer expenditure on Fast Food in the region. Market growth in the region is being fuelled by factors such as the availability of a wide range of cuisines as well as low-cost snacks and add-ons in a number of flavors. Also altering consumption patterns and the increase in consumer health consciousness, who prefer fast foods with healthy components and low cholesterol, will lead North America throughout the forecast period.
However, Asia-Pacific is estimated to the fastest growing over the forecast period of 2022-2027. The demand for Fast Food in the region is being driven by changing consumer preferences combined with the presence of a huge consumer base. As per the study by the study by The International English Language Testing System (IELTS), fast food is consumed once a week by 20% of the population in the United State in 2021. Furthermore, rising discretionary spending is assisting regional market expansion. Furthermore, Asia-Pacific is predominantly composed up of rising countries, which are luring manufacturers from all over the world to invest, and this trait is proving to be a market booster for the Fast Food Market Size in this region
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