The fast food market is projected to grow to $931.7 billion by 2027, driven by consumer preferences and quick service restaurants.
Fast Food Market by Type (Pizza/Pasta, Burger/Sandwich, Chicken, Asian/Latin American Food, Seafood, and Others) and End User (Food-Service Restaurants, Quick Service Restaurants, Caterings, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.”According to the report, the global fast food market garnered $647.7 billion in 2019, and is estimated to reach $931.7 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.
Change in consumer tastes and preferences, increase in number of fast food restaurant/trucks, adoption of tech-away ordering systems, and rise in demand for international cuisines drive the growth of the global fast food market. However, high set up cost and growth in number of health conscious hinder the market growth. On the other hand, fast paced lifestyle of consumers looking out for convenient food products and increase in fast food outlets create new opportunities in the coming years.
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Based on product type, the Asian/Latin American food segment accounted for nearly one-fourth of the global fast food market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to change in life style of consumers and inclination toward traditional food products. However, the burger/sandwich segment is estimated to portray the highest CAGR of 5.9% from 2020 to 2027. Hectic lifestyle and busy schedule of consumer, and convenience &ease of availability of fast food drives the growth of the segment.
Based on end user, the quick service restaurants segment contributed to the highest market share with more than two-fifth of the global fast food market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 5.1% from 2020 to 2027. This is attributed to increase in sale of fast food through online platforms.
On the basis of type, the Asian/Latin American food has been the most preferred fast foodamong consumers, due to its flavors and in gredients added in the products. Thus, the Asian/Latin American food segment was valued $155.5 billion and is expected to grow with a CAGR of 3.4% from 2020 to 2027, to reach $203.6 billion by 2027. However, the burger/sandwich segment is expected to grow at the highest rate during the fast food market forecast period. This is attributed to increase in consumer demand for taste and preferences of the food.
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Based on region, North America accounted for the highest share based on revenue, holding for more than two-fifth of the global fast food market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to rise in number of health concern consumers due to hectic busy lifestyle in this region. However, LAMEA is estimated to generate the fastest CAGR of 6.9% from 2020 to 2027. This is attributed to increase in investments by small and midsized food manufacturing companies in fast food industry.
The players in the fast foodindustry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report includeAuntie Anne’s, INC, Cinnabon Franchisor SPV LLC, Domino’s Pizza, INC, Dunkin’ Brands Group, Inc, Hardee’s Restaurants LLC, Firehouse Restaurant Group, Inc, Jack in The Box INC., McDonald’s, Restaurant Brands International Inc, INC, and YUM! BRANDS, INC.
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The article discusses the projected growth of the global fast food market to $931.7 billion by 2027.
Changing consumer tastes, increase in fast food outlets, and adoption of tech-driven ordering systems.
The LAMEA region is expected to grow at the fastest rate with a CAGR of 6.9%.
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