New York, US, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Fast Food Market Information by Type, Service Type, and Region - Forecast till 2030”, the market will be expanding at an impressive rate of 6.8% to reach USD 828.8 Billion by end of 2030.
Market Synopsis
Most fast foods now available in the market are healthier than they were a few years back, with the majority of them even facilitating weight loss. The amplified demand for a variety of fast foods can be in response to the launch of new varieties and tastes that appeal to most consumers.
Also, the massive demand for fast food among major end users like hotels and resorts, quick-service restaurants, and full-service restaurants, will be a notable growth fostering factor.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 828.8 Billion |
| CAGR | 6.8% (2020–2030) |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Service Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rise in the number of restaurants and hotels |
| Rise in prohibition and globalization |
Market Competitive Landscape:
The eminent vendors in the fast food industry are:
- McDonald’s Corporation (U.S.)
- Burger King Worldwide, Inc. (U.S.)
- Domino’s Pizza Inc. (U.S.)
- Yum! Brands Inc. (U.S.)
- Jack In The Box Inc. (U.S.)
- Wendy’s International Inc. (U.S.)
- Doctor’s Association Inc. (U.S.)
- Papa John's International, Inc. (U.S.)
- Dunkin' Brands Group, Inc. (U.S.)
- Taco Bell (U.S.)
Market USP Covered:
Market Drivers:
The surge in consumer spending coupled with the rising popularity of food delivery applications will foster market growth. But the COVID-19 outbreak has had an adverse impact on the food industry due to the fear of infection transmission, which is bound to be unprofitable for the market. Huge gaps in supply and demand rates and labor restraints have also impacted the fast-food industry. Having said that, the market can anticipate lucrative business in the upcoming period, thanks to the soaring number of franchises and the huge demand for online food deliveries.
The expanding working population worldwide is another growth-enhancing factor for the market. With the majority of the restaurants offering delivery services as well as meal kits, the demand for fast food has risen considerably across the globe. The rising snacking habits among millennials will favor the fast food market as well.
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Market Restraints:
Fast foods are notoriously infamous for giving rise to several disorders such as the increase in obesity which leads to other medical issues. Fast foods contain unsaturated fats and don’t completely adhere to all the food safety regulations, which also brings down their demand in the market.
Other than this, the emergence of new animal safety regulations and laws would have an unfavorable impact on the global market.
COVID 19 Analysis
The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
However, the trend of stockpiling different food products, especially convenience and ready-to-eat foods should favor the worldwide market. Several industries dependent on the food and beverage industry have been affected by the COVID 19 pandemic. However, with the growth rate of the fast food market picking up along with the escalating demand for different tasty snacks among people working from home will present lucrative opportunities in the future.
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Market Segmentation
By Product Type
The key product types discussed in the MRFR study are burgers, pizza, Asiatic cuisines, American foods, and many more.
The burgers segment forms the biggest revenue share in the worldwide market, owing to the steadily rising demand for the product worldwide. The U.S. Department of Agriculture (USDA) reveals that the consumption rate of burgers is around 50 billion per year. The mounting demand for burgers can be the result of the wide availability of different options, including various protein options such as venison, beef, and more. Additionally, numerous food-service operators are exploring a variety of fillings of bacon, cheese, meatloaf, and onions, etc. In 2020, Subway launched various Italian fillings along with several other options for their sandwich toppings.
By End-User
The major market end-users include caterers, quick-service restaurants, foodservice restaurants, and more.
The quick-service restaurants segment has taken the top spot in the market, and between 2020 and 2027, it will continue to remain in the lead. Following the COVID-19 outbreak, numerous quick-service restaurants worked on expanding their offline presence. Soaring preference for food delivery applications has been favorable for these restaurants in recent years giving a significant push to the segment’s growth rate.
Regional Insights
North America has risen to the top of the worldwide market, garnering the highest share on the back of the surging consumer spending on a variety of fast foods. Encouraging factors for the regional market include the rising availability of different cuisines as well as budget-friendly snacks in appealing flavors. Although the 2008 recession slowed down the expansion rate of the food industry and reduced consumer confidence, the average fast-food consumption and spending still managed to surge owing to the convenience as well as low cost. Consumers still prefer the convenience associated with dining out, drawn by the lower prices of fast food compared to foods in table-service restaurants. Several fast-food chains are capitalizing upon the pandemic-induced chaos by coming up with new deals and offers in addition to their low-priced menus. In the US, McDonald's is the top quick-service restaurant (QSR) chain.
Meanwhile, the Asia Pacific market will presumably achieve the fastest growth rate between 2020 and 2027, thanks to the mounting number of consumers and their evolving tastes and preferences. On top of this, the surge in their discretionary incomes and improving living standards will raise the demand for different snacks and fast foods. Asian food products are not only preferred in APAC but also in developed countries, especially among millennials and the heightened preference for ready-to-eat foods. Besides, the launch of new varieties of burgers and sandwiches due to the rising investments in R&D with respect to food processing, and the focus on strengthening the distribution network will favor the regional industry as well.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
