San Francisco, March 14, 2022 (GLOBE NEWSWIRE) -- The global fast-food market size is expected to reach USD 813.9 billion by 2028, registering a CAGR of 4.6% over the forecast period, according to a new report by Grand View Research, Inc. The rise in disposable income and rapid globalization of the food industry are the key factors driving the market growth. The increasing middle-class population coupled with the advent of online delivery apps and e-commerce websites is compelling companies operating in the market to expand their reach through introducing new food varieties and flavors.
Key Insights & Findings from the report:
- Based on end-user, the market is characterized into Quick Service Restaurants (QSRs), fast-casual restaurants, and others.
- The QSRs end-user segment accounted for the largest revenue share of the global market in 2020 owing to the high demand for international cuisines.
- In 2020, North America was the dominant regional market on account of the high disposable income levels and demand for innovative food flavors.
- Asia Pacific, on the other hand, is anticipated to witness the fastest growth rate over the forecast period.
- This growth can be credited to the factors, such as rapid urbanization and discretionary income coupled with favorable demographics, which drive the demand for fast foods.
Request a free sample copy or view report summary: “Fast Food Market Size, Share & Trends Analysis Report By Product (Burgers/Sandwich, Asian/Latin American), By End Users (Fast Casual Restaurants, QSRs), By Region (North America, APAC), And Segment Forecasts, 2021 - 2028”, published by Grand View Research.
Fast Food Market Growth & Trends
The COVID-19 pandemic has severely impacted the food and restaurant industry. Decreased consumer spending and disruptions in the supply chain affected the industry to a large extent. In addition, the increased awareness about the consumption of healthy foods affected the market growth during the pandemic. However, the market is expected to regain its demand post-pandemic owing to a rise in the number of fast-food franchises and increasing demand for online food deliveries. Furthermore, the rise in the working population is supporting market growth.
On the basis of product, the market has been categorized into pizza/pasta, burgers/sandwiches, chicken, Asian/Latin American, seafood, and others. The burgers/sandwich product segment accounted for the highest share of the global revenue in 2020 due to the wide availability of burger varieties in the market. Some of the players operating in the global market are McDonald’s, Burger King, and KFC Corp.
Fast Food Market Segmentation
Grand View Research has segmented the global fast-food market based on product, end-user, and region:
Fast Food Product Outlook (Revenue, USD Billion, 2016 - 2028)
- Pizza/Pasta
- Burgers/Sandwich
- Chicken
- Asian/Latin American
- Seafood
- Others
Fast Food End-user Outlook (Revenue, USD Billion, 2016 - 2028)
- Quick Service Restaurants (QSRs)
- Fast Casual Restaurants
- Others
Fast Food Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Composites Market
- Auntie Anne’s Franchisor SPV LLC
- Domino’s Pizza, Inc.
- CKE Restaurants Holdings, Inc.
- Firehouse Restaurant Group, Inc.
- Jack in the Box, Inc.
- McDonald’s
- Restaurant Brands International, Inc.
- Yum Brands Inc.
- Inspire Brands, Inc.
- Doctor's Associates, Inc.
Check out more related studies published by Grand View Research:
- Fast Food and Quick Service Restaurant Market - The global fast food and quick service restaurant market size is expected to reach USD 383.81 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% over the forecast period. The market is expected to witness a major shift in 2020 owing to the spread of COVID-19. The crisis has led to complete lockdowns in major economies of the world.
- U.S. Fast Food and Quick Services Restaurants Market - The U.S. fast food and quick services restaurants market is expected to reach USD 263.8 Billion by 2025, according to a new report by Grand View Research, Inc. Major US fast-food chains are expanding their delivery networks and improving online ordering systems to capture more business from consumers who increasingly value convenience and technology.
- Frozen Food Market - The global frozen food market size is expected to reach USD 380.5 billion by 2027, expanding at a CAGR of 3.4%, according to a new report by Grand View Research, Inc. Rising consumers preference for the ready-to-eat food products which needs least preparation as well as cooking time and offers higher shelf life is the key driving factor for the market. Moreover, shifting consumer dietary preference in hectic and busy life across the global is anticipated to offer new scope for the market over the forecast period.
Browse through Grand View Research’s Consumer F&B Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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