The fast food products market was valued at $647.7 billion in 2019 and is estimated to reach $931.7 billion by 2027, growing at a CAGR of 4.6% during the forecast period. Fast food is defined as food that is quick to prepare and serve. It acts as an alternative to home cooked food. One of the prevailing phenomena of the twenty-first century is the quick adoption of fast food. The increase in demand for fast food has introduced new concepts like “take away” or eating on the run concept. The fast food concept has globalized the demand for food and curtsey to fast food restaurants international cuisines are now being served outside their regional boundaries. The fast food market has been observing rapid growth due to quick and inexpensive meals.
Changing lifestyle patterns such as hectic schedules and working women have steered the necessity for small meals leading to the growth of the global fast food market. Growth in female employment rate because of which women do not have enough time to prepare meals; increase in number of fast food restaurants, which results in easy access to the fast food and tech-savvy ordering; fuel the growth of the fast food market. In addition, a rise in exposure to international cuisine through media and travelling will continue to escalate the growth of this market. However, there is high cost related to the establishment of a restaurant or a food truck, which restraints the growth of the fast food market. Moreover, a rise in health issues among the people like obesity, that is caused due to unhealthy oils and preservatives that are used in the preparation of fast food products, also hampers the growth of the fast food market. The opportunity for the fast food market is serving low calorie & organic healthy food and increase in number of fast food outlets. For instance, Subway, a leading market player in the fast food market is planning to remove azodicarbonamide from bread in the coming years.
The report segments the fast food market on the basis of product type, end user, and region. On the basis of product type, the market is segmented into pizza/pasta, burger/sandwich, chicken, Asian/Latin American food, seafood, and others. On the basis of end user, the market is segmented into food-service restaurants, quick service restaurants, caterings, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Indonesia, Australia, Thailand, Taiwan, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
The market is estimated to grow in the coming years by offering menu according to the taste of people and region, modifying fast food menu for breakfast or dinner and expanding delivery services. Moreover, top players are forming partnerships with other food markets to capture the market share such as McDonalds has a partnership with Kraft for McCafe coffee. In addition, major players in this market are adopting the use of marketing techniques such as children toys, credit points, and other premiums methods.
The major players operating in the market are Auntie 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.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Product Type
By End User
By Region
The report segments the fast food market on the basis of product type, end user, and region. On the basis of product type, the market is segmented into pizza/pasta, burger/sandwich, chicken, Asian/Latin American food, seafood, and others. On the basis of end user, the market is segmented into food-service restaurants, quick service restaurants, caterings, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Indonesia, Australia, Thailand, Taiwan, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
The market is estimated to grow in the coming years by offering menu according to the taste of people and region, modifying fast food menu for breakfast or dinner and expanding delivery services. Moreover, top players are forming partnerships with other food markets to capture the market share such as McDonalds has a partnership with Kraft for McCafe coffee. In addition, major players in this market are adopting the use of marketing techniques such as children toys, credit points, and other premiums methods.
The major players operating in the market are Auntie 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.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global fast food market, with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined in the report to determine the overall market attractiveness and single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis of the current market and estimation for the same from 2020 to 2027 is provided to showcase the financial competency of the market.
- Porter’s five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as, threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights the business practices followed by the leading market players across various regions.
KEY MARKET SEGMENTS
By Product Type
- Pizza/Pasta
- Burger/Sandwich
- Chicken
- Asian/Latin American Food
- Seafood
- Others
By End User
- Food-Service Restaurants
- Quick Service Restaurants
- Caterings
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Indonesia
- Australia
- Thailand
- Taiwan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Fast Food Market, by Product Type
Chapter 5: Fast Food Market, by End-user
Chapter 6: Fast Food Market, by Region
Chapter 7: Competitive Lansdscape
Chapter 8: Company Profiles
Executive Summary
According to the report titled, 'Fast Food Market by Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027', the global fast food market size is expected to reach $931.7 billion by 2027 at a CAGR of 4.6% from 2020 to 2027.Fast food is referred to the food, which can be prepared and serve quickly. Moreover, this term is also used to refer to food that is sold in restaurants/shops with preheated or precooked ingredients. The emergence of fast food has also led to the spurt of take always and drive through delivery channels. Fast foods are also considered to be quick and low-price meal alternatives of home cooked food. The global fast food market is poised to witness significant growth during the forecast period, owning to increase in number of fast food restaurants, rise number of working women, tech-savvy ordering options, rise in demand for international cuisines, and change in consumer taste and preference. However, factors such as high setup cost of restaurants and rise in health concerns among the fast food consumers are expected to hamper the growth of this market. Moreover, the rise of fast casual food is forecasted to negatively affect the fast food market growth.Fast food product is one such convenient food product that can be consumed with ease anywhere, anytime. Hence, the fact that the busy lifestyle being adopted by majority of customers paves way for fast food product to grow in terms of volume sales. Increase in popularity of fast food restaurants, also known as the quick service restaurants (QSRs), boosts the growth of the global fast food market. Among the emerging economies, China, India, and Brazil dominate in terms of fast food consumption, owing to their large population base and growth in number of QSRs such as McDonalds, Burger King, Wendy’s, Subway, and Dunkin’ Donuts.
According to fast food market analysis, the market is segmented on the basis of product type, end user, and region. By product type, it is categorized into burgers/sandwiches, pizza/pasta, chicken, seafood, Asian/Latin America food, and others. By end user, fast food market is divided into food-service restaurants, quick service restaurants, caterings, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Indonesia, Australia, Thailand, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa).
On the basis of type, the Asian/Latin American food has been the most preferred fast food among 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.
On the basis of end user, the quick service restaurants segment is dominating in the market, which accounts 42.59% of the share in global fast food market in 2019 and is expected to retain its dominance throughout the forecast period. Quick service restaurants are the most preferred by the consumers. With the increasing demand for fresh, tasty, and appealing food at affordable cost, the demand for quick service restaurants is increasing. Moreover, retaining the healthy and natural ingredients along with maintaining the taste also boosts the market growth.
On the basis of region, North America was the prominent market in 2019 and accounted for the maximum share in the global fast food market. This is attributed to the high consumption of fast food in the U.S., Canada, and Mexico. Consumers in the region are attracted by the fast food with new flavors, textures, and higher nutrition of the fast food and has led to the growth of the market in the region. Further more, North America is expected to witness a highest CAGR of 3.4%, owing to rise in disposable income and busy lifestyle of the consumers as a result of higher employment and increase in number of working women in the region.
The players in the fast food industry 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 include Auntie 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.
Key findings of the study
The fast food market size was valued at $647.7 billion in 2019 and is estimated to reach $931.7 billion by 2027, growing at a CAGR of 4.6% during the forecast period.
By type, the Asian/Latin American food segment is estimated to witness the fastest growth, registering a CAGR of 3.4% during the forecast period.
In 2019, by end user, the quick service restaurants segment held the highest share, accounts for 42.59% of the global fast food market share.
In 2019, U.S. was the most prominent market in the North America region and is expected to grow at a significant CAGR throughout the forecast period.
Companies Mentioned
- Auntie 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
- YUM! BRANDS Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 267 |
| Published | April 2020 |
| Forecast Period | 2019 - 2027 |
| Estimated Market Value ( USD | $ 647.7 billion |
| Forecasted Market Value ( USD | $ 931.7 billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
