Fast Food Market

Analysis from GMI Research finds that the Fast Food Market earned revenues of USD 773.4 billion in 2021 and estimated to touch USD 1,099.9 billion in 2029 will grow at a high double-digit CAGR of 4.5% from 2022-2029 attributed to changing consumer behaviour and rise in working population.

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Major Fast Food Market Trends and Drivers

Fast Food Market is primarily driven by growing employment rates around the world, increase in snacking habits of consumers, rise in the number of quick service restaurants and growing popularity of online food delivery services. Growing consumers preference for ready-to-eat meals coupled with convenience and affordable eating options offered by quick service restaurants (QSR), are accelerating the fast food market growth. As per recent study, almost 31,577 fast food stores were estimated in Canada. And majority of these fast-food stores are dominated by quick-service restaurant chains like Tim Hortons and Subway. As disposable incomes of consumers are growing, footfall in QSRs is expected to increase in the future. Women’s participation rates in the workforce are growing rapidly. As per United States Department of Labor’s estimates, labor force participation of women was estimated to be 56.2% in 2020 in the country. Female labor force participation rates in India have risen from 18.6% in 2018-19 to 25.1% in 2020-21. As participation of females in the workforce is increasing, they are finding difficulty in cooking food due to time constraints, which is propelling the demand for fast-food items.

Growing consumers preference for ready-to-eat meals coupled with convenience and affordable eating options offered by quick service restaurants (QSR), are accelerating the fast food market growth. As per recent study, almost 31,577 fast food stores were estimated in the country. And majority of these fast-food stores are dominated by quick-service restaurant chains like Tim Hortons and Subway. As disposable incomes of consumers are growing, footfall in QSRs is expected to increase in the coming year.

Online food delivery services are gaining traction in the fast food industry. Many restaurants including big QSR chains and local restaurants are delivering food through online platforms. As per recent estimates, food delivery business in China generated revenue worth 811.7 billion yuan in 2021 and more than 50% of the internet users in the country used online food delivery services during the same year. Internet penetration rates will increase in the future due to the development of high-broadband and number of smartphone users will rise as smartphones are becoming more affordable, which will boost the of online food delivery services, thus creating lucrative growth opportunities for fast food market. Growing health consciousness amongst consumers and surge in the demand for healthy and tasty food products, will have positive impact on healthy fast food market.

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Based on Product, Burger/Sandwich segment is projected to hold the largest fast food market share.

Burgers and sandwiches are becoming popular amongst consumers as these food items are cheaper as compared to pizza. Many big QSR chains like burger king and Subway are mixing their menus with local cuisines in different countries to appeal to local tastes and preference. For instance, McDonald’s announced in 2022, that it will have 100 percent vegetarian menu (without onion and garlic) for temple towns of India. According to fast food market research report, Asian/Latin American fast-food segment is estimated to grow at the fastest rate attributed to surge in the demand for diverse food products and rise in consumers spending on food products.

As per fast food market analysis, Quick Service Restaurants segment is expected to dominate the market.

Growing consumers acceptance towards international cuisines and launch of novel foods and flavors, are some of the factors propelling the segment’s growth. Moreover, quick service restaurants prepare food in huge quantities, which enables them to large number of customers quickly. Preparing food in large quantities also allows QSRs to offer affordable eating options to consumers, while maintaining their profitability. During covid-19 outbreak, many QSRs turned to online channels to support their businesses and increase their profit. By partnering with various online food delivery services applications, QSRs delivered their food directly to customers home, thus providing them a new revenue source.

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According to fast food market report, North American region is forecast to lead the market.

North American fast food market is propelled by availability of pocket-friendly snacks and add-ons, growing consumers acceptance towards international cuisines and increasing demand for healthy fast-food products. In North American region, fast food restaurants are located in easily accessible locations like highways, shopping centers and urban areas and many people coming from work, often go these fast-food outlets to avoid cooking.

Fast food market in India is driven by increase in consumers spending on food products, growing middle-income population, changing lifestyles and shift in dietary habits of consumers. As per the report published by United Nations World in 2020, on an average an Indian spend around 3.5% of daily income on plate of food, which is 2.9% more as compared to a person living in New York.

Fast food market in Australia is driven by growing demand for food delivery services, busy lifestyles of consumers and expansion of fast-food chains. China fast food market is driven by growing disposable incomes, increasing urbanization, busy lifestyles of consumers and entrance of new brands and food items. Fast food market UK is propelled by increasing popularity of vegan food products, rise in household’s expenditure on food and non-alcoholic beverages and growing demand for food takeaways. Burger is one of the most popular fast-food items in the United Kingdom, more than 57,000 businesses which operates in fast-food and takeaway industry offers burger.

Fast Food Market Leader

Key players operating in the fast food industry market are Auntie Anne’s, Inc., Cinnabon Franchisor SPV LLC., Domino’s Pizza, Inc., DD IP Holder LLC., Hardee’s Restaurants LLC., Jack in the Box Inc., Firehouse Restaurant Group, Inc., McDonald’s Corporation, Restaurant Brands International Inc., and Yum! Brands, Inc., among others.

Key Developments

• • In January 2023, McDonald’s announced that it will review its corporate staffing levels to expand its existing number of restaurants, as a part of its business strategy.
  • In March 2022, Papa John’s International, Inc., entered into a strategic refranchising agreement with Sun Holding to boost domestic development.
  • In December 2022, Domino’s multinational pizza restaurant chain, based in United States, announced that it will expand its retail store network in India by building additional 1,300 stores in the country.
  • In October 2021, Burger King, a multinational chain of hamburger fast food restaurants, based out of United States announced that it has launched plant based “impossible nuggets” and Ghost Pepper Nuggets in the US menu.

Fast food market segmentation

Global fast food market has been segmented on the basis of product, end user, and region. Based on product, the market is segmented into pizza/pasta, burger/sandwich, chicken, Asian/Latin American food, seafood, and others. Based on End User, the market is segmented into food-service restaurants, quick service restaurants, caterings, and others.

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Market Segmentation:

Global Fast Food Market by Product

• • Pizza/Pasta
  • Burger/Sandwich
  • Chicken
  • Asian/Latin American Food
  • Seafood
  • Others

Global Fast Food Market by End User

• • Food-Service Restaurants
  • Quick Service Restaurants
  • Caterings
  • Others

Global Fast Food Market by Region

• • North America Fast Food Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By End User
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Fast Food Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By End User
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Fast Food Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By End User
    • India Market All-Up
    • China Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Fast Food Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By End User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Fast Food (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Auntie Anne’s, Inc.
  • Cinnabon Franchisor SPV LLC.
  • Domino’s Pizza, Inc.
  • DD IP Holder LLC.
  • Hardee’s Restaurants LLC.
  • Jack in the Box Inc.
  • Firehouse Restaurant Group, Inc.
  • McDonald’s Corporation
  • Restaurant Brands International Inc.
  • Yum! Brands, Inc.