The Fast Food Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fast Food Global Market Report 2024, The fast food market size has grown strongly in recent years. It will grow from $295.03 billion in 2023 to $316.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to change in consumer preferences and lifestyles, rapid urbanization, globalization, increased demand for convenience foods, rise in working population.
The fast food market size is expected to see strong growth in the next few years. It will grow to $412.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising consumer expenditure on food, rapid industrialization, rise in young population, rise in disposable income, economic growth. Major trends in the forecast period include plant-based options, ghost kitchens, contactless ordering and payment, menu customization, healthier menu options.
The increasing number of restaurants is a key factor significantly contributing to the growth in the fast-food market. The basic aim of a restaurant is to provide food and drink. As fast food takes less time in preparation, this allows restaurants to cater to large customers. For instance, according to Finances Online, a US-based platform for SaaS (Software as a Service) or B2B (Business-to-Business) software and financial products reviews, in the US there were over one million restaurants that employed 15.6 million people in 2021, and 101,811 chain restaurants in the US as of 2021. Therefore, an increasing number of restaurants and hotels are driving the growth of the fast-food market.
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The fast food market market covered in this report is segmented –
1) By Service Type: On-Premise, Delivery And Take Away
2) By Product: Seafood, Latin American Food, Chicken, Sandwich, Burger, Pasta, Other Products
3) By End-User: Quick-Service Restaurants, Fast-Casual Restaurants, Other End-Users
The new advancement in online food delivery is a key trend gaining popularity in the fast-food market. Major companies operating in the fast-food market are coming up with new ways to improve the online food delivery experience for customers. For instance, in February 2022, KFC, a US-based, Fast-food restaurant company, launched Wing, Australia’s first on-demand drone delivery service. A cloud kitchen has been built in collaboration with Collins Food Limited, KFC Australia’s largest corporate franchise partner. This unique facility that will prepare KFC’s chicken in advance for drone delivery, allowing consumers to obtain their KFC in minutes with ultimate convenience.
The fast food market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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