Fast Food Market Share Projections: CAGR of 8.36% Envisions Market Size of $1,643.89 Billion by 2032
Fast food market size is anticipated to grow from USD 736.52 Billion to USD 1,643.89 Billion in 10 years. Some of the key drivers driving the market are the growing popularity of fast food, such as frozen ready meals in the food service industry, the increasing number of commercial establishments, and the growing desire of consumers for RTE food products.
Newark, Jan. 04, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 736.52 Billion in 2022 fast food market will reach USD 1,643.89 Billion by 2032. The growth in consumer spending and the increasing influence of food delivery apps are the main factors propelling the market’s rise. The COVID-19 pandemic had a detrimental effect on the food industry due to the rise in cases and the worry that food might contain the virus. The early stages of the epidemic saw labour shortages and supply-chain problems that affected the market for fast food.
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Key Insight of the Fast Food Market
Asia Pacific is anticipated to expand at the highest CAGR of 11.23% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 11.23% over the forecast period. The need for fast food in the area is being driven by a big client base and shifting consumer preferences. Furthermore, an increase in disposable income is fostering the expansion of regional markets.
The asian/latin american segment is expected to register the highest CAGR of 12.74% over the projected period in the fast food market.
The asian/latin american segment is anticipated to grow at the highest CAGR of 12.74% in the fast food market. This market is expanding due to rising consumer demand for a wider variety of food items. The demand for Mexican food in the United States is being driven by the growth of the Hispanic population. For example, the U.S. Census and the Simmons National Consumer Survey both report that about 110 million Americans ate tortillas in 2017.
Over the projected period, the quick service restaurants segment is expected to register the highest CAGR of 12.94% in the fast food market.
Over the forecasted period, the quick service restaurants segment is anticipated to grow at the highest CAGR of 12.94% in the fast food market. The expansion of this market is also being driven by the growing desire for foreign cuisines. For instance, the market is gaining traction due to the prospects presented by the fast globalisation and the demand from developing nations like Brazil and India. The launch of new dishes and flavours will also aid in the segment’s expansion. For instance, in response to the shifting needs and desires of its clientele, McDonald’s launched the BTS meal.
Driver: A growing shift in the way people live
Modern life is full of tight schedules that provide little time for homemade meals. Fast food adjusts to this shift by providing simple, quick fixes that fit into hectic schedules. Demand is driven by the fast food industry’s capacity to adapt to changing consumer wants, whether they be those of a family looking for a quick meal or an individual grabbing a snack between meetings. Fast food is often considered a less expensive option, especially when compared to dining at more traditional restaurants. Fast food’s large range and reasonable prices make it a popular choice among many, particularly among working-class and student groups. This affordability issue continues to drive demand as buyers seek out the best deals without sacrificing flavour or quality. The impact of branding and marketing is largely responsible for the fast food industry’s growth. Through advertising and promotional offers, fast food businesses have built a strong brand presence that appeals to a diverse group of customers. They successfully target a range of age groups and demographics by using multimedia platforms, which encourages client loyalty and encourages repeat business. The market for fast food products is maintained in part by this purposeful branding and marketing campaign.
Restraint: People’s eating habits can be changed
The Covid-19 epidemic has resulted in a significant change in people’s eating habits. The current trend of people looking for healthier fast food options is likely going to make it more difficult for the business to grow in the years to come.
Opportunity: An increasing proportion of women who work
The growing number of working women globally is one of the primary factors creating lucrative growth opportunities in the global market. Because of the high employment rate, they find it difficult to juggle cooking meals with their rigorous daily occupations. Consequently, the habit of grabbing fast meals on the move has become increasingly popular, particularly in South Africa and China.
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Some of the major players operating in the fast food market are:
• Domino’s Pizza, Inc.
• Firehouse Restaurant Group, Inc.
• Yum Brands Inc.
• Doctor’s Associates, Inc.
• Auntie Anne’s Franchisor SPV LLC
• Jack in the Box, Inc.
• Inspire Brands, Inc.
• CKE Restaurants Holdings, Inc.
• Restaurant Brands International, Inc.
Key Segments cover in the market:
• Asian/Latin American
• Fast Casual Restaurants
• Quick Service Restaurants
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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