Portland, OR, Aug. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fast food market generated $647.7 billion in 2019, and is estimated to reach $931.7 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, top impacting factors, major segments, and company profiles.
Change in consumer tastes and preferences, increase in number of fast food restaurant/trucks, adoption of online ordering systems, and increase in demand for international cuisinesdrive the growth of the global fast food market. However, high setup cost and growth in health concerns hinder the market growth. On the other hand, fast paced lifestyle of consumers looking out for convenient food products and increase in fast food outlets create new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic,consumers are avoiding outside food to protect themselves from the infection.
- Restaurants, food trucks, and hotels have been closed due to the global lockdown.
- Many countries have eased off the lockdown and restaurants have opened only for takeaways and home delivery.
The report offers a detailed segmentation of the global fast foodmarket based onproduct type, end user, and region.
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Based on product type, the Asian/Latin American foodsegment contributed to the largest share in 2019, accounting for nearly one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, theburger/sandwich segment is expected to register the highest CAGR of 5.9% from 2020 to 2027.
Based on end user, the quick service restaurants segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, the samesegment is estimated to portray the highest CAGR of 5.1% during the forecast period. However the full-service restaurantssegment would growat a CAGR of 4.4% from 2020 to 2027.
Based on region, North Americacontributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 6.9% from 2020 to 2027.
Leading market players analyzed in the research include Auntie Anne's, Inc., Domino’s Pizza, Inc., Hardee's Restaurants LLC., Jack In The Box Inc., Restaurant Brands International Inc., Cinnabon Franchisor SPV LLC.,Dunkin’ Brands Group, Inc., Firehouse Restaurant Group, Inc., Mcdonald’s, and YUM! Brands, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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