Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fast food & quick service restaurants market is expected to grow from USD 263.48 million in 2020 to USD 380.47 million by 2028, at a CAGR of 4.7% during the forecast period 2021-2028
Certain factors are boosting the growth of the global fast-food & quick-service restaurants market. Some of them include increasing the number of hotels and restaurants, increasing demand for delicious and healthy foods, changing eating habits & tastes of the new generation, rapidly changing work-life, fast pace of life, and increasing health awareness among consumers. Besides, health-related concerns over increasing fast food consumption have obligated most fast food producers to create healthier fast food products. The fast-food market is overgrowing based on the increase in the working population, highly dependent on fast food, owing to its busy schedule. The market is mainly driven by increasing per capita disposable income and growing urbanization.
Fast food can be defined as a substitute for homemade meals, which can be prepared quickly, easily accessible to the customers as per their demand. Fast food is extensively used in end-user industries like hotels, fast food centers, and restaurants. However, this food has not as much nutritional value as compared to other dishes and food products. Typically, fast food is sold in a store with preheated and precooked ingredients and served to the customer in a wrapped form for a drive-through or takeaway. These foods are high in fat, sodium, and sugar, which may cause health-related problems, and obesity.
The global fast food & quick service restaurants market is expected to witness significant growth. Due to the increasing preference for fast food among generations, such as prompt service, economical pricing, and increased convenience is a primary factor that is expected to continue to boost the revenue growth of the market. The factors are restraining the market growth are the presences of unsaturated fats in fast food products and resulting health problems with food safety regulations. Also, knowledge of consumer health, especially obesity, is restraining the growth of the market.
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Key players operating in the fast food & quick service restaurants market include McDonald`s, Darden Concepts, Inc, Kotipizza Group Oyj, Restaurant Brands International Inc, Ark Restaurant Corp, DEL TACO RESTAURANT, INC, Yum! Brands, Chipotle Mexican Grill, Carrols Restaurant Group, Inc, and Quality Is Our Recipe, LLC. To gain a significant market share in the global fast food & quick service restaurants market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Yum! Brands and Burger King are vital manufacturers operating in the fast food & quick service restaurants market.
- For instance, in 2017, Yum! Brands Inc is revitalizing the fast-food market to take advantage of a wide range of customer access.
- For instance, in 2019, Burger King launched a factory-based impossible Whooper across the country.
The home delivery segment dominated the market and held the largest market share of 28.04 % in 2020.
Based on service type, the global fast food & quick service restaurants market is segmented into take away, eat-in, drive-through, home delivery, and others. The home delivery segment dominated the market and held the largest market share of 28.04 % in 2020. This growth is attributed due to various facilities and ease added by manufacturers, followed by the preference of consumers towards use of doorstep delivery facility.
The burger/sandwich segment dominated the market and held the largest market share of 26.12% in 2020.
Based on type, the global fast food & quick service restaurants market is segmented into Asian/Latin American food, burger/sandwich, chicken & seafood, pizza/pasta, and others. The burger/sandwich segment dominated the market and held the largest market share of 26.12 % in 2020. This growth is attributed due to the availability of burgers/sandwiches and a vast variety of fast food around the globe.
The American segment dominated the market and held the largest market share of 20.15% in 2020.
Based on cuisine, the global fast food & quick service restaurants market is segmented into Chinese, Turkish, American, Lebanese, Italian, and Mexican. The American segment dominated the market and held the largest market share of 20.15% in 2020. This growth is attributed due to the development of franchises and efficiency in production.
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Regional Segment Analysis of the Fast Food & Quick Service Restaurants Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the fast food & quick service restaurants market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America region held the largest market share of 25.19% in the year 2020. This growth is attributed to the expanding young-adult demographic and the growing trend of fast food consumption in the region. On the other hand, the Asia-Pacific region is witnessing significant growth due to the growing popularity of fast food among young adults.
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About the report:
The global fast food & quick service restaurants market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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