Westford, USA, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global Fast Food market size is expected to reach USD 750.08 billion by 2030 and exhibit a CAGR of 4% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing changing consumer lifestyles and busy routines, growing urbanization and the rise of dual-income households, and increasing preference for convenience and on-the-go dining options are fueling the market's growth.
According to SkyQuest's latest global research of the Fast Food market, rising demand for healthier and more nutritious menu options, increased focus on sustainability and ethical sourcing of ingredients, growing popularity of plant-based and vegan fast food offerings, integration of technology for online ordering and delivery services, expansion of ghost kitchens and virtual brands for efficient food delivery, customization options allowing customers to personalize their orders, emphasis on transparency in food sourcing and preparation methods, and the adoption of innovative cooking techniques and flavors inspired by diverse global cuisines are the trends that aid in the market's growth.
Browse in-depth TOC on "Fast Food Market"
- Pages - 157
- Tables - 94
- Figures -76
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Fast food is a type of food that is typically prepared and served quickly. It is often characterized by its low cost, convenience, and simple, standardized menu items. Fast food restaurants are typically located in high-traffic areas, such as near highways, shopping malls, and office buildings.
Prominent Players in Fast Food Market
- McDonald's
- Burger King
- KFC
- Pizza Hut
- Subway
- Taco Bell
- Domino's Pizza
- Wendy's
- Chipotle Mexican Grill
- Starbucks
- Dunkin' Donuts
- Chick-fil-A
- Papa John's
- Arby's
- Five Guys
- Sonic Drive-In
- Little Caesars
- Hardee's
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 548.08 Billion |
| 2030 Value Projection | 750.08 Billion |
| CAGR | 4% |
| Segments Covered | Type Burgers, Sandwiches, Pizzas, Pasta, Meat, Chicken, Seafood, Snacks, Mexican, Others Distribution Channel Quick Service Restaurants (QSR), Street Vendors Service type On premise and delivery & take away |
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
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Burgers Demand to Grow Substantially in the Forecast Period
Burgers dominate the global online market as they have a broad appeal and are popular across various age groups and demographics. They are often considered a portion of comfort food and are associated with quick and satisfying meals.
Takeout and Delivery are the Leading Application Segment
In terms of application, Takeout and Delivery are the leading segment, as the rise of busy lifestyles and convenience-driven preferences has led to an increased demand for takeout and delivery options. Consumers seek quick and hassle-free meal solutions, making takeout and delivery an appealing choice.
North America is the leading Market Due to the Large Consumer Base
Region-wise, North America is one of the largest growing markets with a large consumer base. The region has a long history of fast food culture and a large number of well-established fast food chains. Consumer familiarity with fast food, coupled with the fast-paced lifestyle, contributes to the dominance of this market.
A recent report thoroughly analyzes the major players operating within the Fast Food market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Fast Food.
Key Developments in Fast Food Market
- In January 2023, Restaurant Brands International, the parent company of Burger King and Tim Hortons, acquired Firehouse Subs, a fast-casual restaurant chain known for its signature subs and firefighting-themed décor. The acquisition was valued at $1.1 billion. Restaurant Brands International said that the acquisition would expand its reach into the fast-casual segment and give it a foothold in the growing sub-sandwich market.
- In March 2023, Yum! Brands, the parent company of KFC, Pizza Hut, and Taco Bell, acquired Habit Burger Grill, a fast-casual burger chain known for its made-to-order burgers and fries. The acquisition was valued at $370 million. Yum! Brands said that the acquisition would expand its reach into the fast-casual segment and give it a foothold in the growing burger market.
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Key Questions Answered in Fast Food Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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