LONDON, Oct. 27, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the fast food market, 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 April 2019, Co-op Food, a UK-based food retail business of The Co-operative Group, launched a new online delivery service that uses electric cargo bikes. The new service would initially be made available to customers within a 4-kilometer radius of the store on Kings Road in Chelsea, London. Orders would first be filled utilizing human-powered electric bikes with a zero-emission electric motor to help. The prices of the goods are the same as in-store prices, with a $6 (£5) delivery fee and an $18.26 (£15) minimum purchase requirement. The new delivery service provides a quick and flexible way to buy, with a selection of over 1500 products available to order, including alcohol, between the hours of 9 a.m. and 10 p.m.
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The global fast-food market size is expected to grow from $575.31 billion in 2021 to $628.55 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The fast-food market is expected to grow to $802.62 billion in 2026 at a CAGR of 6.3%.
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 FinancesOnline, 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.
Major players in the fast-food market are Auntie Anne's Inc., Cinnabon Franchisor SPV LLC, Domino's Pizza Inc., Dunkin' Brands Group Inc, Hardee's Restaurants LLC, Firehouse Restaurant Group Inc., Jack in the Box Inc., McDonald's Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor's Associates Inc., CKE Restaurants Holdings Inc., Wallace Foods Inc., Inspire Brands Inc., and Chipotle Mexican Grill Inc.
The global fast food market is segmented by service type into on-premise, delivery and take away; by product into seafood, latin american food, chicken, sandwich, burger, pasta, other products; by end-user into quick-service restaurants, fast-casual restaurants, other end-users.
North America was the largest region in the fast-food market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fast-food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Fast Food Market Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide fast food market forecast size and growth, fast food market segments and geographies, fast food market trends, fast food market drivers and restraints, fast food market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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