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The global Fast Food Market would reach USD 800.12 billion USD at a 7.62% CAGR By 2030

Global Fast Food Market – Overview


The fast food market is gaining traction owing to the varied mouthwatering options made available to the growing population. Market Research Future, a firm which specializes in market reports related to the Food and Beverage sector among others, recently forecasted in its report on Global Fast Food Market Research Report- Forecast to 2030 that the market will demonstrate a remarkable growth during the forecast period.


Fast food is a type of food that can be prepared and served in minimum duration. Common fast foods types include pizzas & pastas (Italian), burgers & sandwiches (American), chicken, sea-food, Chinese and other snacks such as potato finger fries and pastries. Fast foods are prepared in large quantities and served very quickly. The restaurants serving fast food are also known as quick service restaurants. Busy schedule of the increasing working population is majorly driving the demand for fast food market.


Fast food market is mainly driven by increasing urbanization and busy schedule of the increasing working population which is driving demand for inexpensive and quick meal. Changing lifestyle and improved standard of living are supporting the growth of fast food market. Changing customer needs, are likely to present the global fast food market with growth opportunities such as introduction of new product variants and flavors in upcoming years.


The quick service restaurants are grasping the fast food market owing to their authenticity and hygiene. Moreover, the different service type provided by fast food market is boosting the growth of the market. However, increasing health conscious population is a major restraint to the growth of the fast food market.


Latest Industry Updates


Dec 2022 Golden State Foods Corp., a California-based supplier to the fast-food industry is expanding its operations in Texas with a new manufacturing and distribution facility for its liquid products division to be built in Burleson.


Dec 2022 McDonald’s is rolling out their McVegan in Finland and Sweden as well after a successful testing campaign in the small city of Tampere.


Dec 2022 Montreal-based MTY Food Group, a Canadian franchisor and operator of numerous quick service restaurants operating under 48 brand names is set to merge with Imvescor Restaurant Group, who owns franchised and corporate stores throughout Canada, under four brands: Pizza Delight, Mikes, Scores and Baton Rouge. MTY has been in steady expansion mode for years.


Nov 2022 Payment technology provider First Data stated in a webinar that the volume of mobile payments in the fast-food industry have grown 75% in 2022 from 2030.


Global Fast Food Market - Competitive Analysis


With the entry of industry players in the fast food segment, a trend of solid, volume- driven growth has been observed in the market. Key players in the fast food market are focusing on expansions, mergers and new product launches. Companies are investing in marketing and packaging due to cut throat competition in the market. Various CRM efforts are initiated by the key players in fast food market. Each deal is provoked by the manufacturers’ strategic appetite to expand into new markets and product lines. Continuous product innovations followed by new product launches is the key to success for retaining existing customers and expanding market base through attracting new customers.


The key players profiled in fast food market are McDonald’s Corporation (U.S.), Burger King Worldwide, Inc. (U.S.), Domino’s Pizza Inc. (U.S.), Yum! Brands Inc. (U.S.), Jack in the Box Inc. (U.S.), Wendy’s International Inc. (U.S.), and Doctor’s Association Inc. (U.S.) among many others.


Global Fast Food Market – Segments


The global Fast Food market has been divided into type, form, distribution channel, and region.


On The Basis Of Product Type: burger/sandwich, pizza/pasta, chicken, Asian/Latin American food, sea-food and others


On The Basis Of Service Type: eat-in, take away, drive through, home delivery and others


On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.


Global Fast Food Market -


Regional Analysis

The global Fast Food market is segmented into North America, Europe, APAC, and Rest of the World (RoW). North America is projected to dominate the fast food market followed by Europe. North America is dominating the market based on its growing drift towards pocket food in which the U.S. is the major contributor. Europe is the second largest consumer of fast food market based on the hectic lifestyle of the consumers.


Asia Pacific is the fastest growing region over the forecast period. Changing lifestyle and improved standard of living in developing countries like India and China is driving the growth in this region. Millennial are the major contributors for the growth of fast food market in this region.  In Latin America, Brazil is expected to witness high growth in fast food market.


 

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Pages 115
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