Fast Food Market by Product Type (Pizza/Pasta, Burger/Sandwich, Chicken, Asian/Latin American Food, Seafood, and Others), End Use (Quick Service Restaurants, Fast Casual Restaurants, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026734 | Pages: 100 | Industry: Food and Beverages | Date: Oct 2022 | Type: Global

The market crossed US$ 550 billion mark in 2022 and is expected to hit US$ 820 billion by 2030, recording a CAGR of 5.0% during the forecast period.

Increasing demand for convenience foods.

Over the past few years, the lifestyles of people across the world have evolved dramatically. Due to hectic work schedules, people’s dependency on products saving time and effort has increased. The surge in the consumption of high-quality fast food is one of the biggest trends in the food industry. Fast food, such as pizza/pasta, burger/sandwich, chicken, Asian/Latin American food, seafood, and ready-to-eat products, allows consumers to save time and efforts associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. The development and popularity of these food items are ascribed to many social changes; the most notable of these are the increasing number of smaller households and the rising millennial population across the world. This, in turn, is driving the fast food market.

Within the report, the market is segmented into product type, end use, and geography. By product type, the market is further segmented into pizza/pasta, burger/sandwich, chicken, Asian/Latin American food, seafood, and others. Based on end use the market is bifurcated into quick service restaurants, fast casual restaurants, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Flourishment of E-Commerce.

In recent years, there has been a massive transformation in the organized retail sector. The emergence of e-commerce has resulted in considerable changes in the way people shop and spend their money. The increasing penetration of smartphones and the internet, easy access to emerging technologies, rising purchasing power, and convenience provided by online retail platforms of shopping from anywhere at any time are among the key factors bolstering e-commerce. People are increasingly preferring online retail platforms for purchasing fast food. The online sales of food and beverages rose significantly during the pandemic due to the shutdown of brick-and-mortar stores and the imposition of social restrictions by governments. This, in turn, is driving the market.

APAC is the fastest growing fast food market in the forecast period.

Asia Pacific is expected to dominate the market during the forecast period, owing to increasing in population and urbanization. The rise in the working population and western lifestyles of people in developing APAC countries has led to high demand for fast food products with individual portions to be consumed on the go or outside of the home. The demand is favored by increasing product innovation in packaged food packaging, such as resealable packaging, which is easy to open and reseal. Fast food brands are expanding their operations across Asia Pacific due to a potential customer base, cheap labor, and good operating facilities. These factors are fueling the growth of the market during the forecast period.

Recent strategic developments in fast food market

The fast food market has undergone several significant developments, and a few of these have been mentioned below:

  • In October 2021 – Burger King expanded its U.S. menu with the plant-based “Impossible Nuggets” and the nationwide LTO release of Ghost Pepper Nuggets.
  • In September 2021 – Papa John’s International signed a domestic franchisee development agreement in the U.S. with franchisee operator Sun Holdings in the U.S. According to the terms of the agreement, Sun Holdings will open 100 new stores across Texas by 2029.

The fast food is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Auntie Anne's; Burger King; Domino's Pizza, Inc.; Firehouse of America, LLC d.b.a.; and Hardee's Food Systems Inc. are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Fast food related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industry of fast food industry
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Product Type:
    • Pizza/Pasta
    • Burger/Sandwich
    • Chicken
    • Asian/Latin American Food
    • Seafood
    • Others
  • End Use:
    • Quick Service Restaurants
    • Fast Casual Restaurants
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Auntie Anne's
    • Burger King
    • Domino's Pizza, Inc.
    • Firehouse of America, LLC d.b.a.
    • Hardee's Food Systems Inc

The List of Companies
- Auntie Anne\'s
- Burger King
- Domino\'s Pizza, Inc.
- Firehouse of America, LLC d.b.a.
- Hardee\'s Food Systems Inc.

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