Fast Food Market size is poised to cross USD 1407 billion by the end of 2036, growing at a CAGR of approximately 4.80% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of fast food was about USD 765 billion. The major element responsible for the growth in the market revenue is the growing number of fast food restaurants. Currently, across the globe, there are around 536,825 fast food restaurants and this indicates a surge of about 0.3% in contrast to the year 2023.
Furthermore, consumer tastes and preferences are changing rapidly. As a result, key market players are launching various fast food items to satisfy the demand of consumers and increase sales. Also, they are opting for mergers and acquisitions to make their product reach a large number of end users.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.80% |
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Base Year Market Size (2023) |
USD 765 Billion |
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Forecast Year Market Size (2036) |
USD 1407 Billion |
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Regional Scope |
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Product Type (Burger & Sandwich, Pizza, Asian Food, Latin American, Fried Chicken, Seafood, Others)
The burger & sandwich segment is predicted to gather the highest market share of over USD 300 billion by the end of 2036. This segment expansion can be impelled by the growing consumption of burgers & sandwiches. For instance, Americans consume more than 50 billion burgers per year. Moreover, plant-based or vegan burgers have gained popularity in recent years owing to the growing wave of veganism, adding to the segment’s growth. However, in the case of sandwiches, the preference for chicken-based is forecasted to rise. Hence, various burger and sandwich retailers are making efforts to provide various options to consumers considering their preference for taste, health, and social responsibility.
Additionally, the pizza segment is also augmented to experience growth in the market in the upcoming years. This growth of the segment is foreseen to be dominated by growing automation. This has further influenced the higher production of pizza, eliminating the need for extra labor as a consequence reducing the production cost.
Service Type (Full-Service Restaurants, Quick Service Restaurants, Street Vendors, Delivery Services)
The quick-service restaurants segment is set to gather the highest fast food market share of over 40% during the forecast timeframe. The major element to dominate the growth of the segment is rising digital innovations which have additionally encouraged the integration of digital advertisement. Furthermore, self-order kiosk installment has also grown in numerous restaurants. This technology has an easy-to-use interface which might further satisfy consumer expectations for quick delivery.
Young customers mostly prefer food that is delivered quickly, which is why the demand for quick-service restaurants is growing. Since, the outbreak of COVID-19, the importance of cloud kitchens has surged. Cloud kitchen drives quick delivery along with off-premise dining. Furthermore, this can be operated at a minimum setup, with limited staff, and cost. Thus, it offers significant cost savings benefits.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Service Type |
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North American Market Statistics
Fast food market for North America is proposed to gather 35% of the revenue share between 2024 and 2036. This market’s widening in this region can be attributed to an increasing disposable income, leading people to opt for fast food. United States disposable income rose to approximately 20708 USD Billion in February from about 20657 USD Billion gathered in January of 2024.
Furthermore, the trend of dual-working households has increased in this region, led by a surging need to maintain financial stability, as a result, most of the households prefer eating outside. In addition, there is the presence of major key players including Burger King, Subway, and more, offering growth opportunities for the market.
APAC Market Analysis
By the end of 2036, the Asia Pacific region’s fast food market is estimated to witness notable growth. The main factor to encourage the growth of the sector is the rising urban population in this region owing to which fast food is easily available in urban areas. Also, the production of organic vegetables is growing which has further influenced the demand for fast food.
The growing preference for online food delivery applications is stimulating market growth. This is because online platforms eliminate communication errors, and are also beneficial in takeaway restaurants in the course of peak hours.
Author Credits: Anil Kumar, Ipsheeta Dash
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