Increase in number of fast food restaurant/trucks, adoption of tech-away ordering systems, and rise in demand for international cuisines drive the global market
PORTLAND, OR, UNITED STATES, November 15, 2021 /EINPresswire.com/ — Fast Food Market generated $647.7 billion in 2019, and is estimated to reach $931.7 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.The report offers an extensive analysis of changing market dynamics, key winning strategies, top impacting factors, major segments, and company profiles.
Fast food is referred to the food, which can be prepared and serve quickly. Moreover, this term is also used to refer to food that is sold in restaurants/shops with preheated or precooked ingredients. The emergence of fast food has also led to the spurt of take aways and drive through delivery channels. Fast foods are also considered to be quick and low-price meal alternatives of home cooked food. The global fast food market is poised to witness significant growth during the forecast period, owning to increase in number of fast food restaurants, rise number of working women, tech-savvy ordering options, rise in demand for international cuisines, and change in consumer taste and preference. However, factors such as high setup cost of restaurants and rise in health concerns among the fast food consumers are expected to hamper the growth of this market. Moreover, the rise of fast casual food is forecasted to negatively affect the fast food market growth.
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• During the coronavirus pandemic, consumers are avoiding outside food to protect themselves from the infection.
• Restaurants, food trucks, and hotels have been closed due to the global lockdown.
• Many countries have eased off the lockdown and restaurants have opened only for takeaways and home delivery.
The report offers a detailed segmentation of the global fast food market based on product type, end user, and region.
Based on product type, the Asian/Latin American food segment accounted for nearly one-fourth of the global fast food market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to change in life style of consumers and inclination toward traditional food products. However, the burger/sandwich segment is estimated to portray the highest CAGR of 5.9% from 2020 to 2027. Hectic lifestyle and busy schedule of consumer, and convenience &ease of availability of fast food drives the growth of the segment.
Based on end user, the quick service restaurants segment contributed to the highest market share with more than two-fifth of the global fast food market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 5.1% from 2020 to 2027. This is attributed to increase in sale of fast food through online platforms.
Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 6.9% from 2020 to 2027.
Leading market players analyzed in the research include Auntie Anne's, Inc., Domino’s Pizza, Inc., Hardee's Restaurants LLC., Jack In The Box Inc., Restaurant Brands International Inc., Cinnabon Franchisor SPV LLC.,Dunkin’ Brands Group, Inc., Firehouse Restaurant Group, Inc., Mcdonald’s, and YUM! Brands, Inc.
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Source: EIN Presswire