Press release
Fast Food Market is Anticipated to Reach USD 1,013 billion in 2027, Growing at a CAGR of 4.6% till 2027 | Size, Share, Growth & Forecast
Fast Food Market
The Fast Food Market is expected to reach USD 1,013 billion by the end of 2027, expanding at a CAGR of 4.6% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/fast-food-market/
The factors driving the growth of Fast Food Market includes rise in the number of street food vendors and quick service restaurants, growing popularity of online food delivery services and increasing demand for fast food items at hotels and resorts around the world. According to the report published by Bloomberg, the Global Online Food Delivery market was calculated around USD 80370 million in 2020 and is expected to reach USD 128500 million by the end of 2027, growing at a CAGR of 6.5% over the forecast period (2021-2027), which will accelerate the Fast Food Market share in the coming years. Moreover, rapid growth in the Tourism sector, rise in the internet penetration rates, growing acceptance amongst consumers towards i`nternational cuisines and increase in the launch of innovative food products, are some of the additional factors supplementing the Fast Food Market Growth. In addition, growing influence of social media platforms, rising disposable incomes, improvements in the living standards, rapid urbanization and increasing population growth rates, are further contributing to the market growth.
However, the growth of Fast Food Market is hindered due to increase in the incidence of obesity due to consumption of fast food items.
Based on Product, the Burger/Sandwich segment is predicted to grow at a remarkable CAGR during the forecast period
Burgers and sandwiches are easily available at fast food chains, comes with different variety of flavors and increasing focus by major corporations to introduce innovative fast-food products, are some of the factors responsible for the segment's growth.
Based on End User, the Quick Service Restaurants segment is projected to capture the largest market share during the forecast period
As per the Fast Food Market Analysis, rise in the number of quick service restaurants, growing demand for ready to eat meals and increasing influence of western culture across the globe, are propelling the segment's growth.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share over the forecast period
Rise in the number of quick service restaurants, rising popularity of online food delivery services, expansion of the tourism industry, growing influence of social media platforms, increasing investments by local fast-food chains on enhancing the packaging of their products and rapid urbanization, are some of the important factors augmenting the Fast Food Market size.
Key Developments
In 2021, Burger King added Plant-based "mpossible Nuggets" and Ghost Pepper Nuggets in its menu in the United States.
In 2021, Papa John's International partnered with Sun Holdings. As per the agreement, Sun Holdings will launch 100 new stores across Texas by the end of 2029.
Market Segmentation
Segmentation by Product
Pizza/Pasta
Burger/Sandwich
Chicken
Asian/Latin American Food
Seafood
Others
Segmentation by End User
Food-Service Restaurants
Quick Service Restaurants
Caterings
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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