Press release
Fast Food Market Thrives, Projected to Reach $316.11 Billion in 2024, Driven by Rising Restaurants and Innovative Trends
Fast Food
Key Growth Drivers:
Increasing Number of Restaurants:
The proliferation of restaurants globally has emerged as a pivotal factor fueling the fast-food market's expansion. With over one million restaurants in the US alone in 2021, the industry caters to the demand for quick and convenient meals, contributing to the market's substantial growth.
Food Service Industry Growth:
The fast-food market is propelled by the broader growth of the food service industry, responding to the need for convenient, quickly prepared, and standardized meals. Notably, the U.S. restaurant industry reported $898 billion in sales in 2022, marking a substantial increase from the previous year and underscoring the industry's positive trajectory.
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Key Players:
Major companies shaping the fast food market landscape include McDonald's Corporation, Yum! Brands Inc., Subway SA, Starbucks Corp., KFC, and others, collectively contributing to the market's dynamic evolution.
Innovative Trends:
On-Demand Drone Delivery:
A notable trend in the fast-food market involves leveraging on-demand drone delivery for an enhanced customer experience. KFC, for example, introduced Wing, Australia's first on-demand drone delivery service, revolutionizing the delivery process and providing ultimate convenience to consumers.
AI-Powered Voice Ordering:
Fast food giants are entering strategic partnerships to implement AI-powered voice ordering at drive-thru locations. CKE Restaurants Holdings, in collaboration with Presto Automation, OpenCity, and Valyant AI, aims to enhance accuracy, speed, and revenue, addressing staffing shortages and elevating the drive-thru experience through AI technology.
Regional Insights:
North America dominated the fast-food market in 2023, while Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period. Comprehensive coverage includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The fast food market covered in this report is segmented -
1) By Service Type: On-Premise, Delivery And Take Away
2) By Product: Seafood, Latin American Food, Chicken, Sandwich, Burger, Pasta, Other Products
3) By End-User: Quick-Service Restaurants, Fast-Casual Restaurants, Other End-Users
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https://www.thebusinessresearchcompany.com/report/fast-food-global-market-report
Fast Food Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Fast Food Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fast food market size, fast food market drivers and trends, fast food market major players, competitors' revenues, market positioning, and market growth across geographies. The fast food market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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