Press release
Fast Food Market Report 2024: Strategies And Recent Developments
Fast Food Market
The Business Research Company offers in-depth market insights through Fast Food Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The fast food market size has grown strongly in recent years. It will grow from $295.03 billion in 2023 to $316.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to change in consumer preferences and lifestyles, rapid urbanization, globalization, increased demand for convenience foods, rise in working population.
The fast food market size is expected to see strong growth in the next few years. It will grow to $412.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising consumer expenditure on food, rapid industrialization, rise in young population, rise in disposable income, economic growth. Major trends in the forecast period include plant-based options, ghost kitchens, contactless ordering and payment, menu customization, healthier menu options.
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Market Segmentation:
The main types of fast-food services are on-premise, delivery, and take-away. On-premise fast food service markets are used to provide customers with food and a place to sit and enjoy fast food. On-premise restaurants offer customers the opportunity to sit, relax, and enjoy delicious meals in a great ambience with a great experience. Fast food products include seafood, Latin American food, chicken, sandwiches, burgers, pasta, and others. The different end-users include quick-service restaurants, fast-casual restaurants, and others.
Major Driver - Fast-Food Market Expansion Fuelled By Rising Number Of Restaurants
The increasing number of restaurants is a key factor significantly contributing to the growth in the fast-food market. The basic aim of a restaurant is to provide food and drink. As fast food takes less time in preparation, this allows restaurants to cater to large customers. For instance, according to Finances Online, a US-based platform for SaaS (Software as a Service) or B2B (Business-to-Business) software and financial products reviews, in the US there were over one million restaurants that employed 15.6 million people in 2021, and 101,811 chain restaurants in the US as of 2021. Therefore, an increasing number of restaurants and hotels are driving the growth of the fast-food market.
Competitive Landscape:
Major companies operating in the fast food market market include Auntie Anne's Inc., Cinnabon Franchisor SPV LLC, Domino's Pizza Inc., Dunkin' Brands Group Inc., Hardee's Restaurants LLC, Firehouse Restaurant Group Inc., Jack in the Box Inc., McDonald's Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor's Associates Inc., CKE Restaurants Holdings Inc., Wallace Foods Inc., Inspire Brands Inc., Chipotle Mexican Grill Inc., Subway SA, Kentucky Fried Chicken, Burger King Holdings, Pizza Hut Inc., Taco Bell IP Holder LLC, Wendy's/Arby's Group Inc., Starbucks Corp., Saint Louis Bread Co., International Dairy Queen Inc., Hardee's Restaurants LLC, Arby's Restaurant Group Inc., Jimmy John's LLC, Papa John's International Inc., Little Caesar Enterprises Inc., Sonic Drive-In Corp., Five Guys Enterprises LLC, Chick-fil-A Inc., Popeyes Louisiana Kitchen Inc., Bojangles OpCo LLC., Whataburger Restaurants LLC, In-N-Out Burger Inc., Jack in the Box Inc., White Castle Corp., Checkers Drive-In Restaurants Inc.
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Top Trend - Revolutionizing Fast-Food Market With On-Demand Drone Delivery
The new advancement in online food delivery is a key trend gaining popularity in the fast-food market. Major companies operating in the fast-food market are coming up with new ways to improve the online food delivery experience for customers. For instance, in February 2022, KFC, a US-based, Fast-food restaurant company, launched Wing, Australia's first on-demand drone delivery service. A cloud kitchen has been built in collaboration with Collins Food Limited, KFC Australia's largest corporate franchise partner. This unique facility that will prepare KFC's chicken in advance for drone delivery, allowing consumers to obtain their KFC in minutes with ultimate convenience.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fast Food Market Characteristics
3. Fast Food Market Trends And Strategies
4. Fast Food Market - Macro Economic Scenario
5. Fast Food Market Size And Growth
…..
27. Fast Food Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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