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Fast Food Market Overview 2024: Detailed Report on Size, Share, and Emerging Trends
Fast Food Global Market Report 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Fast Food Market 2024 Key Insights:
• 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%.
• Fast-Food Market Expansion Fuelled By Rising Number Of Restaurants
• Revolutionizing Fast-Food Market With On-Demand Drone Delivery
• North America was the largest region in the fast-food market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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