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Unlocking Opportunities in the Fast Food Market: 2025-2034 Forecast Report
Fast Food
What Will the Fast Food Industry Market Size Be by 2025?
Over the past few years, the fast food industry has seen consistent expansion. It's projected that the market size will increase from $645.2 billion in 2024 to $663.92 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 2.9%. This growth witnessed in the past years can be linked to shifts in customer preferences and way of life, swift urbanization, globalization, a heightened demand for convenient food options, and an increase in the working population.
What's the Long-Term Growth Forecast for the Fast Food Market Size Through 2029?
In the coming years, the fast food market is projected to experience substantial expansion. It is set to increase to $833.43 billion by 2029, with a compound annual growth rate (CAGR) of 5.8%. Factors contributing to growth in this projected timeline include an upswing in consumer food spending, quick-paced industrialization, an influx in the youthful population, a rise in disposable income, and economic improvement. The forecast period is likely to witness major trends such as the inclusion of plant-based alternatives, the emergence of ghost kitchens, the advent of contactless ordering and payment systems, personalized menu creation, and the introduction of healthier meal choices.
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What Are the Key Growth Drivers Fueling the Fast Food Market Expansion?
The burgeoning need for plant-sourced proteins plays a significant part in the expansion of the fast-food market. These proteins, originating from sources such as grains, legumes, nuts, seeds and vegetables, provide an environmentally-friendly option as opposed to proteins derived from animals. This surge in demand for plant-based proteins stems from heightened understanding of their health benefits, concerns regarding environmental resilience, ethical dilemmas surrounding animal welfare, and an increasing trend towards vegan and flexitarian dietary preferences. In response to this, fast food companies are widening their meal options to include plant-based proteins like vegetable-based hamburgers and nuggets. As an example, in April 2023, the Good Food Institute, a non-profit organization in the US stated that global retail sales of plant-based meats and seafood in 2022 came to $6.1 billion, signifying an 8% rise in revenue as well as a 5% weight increase. Furthermore, the combined sales of plant-based milk, cheese, and yogurt accumulated to $21.6 billion globally, recording a 7% increase compared to the prior year. Therefore, it's clear that the rising demand for plant-based proteins is facilitating the growth of the fast-food market.
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What Are the Key Trends Driving Fast Food Market Growth?
The rise of online food delivery advancements is a noteworthy trend observed in the fast-food industry. Top-tier companies in this sector are exploring innovative ways to enhance the customer's faculty with digital food delivery. For instance, KFC, a US-originated fast-food chain, introduced Wing, the first-ever on-demand drone delivery service in Australia in February 2022. The establishment of a cloud kitchen, in partnership with Collins Food Limited - KFC Australia's largest corporate franchise collaborator, is a groundbreaking step to elevate KFC's chicken preparation process for drone delivery, further facilitating a convenient and rapid delivery service for customers.
How Is the Fast Food Market Segmented?
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
Subsegments:
1) By On-Premise: Dine-In Service, Drive-Thru Service
2) By Delivery And Take Away: Third-Party Delivery Services, In-House Delivery, Pre-Packaged Takeaway, Custom Order Takeaway
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Which Companies Are Leading the Charge in Fast Food Market Innovation?
Major companies operating in the fast food market include Auntie Anne's Inc., Cinnabon Franchisor SPV LLC, Domino's Pizza Inc., Dunkin' Brands Group Inc., Hardee's Restaurants LLC, Jack in the Box Inc., McDonald's Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor's Associates Inc., CKE Restaurants Holdings Inc., Inspire Brands Inc., Chipotle Mexican Grill Inc., Subway SA, Kentucky Fried Chicken, Burger King Holdings, Pizza Hut Inc., Taco Bell IP Holder LLC, International Dairy Queen Inc., 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., White Castle Corp., Checkers Drive-In Restaurants Inc.
Which Regions Are Leading the Global Fast Food Market in Revenue?
North America was the largest region in the fast-food market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fast food market market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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