Fast Food Market on Track for Strong Growth, Estimated to Grow at 5.7% CAGR Through 2029

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What Is the Expected CAGR for the Fast Food Market Through 2025?
Rapid expansion has been observed in the fast food industry in the past few years. The market size will surge from $645.2 billion in 2024 to $658.85 billion in 2025, registering a compound annual growth rate (CAGR) of 2.1%. Factors contributing to this growth during the historical period include a shift in consumer preferences and ways of life, rapid urbanization, globalization, a surge in demand for convenience foods, and an escalating working populace.

What's the Projected Size of the Global Fast Food Market by 2029?
In the coming years, the fast food market is anticipated to witness significant expansion, projecting a market size of $822.2 billion by 2029 with a compound annual growth rate (CAGR) of 5.7%. The predicted growth during the forecast period can be attributed to various factors such as an increase in consumer spending on food, rapid industrialization, an expanding young population, and a growth in disposable income, as well as overall economic growth. Some of the prevailing trends during the forecast period are expected to include plant-based alternatives, virtual or "ghost" kitchens, touch-free ordering and payment methods, menu personalization, and more health-oriented menu options.

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Top Growth Drivers in the Fast Food Industry: What's Accelerating the Market?
The escalating preference for proteins derived from plants plays a pivotal role in propelling the fast-food market's growth. These proteins are harvested from plant-based sources such as legumes, grains, nuts, seeds, and vegetables and serve as a greener substitute for proteins derived from animals. The surge in demand for plant-based proteins is primarily driven by enhanced consumer understanding of their health benefits, environmental sustainability worries, ethical concerns about animal welfare, and the increasing popularity of vegan and flexitarian diets. Fast-food franchises are broadening their offerings with options like veggie burgers and nuggets rich in plant-based protein to satiate the escalating demand for healthier, meatless alternatives. As an example, The Good Food Institute, a non-profit organization based in the United States, reported in April 2023 that global retail sales of plant-based meat and seafood reached $6.1 billion in 2022, reflecting an 8% revenue growth and a 5% increase in weight. Additionally, the aggregate sales of plant-based milk, cheese, and yogurt attained a global total of $21.6 billion, marking a 7% increase from the preceding year. Hence, the burgeoning demand for plant-based proteins is a substantial driving factor for the expansion of the fast-food market.

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What Trends Will Shape the Fast Food Market Through 2029 and Beyond?
The latest prominent trend observed in the fast-food market is the innovation in online food delivery. Leading players in the marketplace are finding innovative solutions to enhance the experience of online food delivery for their consumers. For instance, KFC, an American fast-food restaurant business, kickstarted Australia's first drone delivery service on-demand, called Wing, in February 2022. This has been made possible through a partnership with Collins Food Limited, KFC Australia's biggest corporate franchise associate, to construct a cloud kitchen. This distinctive setup pre-prepares KFC's chicken ready for drone delivery, enabling customers to receive their KFC orders conveniently within minutes.

What Are the Main Segments in the Fast Food Market?
The fast foodmarket 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 Top Companies are Driving Growth in the Fast Food Market?
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 Will Dominate the Fast Food Market Through 2029?
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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