by The global Fast Food Market is estimated to be valued at US$ 745.8 Billion in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The fast food market comprises the sale of fast food items by entities (organizations, sole traders and partnerships) that provide fast food. Fast food is a type of mass-produced food that is designed for commercial resale and with a strong priority placed on speed of service versus other relevant factors involved in culinary quality. Fast food items typically include salads, sandwiches, pizza slices, donuts, French fries, tacos, burritos and other items that can be prepared quickly and served immediately. The products sold in the fast food market can undergo value-addition activities like frying, freezing or assembly-line production and packaging for mass distribution and sale. The fast food market includes sales from both casual dining restaurants and quick service restaurants offering fast food.
Market key trends:
One of the key trends in the fast food market is the growing popularity of healthier fast food options. As consumers become more health conscious, there is increasing demand for healthier, organic and natural fast food options. Many fast food chains have started offering more wholesome, plant-based and nutritious meal options like salads, wraps and bowls in response to this demand. They are reducing trans-fats and using Whole grains, organic ingredients and less processed food items. Customers want convenient yet nutritious options and chains are innovating to appeal to this trend for healthier fast food choices. This is driving more product innovation and menu additions focused on wellness across major players in the market.
Porter’s Analysis
Threat of new entrants: The fast food market poses low threat of new entrants due to high capital requirement for setting up large chains. Bargaining power of buyers: Buyers have high bargaining power in the market due to availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due to diversified supplier base and availability of substitute sources. Threat of new substitutes: Threat from new substitutes like healthy food outlets are increasing. Competitive rivalry: Intense competition exists among existing players.
Key Takeaways
The Global Fast Food Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period 2023-2030, due to increasing urbanization and changing lifestyles. The Asia Pacific region is expected to witness fastest growth in the fast food market due to rising middle class population and increasing disposable incomes in the region. China and India are expected to dominate the fast food market in Asia Pacific.
North America currently dominates the global fast food market. Emerging economies like China and India are expected to offer high growth opportunities in the forecast period. Key players operating in the fast food market are 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, Restaurant, Brands International Inc, INC, and YUM! BRANDS, INC
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
