As per our research report, the Global Fast Food Market size is estimated to be growing at a CAGR of 4.62% from 2023 to 2030.
The pandemic hurt the food industry. Consumer spending witnessed a transformation as more was allocated to necessary food items and health-related products, rather than fast food. In addition, the closure of restaurants, food outlets, cafes, and hotels led to a decline in demand for fast food in the market. Moreover, the National Lockout and shutdown led to an 80% reduction in restaurant dining.
However, food pickup from food outlets was imposed during the pandemic in special cases due to social distancing norms. Additionally, many of these outlets increased their presence on online platforms and provided food delivery services and meal packages to consumers. It also included contactless delivery, increasing consumer preferences for ordering food from online platforms.
Moreover, home-based tiffin services witnessed an increase due to rising health awareness among consumers. Furthermore, during the middle phase of the pandemic, restrictions were eased, which restored the food industry considerably. Consumers were asked to wear masks and carry sanitizers while entering hotels and restaurants. Further, social distancing norms were imposed at such places, which also boosted the digital payments market, as consumers made payments using near-field communication technologies at food outlets.
Post-pandemic, several restrictions were lifted, which led to an increase in demand for fast food in the market. However, growing consumer awareness for healthy food items led to increased demand for vegan and organic foods such as quinoa, keto items, fruits and vegetables-based food items, organic functional beverages, plant-based burgers, pizzas, wheat-based pasta and noodles, dairy-free deserts, and others. Moreover, after the pandemic, there was an increase in digitization, which increased digital payments. Additionally, point-of-sale terminals, kitchen-display screens, and self-order kiosks gained momentum and helped minimize delays in food delivery and services.
The restraints to this market include rising competition among various fast-food chains and increasing health consciousness among people.
Based on market segmentation by product type, the Burger/sandwich segment holds the highest share of about 42% in the market. The demand is attributed to the high demand for protein-based food such as those containing beef, venison, and others. Further, the increased presence of various food service providers has boosted the demand for burgers and sandwiches in the market. Additionally, growing demand for healthy fast food, chefs of restaurants and cafes are experimenting with various ingredients such as onion, meatloaf, bacon, and others. In addition, rising trends in veganism have increased the demand for vegan burgers/sandwiches in the market. Furthermore, the Asian/Latin American Food segment is the fastest-growing segment during the forecast period. These foods have become popular owing to consumer demand for exotic food in the market. Moreover, Mexican food is increasingly in demand in the USA due to the increase in the Hispanic population.
Based on market segmentation by end-users, the quick-service restaurant holds the highest share of about 42.59% in the market. Consumers are increasingly demanding quick-service restaurants due to the fast service of fresh, appealing, and tasty food at an affordable price. Moreover, rising demand for healthy and convenient food has induced quick-service restaurants to produce processed food in large numbers. In addition, food ordered from online food websites has gained popularity due to accessibility to a wide variety of cuisines and faster delivery services. Furthermore, fast-food casual restaurant is the fastest-growing segment during the forecast period. These restaurants provide freshly prepared and high-quality meals to consumers in a relaxing setting and are most commonly found in the USA and Canada.
Based on market segmentation by region, North America holds the highest share of the market. North American fast-food segment is witnessing an increase in demand for fast food, especially among teenagers and young adults. Moreover, rising demand for healthy ingredients food has induced restaurants and cafes to produce healthy and organic fast food. Additionally, busy working schedules led to an increase in demand for convenience fast food such as on-the-go burger snacks, nuts and snacks, healthy energy bars, vegan chocolates, and others. Furthermore, Asia-Pacific is the fastest-growing region during the forecast period. The prevalence of large food companies and manufacturers such as McDonald’s, Burger King, KFC, and others has further contributed to the demand for fast food in the region. Moreover, changing consumer food preferences and the rising number of food delivery apps have further boosted the market for fast food in the region.
Companies playing a leading role in the Global Fast-Food market profiled in this report 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, Pizza Hut, Subway, Jack In The Box INC., Mcdonald's, Burger King, KFC, Restaurant Brands International Inc, YUM! BRANDS, And INC
Pizza/Pasta
Burger/Sandwich
Asian/Latin American Food
Chicken
Seafood
Others
Quick Service Restaurants
Fast Casual Restaurants
Caterings
Others
North America
Europe
Asia Pacific
Middle East & Africa
South America
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