April 24, 2020
As per the report titled ‘Global Fast Food Market Size study, by Type (Burgers & Sandwiches, Pizzas & Pasta, Chinese Food, Fried Chicken and others), by Distribution Platform (Quick Service Restaurant (QSR), Street Vendors, Food Delivery Services and Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global fast food market was worth USD 545.4 billion in 2018 and is projected to grow with a CAGR of 5.6% over 2019-2026.
Rapid urbanization and rising disposable income in tandem with changing consumer lifestyle and dietary patterns are driving the global fast food market growth. Citing an instance, in August 2019, Burger King launched its plant-based ‘Impossible Whopper’ to be served at over 7,000 locations. Hence, innovative product launches by various food manufacturers as well as availability of a wide range of fast food products are other growth impetus for the market.
Fast food acts as a replacement for home-made meals which can be prepared quickly and is easily accessible. These products are generally available in a restaurants and stores, are prepared with preheated or precooked ingredients and served in a wrapped form to the customer for take away or drive through. High convenience to the consumer is the key factor driving the sales of fast food products.
However, fast foods have lower nutritional value as compared to other food items as the former is high in sugar, sodium, and fat, which may cause health-related problems. This factor coupled with growing health conscious population and high prevalence of obesity across the globe may impede the market growth during the forecast period.
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Considering the geographical outlook, global fast food market is divided into North America, Europe, Asia Pacific, Latin America and rest of the world. North America fast food market is slated to witness significant growth in the coming years, owing to the high disposable income and prevalent consumer eating patterns in this region.
Major players of global fast food market are McDonald’s, Pizza Hut, Hardee’s, Domino’s Pizza, KFC, Burger King, Subway, Firehouse Subs, Dunkin Donuts, and Auntie Anne’s.