Fast Food Market

Global Fast Food Market Size (2024 to 2029)

The global fast food market size was calculated to be USD 708.65 billion in 2023 and is anticipated to be worth USD 924.16 billion by 2029 from USD 741.25 billion In 2024, growing at a CAGR of 4.6% during the forecast period. The variety of foods available in each sector is primarily driving this market growth.

Fast food is defined as the food that is prepared and served at quick-service restaurants or street vendors. It acts as an alternative to homemade food. Fast food is extensively used in end-user industries such as restaurants, hotels, and fast food centers. They are predominantly prepared in large quantities and are quickly served to customers based on their needs. There are a variety of fast foods, including burgers/sandwiches, pizza/pasta, chicken and seafood, and Asian/Latin American food.

MARKET DRIVERS

The rise in the consumer foodservice sector even during the recession is one of the major factors driving the global fast food market growth.

The increasing number of restaurants and hotels is expected to accelerate the growth of the fast food market due to rapid prohibition and globalization. Additionally, an increase in health awareness among consumers and an increase in demand for healthy and delicious foods are driving the market growth. The fast food market is greatly favored by the increase in the speed of life of the urban population and the need for faster and cheaper options for their food.

The growth of the global fast food market is also driven by a languid population that expects meals to be delivered at home. Also, the need for tasty with the latest flavors can positively impact the growth of the global fast food market. In addition, app-based companies offering offers and the growing trend of online orders are predicted to open more opportunities for market participants during the forecast period. Readily available healthy fast food can provide healthy food audiences with options that promote the growth of the fast food market. The rapid growth of the middle-class population in emerging economies and changes in eating habits are boosting the growth of the global fast food market.

The rise in disposable income and the call for convenient and affordable food led to the development of the fast food market.

Most of the fast foods available today are healthy and help you lose weight with the right mix and proportions of other foods. The urge for fast food has risen in the last few years due to new product launches in the food industry. The overall increase in the number of quick-service restaurants, hotels, and so on is also touted as fueling the growth of the global fast-food market. Faster food product sales declined as consumer awareness of healthy food options increased. As customers prefer different products, the global fast food market will develop with lucrative opportunities. The market also allows small players to take advantage of the global market share of fast food by satisfying the tastes of local consumers and maintaining competitive prices. The world employment rate for women has increased significantly. As the number of women hired increases, it becomes quite difficult to cook, leading to fast food. As a result, market participants have included healthier fast food options that contain hormone-free meat, natural vegetables, hormone-free meat, and organic ingredients throughout the store. This will open new opportunities for market growth during the forecast period.

MARKET RESTRAINTS

The growing health awareness among users and increasing preference to consumer healthy food are majorly hindering the fast food market.

There are many concerns about fast food. Studies have shown that eating fast food causes overweight, obesity, and other medical problems. The growth of the global fast food market has been limited due to the presence of unsaturated fats in fast food products and the resulting health problems with food safety regulations. As food safety and animal welfare regulations increase, it is supposed to act as a major limiting factor in this market. Furthermore, knowledge of consumer health, especially obesity, is estimated to be another constraint to market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Fast Food Market Analysis By Type

Based on type, the burgers and sandwiches segment captured 37.6% of the global market share in 2023 and emerged as the largest segment in the global market. The growth of the burgers and sandwiches segment is majorly attributed to the widespread popularity of burgers and sandwiches as convenient food and the rising focus on adding quality ingredients and flavor combinations to these fast foods. The U.S. tops the list in the consumption of burgers and sandwiches worldwide with an approximate share of 30%.

The pizzas and pasta segment was the second largest segment in 2023 and is predicted to grow at a CAGR of 6.68% during the forecast period. The growing consumption of pizzas and pastas in countries such as Italy, the U.S. and China is majorly driving the expansion of the pizza and pasta segment in the global market.

Global Fast Food Market Analysis By Distribution Platform

Based on the distribution platform, the quick service restaurants (QSR) segment dominated the market and held 51.9% of the global market share in 2023. The growth of the QSR segment is primarily driven by the busy lifestyles of consumers who seek quick and convenient meal options and rapid adoption of technological advancements in order processing and delivery. The growing focus of international QSR chains into emerging markets is significantly contributing to the expansion of the QSR segment in the fast food market. For instance, McDonald's, Subway, and KFC are among the top QSR chains globally and account for over 30% of the market share.

REGIONAL ANALYSIS

Europe and North America together accounted for close to 60 of the global market share in 2023, and the domination of these regions in the worldwide market is anticipated to continue throughout the forecast period due to the presence of notable market participants and the rapid expansion of the major fast food chains in these regions. North America and Europe had a notable market share in the past because of their high dependence on convenience due to their busy lifestyles and high demand for food in restaurants. In addition, healthy changes to the fast food menu and the introduction of raw cheese, organic vegetables, hormone-free meat, and natural ingredients contributed to the maturity of this market. These major changes have proven to be important for growth, fueled by changes in consumer preferences for fast food and the transparency of fast food chain operations.

The Asia-Pacific region is foreseen to experience high growth in the fast food market during the forecast period. This is mainly due to an increase in urbanization, a rise in disposable income, and demand for the Western lifestyle. India and China are considered attractive markets for fast food because they prefer fast food over traditional restaurant food. Favorable demographics increased disposable income and purchasing power, increased urbanization, and rapid adoption of Western lifestyles have vastly improved the future of the developing world market. With a preference for the proposal, proximity and easy price, developing countries have proposed changes in the global market. Significant growth in fast food chains in Brazil and the rest of Latin America is presumed to strengthen the growth of the fast food market during the outlook period. Furthermore, Latin American food opened the market with bold favors. The Middle East and Africa are estimated to show sustainable growth with better living standards and discretionary incomes.

KEY PLAYERS IN THE GLOBAL FAST FOOD MARKET

Companies playing a major role in the global fast food market include McDonald’s Corporation (U.S.), Burger King Worldwide, Inc. (U.S.), Domino’s Pizza Inc. (U.S.), Yum! Brands Inc. (U.S.), Jack in the Box Inc. (U.S.), KFC, Wendy’s International Inc. (U.S.) and Doctor’s Association Inc. (U.S.).

RECENT HAPPENINGS IN THE MARKET

• In December 2017, an Australian-based software company, Yum! Brands Inc is revitalizing the fast food market to take advantage of a wide range of customer access.
• In August 2019, Burger King launched a factory-based Impossible Whopper across the country.

DETAILED SEGMENTATION OF THE GLOBAL FAST FOOD MARKET INCLUDED IN THIS REPORT

This research report on the global fast food market has been segmented and sub-segmented based on type, distribution channel and region.

By Type

• Burgers & Sandwiches
• Pizzas & Pasta
• Asian/Latin American Food
• Chicken/Seafood

By Distribution Platform

• Quick Service Restaurant (QSR)
• Street Vendors
• Food Delivery Services
• Online Food Delivery

By Region

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa