Global Fast Food Market Report and Forecast 2024-2032

Global Fast Food Market Outlook

The global fast food market size reached approximately USD 797.14 billion in 2023. The market is projected to grow at a CAGR of 4.9% between 2024 and 2032, reaching a value of around USD 1,226.05 billion by 2032.

Key Takeaways

• One out of every three children and adolescents consumes fast food on a daily basis.

• Around 37 per cent of adults in the US eat fast food on a daily basis.

• 30 per cent of fast-food establishments feature healthier options on their children's menus.

Fast food refers to edibles that are mass-produced to be served expeditiously, therefore, speed is the major priority in the production of fast food. Fast food comprises a cost-effective menu engineered for the busy working population that cannot spare time for cooking. Instead, these precooked meals such as burgers and pizzas ensure quick service and great flavour. Today, fast food is extremely popular among consumers of all ages, as fast food joints are ubiquitous and offer a wide variety of options catered to most consumer preferences.

Apart from dine-in, fast food restaurants also provide facilities for takeaway and drive-through. Moreover, with the advent of the internet, consumers are increasingly utilising food delivery apps to order from major delivery restaurants such as Domino's and McDonald's.

One of the major factors driving the fast food market growth is the shift in consumer preference towards food delivery apps, especially after the advent of the COVID-19 pandemic. Since dining out at restaurants was no longer viable, due to the nationwide lockdowns and norms of social distancing, consumers increasingly utilised food delivery apps such as Ubereats and GrubHub, among others. In addition, these delivery apps are helping to reduce the maintenance costs of brick-and-mortar restaurants. Moreover, rising investment by leading manufacturers in the development of innovative products to attract consumers is also a major factor in the increased consumption of fast food.

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Key Trends and Developments

International and local fusion; increased integration of technology; growing popularity of plant-based alternatives; and rising emphasis on sustainability practices are the major trends impacting the fast food market expansion

Fast Food Market Trends

The increasing popularity of veganism and the heightened awareness about the environmental impact of meat consumption are driving significant changes in the market. Consumers seeking healthier dietary choices are increasingly opting for plant-based fast food options. Plant-based diets are often associated with health benefits, including lower risks of heart disease, hypertension, diabetes, and certain types of cancer. Recognising the growing demand, fast food chains are expanding their menus to include plant-based burgers, chicken substitutes, and other vegan-friendly items, which not only cater to vegans but also meat-eaters looking to reduce their meat consumption and further play a crucial role in the fast food market development.

Announced in February 2024, McDonald's expansion strategy to open around 1,000 new restaurants in China within the year is a significant move aimed at tapping into the growing demand for Western fast food, especially in lower-tier cities. By increasing its footprint, McDonald's aims to strengthen its brand presence across China, making it more accessible to a wider audience and this accessibility can translate into brand loyalty and customer retention.

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Market Segmentation

“Fast Food Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Pizza and pasta, increasingly preferred for their taste and diverse variety, account for a major fast food market share

Pizza and pasta are among the most popular fast food products due to a combination of factors that appeal to a wide consumer base. Pizza and pasta are beloved across cultures for their versatility and the ability to cater to a wide range of tastes. They can be customised with various toppings and sauces to meet diverse dietary preferences, including vegetarian, vegan, and meat-based diets, making them universally appealing. Both pizza and pasta stand out for their convenience. Pizza, in particular, is synonymous with quick delivery and ease of consumption, making it a go-to choice for social gatherings, parties, and individual meals.

Burgers and sandwiches also hold a significant portion of the fast food market. One of the key factors contributing to the popularity of burgers and sandwiches is their convenience and portability. They are easy to eat on the go, making them ideal for fast-paced lifestyles.

Quick service restaurants maintain their dominance in the market due to speedy services and cost-effectiveness

Based on end user, the quick service restaurants segment is predicted to account for a significant market share. This growth can be attributed to favourable factors associated with quick service restaurants, such as cost-effectiveness and speedy and uniform services with a vast menu. In addition, these restaurants attract the working population and the youth with their economical food, innovative menu, and attractive discounts. Moreover, with the increasing demand for fast food, many quick service restaurants are being opened, with the rise of business ventures such as cloud kitchens.

The fast food market growth is also influenced by the full-service restaurants as consumers increasingly value quality dining experiences where the ambience, service, and food quality are prioritised. Full-service restaurants are perceived to offer healthier, higher-quality menu options with more opportunities for customisation. As consumers become more health-conscious and interested in dietary restrictions, full-service establishments can cater to these needs more flexibly than traditional fast-food outlets.

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Competitive Landscape

The market players are adding innovative options to their menus and expanding their services to gain a competitive edge in the market

Other major players in the market include McDonald's Corporation, Subway IP LLC, Yum Brands Inc., Restaurant Brands International Inc., Taco Bell IP Holder, LLC, Hardee's Restaurants LLC, and Firehouse Restaurant Group, Inc., among others. The market is highly competitive and diverse, featuring a wide array of global giants, regional favourites, and niche players.

Fast Food Market Analysis by Region

North America is estimated to hold a considerable share of the market in the forecast period. This growth can be attributed to the rapid expansion of fast food chains in the region due to the heightened popularity of fast foods. In addition, busy lifestyles and the growing disposable income are contributing to the increased preference for fast-food restaurants in the region.

Furthermore, the implementation of innovative strategies such as new cooking styles and specialised menus to cater to the growing market trends, such as veganism, are expected to drive the market growth.  Moreover, the presence of leading market players in the region and high investments in the fast food market are major factors contributing to its development.

The Asia Pacific fast food market is also anticipated to foresee sizeable growth as the region is witnessing rapid urbanisation, with a growing number of people moving to cities in search of employment and a better standard of living. Urban environments are conducive to the growth of fast food chains due to the dense population and fast-paced lifestyle of city dwellers, who often seek quick, convenient meal solutions.

Key Highlights of the Report