Fast Food Market Global Market Report 2023
Major players 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.
New York, March 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fast Food Market Global Market Report 2023" - https://www.reportlinker.com/p06426504/?utm_source=GNW
, McDonald’s Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor’s Associates Inc., CKE Restaurants Holdings Inc., Wallace Foods Inc., Inspire Brands Inc., and Chipotle Mexican Grill Inc.
The global fast food market grew from $610.66 billion in 2022 to $652.73 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The fast food market is expected to grow to $772.17 billion in 2027 at a CAGR of 4.3%.
The fast food market consists of sales of chicken, sandwich, burger, pasta, pizza.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The fast-food are used for quickly providing customers with a fast and convenient food option.Fast food is a quickly prepared food option that is cheap and easily available.
Convenience and taste are the main selling points of fast food. In recent times, there have been efforts being made to improve the nutritional content and healthiness of fast foods by adding healthy ingredients.
North America was the largest region in the fast-food market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the fast-food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of fast-food services are on-premise, delivery, and take-away.On-premise fast food service markets are used to provide customers with food and a place to sit and enjoy fast food.
On-premise restaurants offer customers the opportunity to sit, relax, and enjoy delicious meals in a great ambiance with a great experience.Fast food products include seafood, Latin American food, chicken, sandwiches, burgers, pasta, and others.
The different end-users include quick-service restaurants, fast-casual restaurants, and others.
The increasing number of restaurants is a key factor significantly contributing to the growth in the fast-food market.The basic aim of a restaurant is to provide food and drink.
As fast food takes less time in preparation, this allows restaurants to cater to large customers. For instance, according to FinancesOnline, a US-based platform for SaaS (Software as a Service) or B2B (Business-to-Business) software and financial products reviews, in the US there were over one million restaurants that employed 15.6 million people in 2021, and 101,811 chain restaurants in the US as of 2021. Therefore, an increasing number of restaurants and hotels are driving the growth of the fast-food market.
The new advancement in online food delivery is a key trend gaining popularity in the fast-food market.Major companies operating in the fast-food market are coming up with new ways to improve the online food delivery experience for customers.
For instance, in February 2022, KFC, a US-based, Fast-food restaurant company, launched Wing, Australia’s first on-demand drone delivery service.A cloud kitchen has been built in collaboration with Collins Food Limited, KFC Australia’s largest corporate franchise partner.
This unique facility that will prepare KFC’s chicken in advance for drone delivery, allowing consumers to obtain their KFC in minutes with ultimate convenience.
In November 2021, Restaurants Brands International, a US-based chain of fast-food restaurants, acquired Firehouse Subs for a deal amount of $1 billion.With this acquisition, Restaurants Brands International would capitalize on its development expertise, global franchise network, and digital capabilities to grow Firehouse Subs as a global brand.
Firehouse Subs is a US-based chain of fast-food restaurants.
The countries covered in the fast-food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fast-food market research report is one of a series of new reports that provides fast-food market statistics, including fast-food industry global market size, regional shares, competitors with fast-food market share, detailed fast-food market segments, market trends, and opportunities, and any further data you may need to thrive in the fast-food industry. This fast-food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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