Fast food market expected to grow at 4.6% CAGR to reach $931.7 billion | Auntie Anne's, Domino's Pizza, Hardee's Restaurants

The global fast food market generated $647.7 billion in 2019 and is projected to reach $931.7 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.

WILMINGTON, DELAWARE, USA, June 11, 2024 / — Fast food refers to food that can be prepared and served quickly. Moreover, the term is also used to refer to food sold with preheated or cooked ingredients in restaurants/shops. The advent of fast food has also led to a surge in takeaway and drive-thru delivery channels. Fast food is considered as a quick and cheap alternative to home cooking. The global fast food market is expected to witness significant growth during the forecast period due to the increasing number of fast food restaurants, increasing number of working women, tech-savvy ordering options, growing demand for international cuisine, and changing consumer preferences. However, factors such as high cost of setting up restaurants and growing health concerns among fast food consumers are expected to hinder the growth of this market. Moreover, the rise in fast casual food is projected to have a negative impact on the growth of the fast food market.

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Key market players analyzed in the study include Auntie Anne's, Inc., Domino's Pizza, Inc., Hardee's Restaurants LLC, Jack In The Box Inc., Restaurant Brands International Inc., Cinnabon Franchisor SPV LLC, Dunkin' Brands Group, Inc., Firehouse Restaurant Group, Inc., Mcdonald's, and YUM! Brands, Inc.

Covid-19 scenario:
During the coronavirus pandemic, consumers are avoiding eating out to protect themselves from infection.
Global lockdowns have closed restaurants, food trucks and hotels.
Many countries have eased lockdowns and restaurants have reopened for takeaway and delivery only.

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The report offers a detailed segmentation of the global fast food market based on product type, end user, and region.

Based on product type, the Asian/Latin American food segment held the largest share in 2019, accounting for nearly one-fourth of the total share, and is expected to maintain its dominant position during the forecast period. However, the burger/sandwich segment is expected to register the highest CAGR of 5.9% from 2020 to 2027.

Based on end users, the quick-service restaurant segment held the largest share in 2019, accounting for more than two-fifths of the total share, and is expected to maintain its largest share throughout the forecast period. Moreover, the same segment is estimated to portray the highest CAGR of 5.1% during the forecast period. However, the full-service restaurant segment will grow at a CAGR of 4.4% from 2020 to 2027.

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Based on region, North America contributed the largest share, accounting for more than two-fifths of the total market share in 2019, and is expected to maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 6.9% from 2020 to 2027.

David Correa
Allied Market Research
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