The fast food market comprises restaurants that offer quickly prepared food served in packaged form for take-out/take-away. Popular fast food options including burgers, fried chicken, pizza, and tacos are in high demand due to their convenience, affordability and taste.
The global fast food market is estimated to be valued at US$ 898.69 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The fast food market is witnessing high growth propelled by the rising demand for convenience foods. Long working hours and busy lifestyles have increased the appetite for quick service restaurants among consumers. Fast foods that can be eaten on the go are gaining popularity as they save time for preparation and consumption. Furthermore, rising disposable incomes in developing countries have enhanced spending capacities on outside food. The availability of diverse fast food menus and delivery options via aggregator platforms is augmenting the demand for fast food globally.
SWOT Analysis
Strength: Fast food market provides convenience to customers as fast food can be prepared and served quickly. They offer variety of menu choices at affordable prices.
Weakness: Fast food lacks nutrients and can adversely impact health if consumed regularly in large amounts. They use ingredients that are high in fat, salt, and sugar.
Opportunity: Fast food chains can tap into rising health consciousness by introducing healthier product options made with wholegrain, less oil/fat, lean protein etc. Expansion in untapped regional markets across the world presents new growth avenues.
Threats: Strict government regulations around ingredients used and nutritional content pose challenges. Growing health awareness makes customers wary of fast food joints leading to a potential decline in demand over the long run if they don’t innovate.
Key Takeaways
The global Fast Food Market Growth is expected to witness high growth over the forecast period of 2024 to 2030.
Regional analysis reveals North America currently dominates the market and is expected to continue its dominance over the forecast period. Asia Pacific region is expected to witness highest growth due to rising fast food consumption in countries like India and China owing to growing working population, rising disposable incomes and expansion of international fast food chains.
Key players operating in the fast food market are Epicurean, John Boos, Edward Wohl, San Jamar, SAGE, Neoflam, Catskill Craftsmen, Proteak, Carver Board, Virginia Boys Kitchens, Totally Bamboo, Lipper International, Madeira, Fackelmann, TOPULORS. Epicurean and John Boos are leaders in the market catering with wide product portfolio across nations. Fast food chains are launching new product lines, improving quality and focusing on health aspects to stay ahead of competition and cater to evolving customer preferences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it