Globally, the fast food market is booming, owing to extensive creative advertisement and branding by leading fast food chains. Fast food chains are adopting various strategies to gain a foothold in the market and capture market share.
Today’s fast-paced life and availability of several fast food products are the key factors driving the global fast food market. According to the Statistic Brain Research Institute, the fast food market in the U.S. is valued at around USD 110 billion and 50 million Americans consume fast food on a daily basis. Among the 50 million daily fast food consumers, 34% are children aged between 2 and 9 years.
High cholesterol content and the associated risk of obesity and other chronic diseases are some of the prominent factors expected to hinder market growth. High cost of fast food products and inclination towards ‘healthy eating and healthy lifestyle’ are other factors that may obstruct market growth during the forecast period, 2019–2026.
The global fast food market has been segmented on the basis of type, distribution platform, and region.
On the basis of type, the global fast food market has been segmented into burgers & sandwiches, pizzas & pastas, Chinese food, fried chicken, and others. By type, the pizzas & pastas segment is expected to witness significant growth during the forecast period, 2019–2026.
Based on distribution platform, the market has been segmented into quick service restaurants (QSR), street vendors, food delivery services and others. The food delivery services segment has been further subdivided into online food delivery applications and offline food delivery services. The street vendors segment is anticipated to witness rapid growth, owing to the changing taste preferences of the new generation and affordability of such fast food.
In terms of region, the global fast food market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America leads the global fast food market and is expected to grow further at a significant rate during the forecast period, 2019–2026. The presence of major fast food chains and availability of diverse fast food categories are some of the key factors driving market growth in the region.
Asia Pacific is expected to witness rapid growth, owing to the region’s large population base. Establishment of new fast food chains in China, Japan and India and popularity of fast food are some of the factors driving the growth of the fast food market in Asia Pacific.
Europe is expected to register significant growth during the forecast period, 2019–2026, owing to the growing trend towards fast food consumption, which can further be attributed to today’s hectic lifestyle. Another factor positively influencing market growth is the distinctive food culture that represents the fast food category.
Some of the major players operating in the global fast food market are McDonald’s, Hardee’s, Pizza Hut, Domino’s Pizza, Burger King, KFC, Subway, Dunkin’ Donuts, Firehouse Subs, Auntie Anne’s, Yum! Brands Inc., and Doctor’s Association Inc.
Fast Food Market Segmentation
By Distribution Platform