The fast food category of food products is specifically and intentionally prepared to save time and allow quick serving. Burgers & sandwiches, pizzas & pastas, Chinese food, and fried chicken are some common types of fast foods served around the globe. The types of fast food and ingredients used for the preparation of fast food generally differ from country to country. Calories, cholesterol, and fat content in fast food are generally on the higher side, and thus, fast food is one of the main causes of obesity, high cholesterol, colorectal cancer, and depression.
Increasing demand for fast food and vast product availability are the key factors driving the global fast food market. According to the Centers for Disease Control & Prevention, in the US, on an average, 36.6% adults consumed fast food during 2013–2016. Major players in the fast food market have an extensive product portfolio to cater to children, adults, and the geriatric population.
Fast pace of life, rapidly changing work life, and changing eating habits & taste of new generation are some of the other factors supporting fast food market growth. Apart from this, the increasing number of food chain stores around the globe is a key factor expected to positively influence the market growth during the forecast period, 2019–2026.
On the flip side, the rapidly growing geriatric population and side effects of fast food on health are some of the key factors expected to hamper market growth in the near future. Globally, people are increasingly leaning towards healthy eating habits and subsequently, healthy food options are gaining popularity. This change in lifestyle is expected to hinder market growth to an extent.
The global fast food market is expected to attain a value of USD 843.4 Billion by 2026, registering a CAGR of 5.6% during the forecast period, 2019–2026.
The global fast food market has been segmented on the basis of type, distribution platform, and region.
Based on type, the global fast food market has been segmented into burgers & sandwiches, pizzas & pastas, Chinese food, fried chicken, and others. By type, the burgers & sandwiches segment is expected to account for the largest market share. Availability of burgers & sandwiches and a vast variety of fast food around the globe is the key factor driving the segment’s growth. The pizzas & pastas segment is expected to witness significant growth, followed by the Chinese food segment, which is anticipated to grow with the highest CAGR 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 segmented into online food delivery applications and offline food delivery services. The quick service restaurant segment leads the global fast food market, owing to the increasing number of fast food chain stores around the globe. Advertising and marketing campaigns by food chain restaurants and quick serving outlets are also playing a major part in supporting market growth. Food delivery services is pegged to be the fastest growing segment by distribution platform. In the last few years, the entry of new delivery services in the food industry has changed the scenario of food ordering and distributing. Internet availability is the key factor supporting the growth of the food delivery services segment.
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 anticipated to grow further during the forecast period, 2019–2026. Growing trend of fast food consumption and expanding young-adult demographic in the region are the key factors driving the market growth in the region. Other factors supporting market growth include the presence of major players such as McDonald’s and Subway. On an average, people in North America spend USD 1,200 on fast food every year. Moreover, approximately 50 million people are served by various fast food chains daily in North America.
Asia Pacific is pegged to be the fastest growing market for fast food. Strategic expansion by major players in Asia Pacific and growing popularity of fast food among the young-adult demographic are expected to be the key factors driving the market in the region. For instance, Taco Bell IP Holder, LLC, an American fast food chain, expanded its business in Asia Pacific by establishing its first outlet in Bangkok, Thailand.
Europe is expected to witness significant growth, owing to the region’s fast pace of life and changing work culture. Availability of a vast variety of fast foods in the region is another factor fueling market growth. According to the EAE Business School, the number of fast food outlets and home delivery chains increased by 5.1% in Europe in 2014 as compared to 2013, from 4,195 in 2013 to 4,420 in 2014.
The Middle East & Africa region is expected to register rapid growth during the forecast period, 2019–2026, owing to growing tourism activities and business expansion by major players in the region. Advertising campaigns and brand marketing are some of the strategies being adopted by major players for business expansion.
The Latin America fast food market is expected to witness significant growth due to the growing inclination towards fast food consumption. The fast food market in Latin America is projected to grow with a noteworthy CAGR during the forecast period, 2019–2026.
Some of the major players 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.
New product launches by major players in the fast food market and the growing population pool for fast food consumption are some of the factors expected to support market growth in the near future.
Fast food chains have evolved with the changing trend of healthy eating and are currently offering healthy options to evade the side effects of eating fast food, such as obesity, high cholesterol, and others. The revolution in fast food product offerings by major players post 2015 has changed the market scenario, which is anticipated to affect the market shares of major players during the forecast period, 2019–2026.
This report offers key insights pertaining to the fast food market with emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.