The new report by Expert Market Research titled, ‘Global Fast Food Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global fast food market, assessing the market based on its segments like type, end user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 6.2%
The quick service restaurants segment is expected to account for a large market share in the fast food industry based on end user. This expansion can be linked to the advantages of fast service restaurants, such as cost-effectiveness and quick and consistent service with a diverse menu. Furthermore, with their affordable cuisine, inventive menus, and tempting discounts, these eateries appeal to both the working class and the youth.
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Furthermore, with the rise of business endeavours such as cloud kitchens, new quick service restaurants are being created to meet the growing demand for fast food. During the forecast period, these factors are expected to help market expansion.
Industry Definition and Major Segments
Fast food refers to foods that are mass-produced in order to be served quickly. As a result, in the production of fast food, speed is paramount. Fast food is a low-cost menu designed for the busy working population who do not have time to prepare meals. Instead, these precooked meals, such as burgers and pizzas, provided consumers with quickness and flavour.
Fast food is immensely popular among people of all ages today, as fast food restaurants are everywhere and offer a wide range of selections to suit most tastes. Fast food businesses offer takeout and drive-through services in addition to dining in. Consumers are also increasingly using food delivery apps to order from large delivery restaurants such as Domino’s and McDonald’s, thanks to the internet.
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Based on type, the market is segmented into:
• Asian/Latin American Food
Based on end user, the market is bifurcated into:
• Full Service Restaurants
• Quick Service Restaurants
Based on region, the market can be divided into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
In the projection period, North America is expected to hold a significant proportion of the fast food sector. The quick spread of fast food chains in the region as a result of the increased popularity of fast foods can be ascribed to this boom. Furthermore, busy lifestyles and rising disposable income are leading to an increase in the region’s penchant for fast food establishments.
Furthermore, the market is predicted to develop because to the implementation of creative methods such as new cooking styles and specialised menus to appeal to emerging market trends such as vegetarianism. Furthermore, the presence of large market participants in the region, as well as the resulting high investments in the fast food industry, is a major driver of market expansion.
Key Market Players
The major players in the market are Auntie Anne’s Franchisor SPV LLC, Cinnabon Franchisor SPV LLC, Domino’s Pizza (Jubilant FoodWorks Ltd.), Inspire Brands, Inc., Hardee’s Restaurants LLC, Firehouse Restaurant Group, Inc. and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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