Fast Food Market by Type (Pizza/Pasta, Burger/Sandwich, Chicken, Asian/Latin American Food, Seafood, and Others) and End User (Food-Service Restaurants, Quick Service Restaurants, Caterings, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.”According to the report, the global fast food market garnered $647.7 billion in 2019, and is estimated to reach $931.7 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.
Change in consumer tastes and preferences, increase in number of fast food restaurant/trucks, adoption of tech-away ordering systems, and rise in demand for international cuisines drive the growth of the global fast food market. However, high set up cost and growth in number of health conscious hinder the market growth. On the other hand, fast paced lifestyle of consumers looking out for convenient food products and increase in fast food outlets create new opportunities in the coming years.
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Covid-19 Scenario-
Due to the novel coronavirus outbreak, majority of consumers started avoiding fast food in order to maintain precautionary measures. However, the sale is anticipated to rebound quickly. Furthermore, the operational disruption in hotel and food & beverages industry, and disruption in supply chain due to COVID-19 outbreak, would impact the fast food market in terms of revenue.
Based on product type, the Asian/Latin American food segment accounted for nearly one-fourth of the global fast food market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to change in life style of consumers and inclination toward traditional food products. However, the burger/sandwich segment is estimated to portray the highest CAGR of 5.9% from 2020 to 2027. Hectic lifestyle and busy schedule of consumer, and convenience &ease of availability of fast food drives the growth of the segment.
Based on end user, the quick service restaurants segment contributed to the highest market share with more than two-fifth of the global fast food market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 5.1% from 2020 to 2027. This is attributed to increase in sale of fast food through online platforms.
Based on region, North America accounted for the highest share based on revenue, holding for more than two-fifth of the global fast food market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to rise in number of health concern consumers due to hectic busy lifestyle in this region. However, LAMEA is estimated to generate the fastest CAGR of 6.9% from 2020 to 2027. This is attributed to increase in investments by small and midsized food manufacturing companies in fast food industry.
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