Global $675+ Bn Fast Food Market is Expected to Grow at a CAGR of over 4.2% During 2022-2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, May 02, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Fast Food Market finds that increasing adoption of online food delivery applications as well as changing busy lifestyles of population and rising household income levels, are factors that influencing the growth of Fast Food Market.
The total Global Fast Food Market is estimated to reach a revenue of USD 675.19 Billion by the year 2028. The Global Market revenue was USD 527.5 Billion in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.2%, states Vantage Market Research, in a report, titled “Fast Food Market Size, Share & Trends Analysis Report by Product (Pizza/Pasta, Burgers/Sandwich, Chicken, Asian/Latin American), by End User (Quick Service Restaurants, Fast Casual Restaurants, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increasing Adoption of Online Food Delivery Applications
There is always a discount offered when you buy something from an online store. A number of manufacturers and stores have created sites where customers can easily buy their product without having to leave the comfort of their homes. Another factor that makes these sales interesting for consumers is that they are not limited to just one type or brand, but they can find foods and drinks from different companies at discount price. For instance, if there is a website selling discount food products such as pizza, buggers among others, any consumer can read about all available products and choose the most suitable ones for them and place an order immediately through the site's interface. Instead of buying these discount products in retail stores, consumers can find them online at significantly lower prices.
Thus, increasing the adoption of online food delivery applications, in turn driving the market growth over the forecast period.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Fast Food market is predicted to grow at a CAGR of roughly 4.2% during the forecast period.
The Fast Food market was estimated to be worth roughly USD 527.5 Billion in 2021 and is expected to reach USD 675.19 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Fast Food market.
Changing Busy Lifestyles of Population and Rising Household Income Levels
Since past few decades, the population across the globe is increasing hastily and keeps on increasing with each passing day. Thus, the demand for global food supplies is increasing. Also, changing busy lifestyles of people is increasing the demand for ready to eat and fast foods. Pizza, burgers and sandwiches are one of the top demanding fast food. This is owing to increasing demand for these products from people. Especially from teens, and kids. Additionally, wide availability of Pizza, burgers and sandwiches options is increasing the demand for such products among young generation. Ultimately, driving the market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The Report on Fast Food Market Highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Fast Food Market in 2021. The major driving factors for the market are increasing dual work households, rising household income levels, and large base of population which is increasing the demand for fast foods in the region. However, Asia Pacific is expected to grow at fastest Compound Annual Growth Rate (CAGR) owing to availability of large base of consumers as well as increasing household income levels of people in the region.
List of Prominent Players in the Fast Food Market:
Auntie Anne’s Inc.
McDonald’s
Domino’s Pizza
Wendy’s International
Doctor’s Associates Inc.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Fast Food Market Size, Share & Trends Analysis Report by Product (Pizza/Pasta, Burgers/Sandwich, Chicken, Asian/Latin American), by End User (Quick Service Restaurants, Fast Casual Restaurants, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/fast-food-market-775078
Recent Developments:
October 2021: Burger King expanded its U.S. menu with the plant-based "Impossible Nuggets" and the nationwide LTO release of Ghost Pepper Nuggets.
September 2021: Papa John's International signed a domestic franchisee development agreement in the U.S. with franchisee operator Sun Holdings in the U.S. According to the terms of the agreement, Sun Holdings will open 100 new stores across Texas by 2029.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Fast Food Market?
How will the Fast Food Market change in the upcoming six years?
Which application and product will take a lion’s share of the Fast Food Market?
What is the Fast Food market drivers and restrictions?
What will be the CAGR and size of the Fast Food Market throughout the forecast period?
This market titled “Fast Food Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Product
° Pizza/Pasta
° Burgers/Sandwich
° Chicken
° Asian/Latin American
° Seafood
° Others
• End User
° Quick Service Restaurants
° Fast Casual Restaurants
° Others
• Region
° North America
° Europe
° Asia Pacific
° Latin America
° Middle East & Africa
Region & Counties Covered
• North America
° U.S.
° Canada
° Mexico
• Europe
° U.K
° France
° Germany
° Italy
° Spain
° Rest Of Europe
• Asia Pacific
° China
° Japan
° India
° South Korea
° South East Asia
° Rest Of Asia Pacific
• Latin America
° Brazil
° Argentina
° Rest Of Latin America
• Middle East & Africa
° GCC Countries
° South Africa
° Rest Of Middle East & Africa
Companies Covered
• Auntie Anne’s Inc.
• McDonald’s
• Domino’s Pizza
• Wendy’s International
• Doctor’s Associates Inc.
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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