Global fast food market

Dublin, March 01, 2024 (GLOBE NEWSWIRE) — The report “Fast Food Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis” has been added to The Offer.

The global fast food market is expected to reach a value of around USD 1,075.83 billion by 2030 from USD 750.45 billion in 2023. The global fast food market is expected to grow at a compound annual growth rate of 5.28% from 2024 to 2030.

Globalization and urbanization have greatly influenced people’s eating habits, leading many people to consume fancy and high-calorie fast food, popularly known as “junk food.” Fast food is indispensable because it is convenient and easy to eat. Eating out is now becoming a necessary part of everyday life. These rapid changes in the levels and composition of diet and activity/inactivity patterns in transition societies are related to several socioeconomic and demographic changes.

Rapid industrialization and urbanization worldwide are the key factors driving the growth of the fast food market. Also, rising disposable income of consumers is expected to again support the market growth during the forecast period. The major players in the fast food market are focusing on increasing the efficiency of their operations to minimize operational costs and increase profitability. They are investing money in technology and automation to streamline their operations. Moreover, they are focusing on marketing and advertising to improve the visibility of their brand in the global market.

Digital technologies and delivery services are crucial to the global market, which has transformed the industry in many ways. Their influence is evident in several aspects of the fast-food business, from improving customer convenience to developing operational efficiency. The fast-food chains have sophisticated mobile apps and user-friendly websites that allow customers to browse menus, customize orders, and place orders with a few taps.

This convenience is increasingly a reason for more constant and larger requests. Fast food chains are increasingly using customer data to offer personalized recommendations, promotions and loyalty rewards, creating a more engaging and tailored experience. Digital technology connects ordering systems with kitchen display systems, reducing ordering errors and speeding up food preparation. It also helps manage inventory in real time, ensuring ingredients are available to meet customer demand and minimize waste.

Furthermore, a rise in the working population is supporting the market growth. Nowadays, many restaurants are offering delivery services and meal kits, which is increasing the demand for fast food services. The rise in snacking habits of customers is also driving the need for fast food. On the other hand, the Asian fast food segment is expected to witness the highest rise during the forecast period. The rising demand for diverse food products is driving the development of this segment.

Burgers and sandwiches have one of the highest shares of the global fast food market

The burger/sandwich segment is expected to have one of the largest market shares in the near future. The reason for this is the huge demand for a product. Also, the abundance of burger options, including protein options like beef, venison and many others, can be blamed for the increasing demand for burgers and sandwiches. In addition, several food service providers are experimenting with different cheese, bacon, onion and meatloaf fillings.

QSR segment (Quick Service Restaurants) is popular in the fast food market

The quick service restaurant segment is one of the most popular segments in the fast food industry. The market is expected to grow while maintaining its top position. Numerous quick service restaurants have recently increased their take-away sales. Vendors have improved support for delivery applications, which has accelerated the segment growth.

At the same time, the expansion of this market is also being driven by the increasing demand for international cuisines. For example, the market is gaining importance due to the prospects offered by increasing globalization and demand from emerging markets such as Brazil and India. The segment will grow as new cuisines and flavors are developed. For example, in response to the changing demands and desires of customers, McDonald’s has launched the BTS menu.

Large fast food companies dominate the US market due to high demand from the working population

The US fast food sector dominates the global market. The market expansion is driven by the increased consumer spending on fast food in the region. The region’s industry is growing due to the availability of a wide range of cuisines and inexpensive snacks and side dishes in various flavors.

Fast-food chains are making extensive use of technology that improves their ordering and delivery services, such as through mobile apps, online ordering and third-party delivery partnerships. The region is also experiencing an influx of international flavors, with chains incorporating global cuisines and fusion dishes into their menus.

Main features:

Company analysis: overview, current developments, sales analysis

• Starbucks Corp.

• Papa John’s International Inc.

• Domino’s Pizza Inc.

• The Wendy’s Co.

• Performance Food Group

• Yum! Brands, Inc.

• Restaurant Brands International Inc.

• Kentucky Fried Chicken (KFC)

Product Types – Global Fast Food Market Segmentation into 6 Aspects:

End User – The global fast food market is segmented into four different perspectives:

Countries – Breakdown of the global fast food market from 25 perspectives:

• North America

• United States

• Canada

• Europe

• France

• Germany

• Italy

• Spain

• United Kingdom

• Belgium

• Netherlands

• turkey

• Asia-Pacific

• China

• Japan

• India

• South Korea

• Thailand

• Malaysia

• Indonesia

• Australia

• New Zealand

• Latin America

• Brazil

• Mexico

• Argentina

• Middle East and Africa

• Saudi Arabia

• United Arab Emirates

• South Africa

For more information about this report visit https://www.researchandmarkets.com/r/oqsxk9

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