Fast Food Market to Reach $931.7Bn, Globally, by 2027 at 4.6
Increase in number of fast food restaurant/trucks, adoption of tech-away ordering systems, and rise in demand for international cuisines drive the global Fast Food market
PORTLAND, Oregon, June 15, 2020 /PRNewswire/ -- Allied Market Research published a report, titled,"Fast FoodMarket 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.
Drivers, restraints, and opportunities-
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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- 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.
The Asian/Latin American food segment to maintain its lead status-
Based on product type, the Asian/Latin American food segment accounted for nearly one-fourthof 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 tochange in life style of consumers and inclination toward traditional food products.However, the burger/sandwichsegment is estimated toportray the highest CAGR of 5.9% from 2020 to 2027. Hectic lifestyle and busy schedule of consumer, and convenience &ease of availabilityof fast food drives the growth of the segment.
The quick service restaurantssegment to maintain its leadership position-
Based on end user, the quick service restaurantssegment contributed to the highest market share with more than two-fifthof 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 toincrease in sale of fast food through online platforms.
North Americawould dominate the market by 2027-
Based on region, North Americaaccounted for the highest share based on revenue, holding for more thantwo-fifth of the global fast food market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed torise 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 toincrease in investments by small and midsized food manufacturing companies in fast food industry.
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Leading market players
- Auntie Anne's, Inc.
- Domino's Pizza, Inc.
- Hardee's Restaurants LLC.
- Jack In The Box Inc.
- Restaurant Brands International Inc.
- Cinnabon Franchisor SPV LLC.
- Dunkin' Brands Group, Inc.
- Firehouse Restaurant Group, Inc.
- YUM! Brands, Inc.
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