by Fast foods are generally less nutritious when compared to other foods, but are high in calories. They are, however, inexpensive and convenient. With the rise of nuclear families and dual-income households, consumption of fast food has increased significantly owing to hectic lifestyles and lack of time for home-cooked meals.
The global fast food market is estimated to be valued at US$ 780.11 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends fueling the fast food market is changing consumer preferences towards healthier fast food options. With rising health consciousness, consumers are now demanding menu items with fewer calories, less fat and sodium, and more protein and whole grains. To meet these demands, fast food chains are innovating their menus by offering salads, wraps, grilled sandwiches and proteins. For example, Subway launched its Signature Wraps lineup with higher protein to carb ratios. Similarly, McDonald’s introduced options like salads and protein-packed McWraps. This shift towards healthier menus without compromising on taste and quality is expected to drive further growth of the fast food market over the forecast period.
Segment Analysis
The fast food market is currently dominated by the burger and sandwich segment. This segment holds a market share of over 35% owing to factors such as ease of consumption on-the-go and burger being one of the most popular street foods across various regions. Another fast growing segment is the Asian/Latin American food segment which includes foods such as tacos, burritos and noodles. This segment is expected to witness high growth in the forecast period driven by increasing consumer preference for exotic flavors from various world cuisines.
Key Takeaways
The Global Fast Food Market Size is expected to witness high growth over the forecast period driven by growing urbanization, increasing disposable incomes and busy lifestyles that promote easy, convenient and quick meal options. The global fast food market is estimated to be valued at US$ 780.11 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market with a share of over 30% led by U.S. and Canada. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising middle class population and exposure to international cuisines in countries such as China, India and Indonesia which are driving the demand for fast food offerings in these countries.
Key players:
Key players operating in the fast food market are Epicurean, John Boos, Edward Wohl, San Jamar, SAGE, Neoflam, Catskill Craftsmen, Proteak, Carver Board, Virginia Boys Kitchens, Totally Bamboo, Lipper International, Madeira, Fackelmann, and TOPULORS.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
