Newark, NJ, May 25, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global market for fast food and fast food restaurants is expected to increase from $ 263.48 million in 2020 to $ 380.47 million by 2028, with a CAGR of 4.7% during the forecast period 2021-2028
There are factors that are driving the growth of the global fast food and quick service restaurant market. Some of them include the increase in the number of hotels and restaurants, the increase in demand for delicious and healthy food, the changing eating habits and tastes of the new generation, the rapidly changing working life and fast pace of life and increased consumer health awareness. Additionally, health concerns related to the increase in fast food consumption have compelled most fast food producers to create healthier fast food products. The fast food market is growing due to the increase in the working population, which is heavily dependent on fast food restaurants, due to its busy schedule. The market is mainly fueled by increasing disposable income per capita and increasing urbanization.
Fast food can be defined as a substitute for homemade meals, which can be prepared quickly, easily available to customers according to their demand. Fast food is widely used in end user industries like hotels, fast food outlets, and restaurants. However, this food does not have as much nutritional value as other dishes and food products. Typically, fast food is sold in a store with preheated and precooked ingredients and served to the customer in packaged form for drive-thru or take-out. These foods are high in fat, sodium and sugar, which can cause health problems and obesity.
The global fast food and quick service restaurant market is expected to experience significant growth. Due to the growing preference for fast food among generations, such quick service, economical prices and increased convenience is a major factor that is expected to continue driving the market revenue growth. The factors limiting the growth of the market are the presence of unsaturated fats in fast food products and the resulting health issues with food safety regulations. In addition, knowledge of consumer health, especially obesity, is holding back the growth of the market.
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Major players in the fast food and quick service restaurant market include McDonald`s, Darden Concepts, Inc, Kotipizza Group Oyj, Restaurant Brands International Inc, Ark Restaurant Corp, DEL TACO RESTAURANT, INC, Yum! Marques, Chipotle Mexican Grill, Carrols Restaurant Group, Inc, and Quality Is Our Recipe, LLC. To gain significant market share in the global fast food and quick service restaurant market, major players are now focusing on adopting product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships. Yum! Brands and Burger King are key manufacturers operating in the fast food and quick service restaurant market.
- For example, in 2017, Yum! Brands Inc is revitalizing the fast food market to take advantage of a wide range of customer access.
- For example, in 2019 Burger King launched a factory-based Impossible Whooper across the country.
Home delivery segment dominated the market and held the largest market share of 28.04% in 2020.
Based on the type of service, the global fast food and quick service restaurant market is segmented into take-out, take-out, drive-thru, in-home, and others. Home delivery segment dominated the market and held the largest market share of 28.04% in 2020. This growth is attributed due to various facilities and added ease by manufacturers, followed by preference of consumers for the use of home delivery facilities.
The burgers / sandwiches segment dominated the market and held the largest market share of 26.12% in 2020.
Based on type, the global fast food and quick service restaurant market is segmented into Asian / Latin American food, burger / sandwich, chicken and seafood, pizza / pasta, etc. The burgers / sandwiches segment dominated the market and held the largest market share of 26.12% in 2020. This growth is attributed due to the availability of burgers / sandwiches and a wide variety of fast food restaurants in the market. whole world.
The US segment dominated the market and held the largest market share with 20.15% in 2020.
Based on cuisine, the global fast food and quick service restaurant market is segmented into Chinese, Turkish, American, Lebanese, Italian and Mexican. The US segment dominated the market and held the largest market share of 20.15% in 2020. This growth is attributed to the development of franchises and production efficiency.
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Regional segment analysis of the fast food and quick service restaurants market
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Russia, rest of Europe)
- Asia-Pacific (China, Japan, India, rest of APAC)
- Latin America (Brazil)
- The Middle East and Africa (South Africa, United Arab Emirates, Saudi Arabia and the rest of the MEA)
On the basis of geography, the fast food and quick service restaurant market has been classified as North America, Europe, Latin America, Asia Pacific, Middle East and Africa. The North America region held the largest market share of 25.19% in 2020. This growth is attributed to the expanding demographic of young adults and the growing trend of fast food consumption in the region. On the other hand, the Asia-Pacific region is experiencing significant growth due to the growing popularity of fast food among young adults.
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About the report:
The global fast food and fast food restaurant market is analyzed on the basis of value (USD Million). All segments were analyzed globally, regionally and nationally. The study includes analysis of over 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges to gain key insights into the market. The study includes the carrier’s five force model, attractiveness analysis, commodity analysis and competitor position grid analysis.
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