February 24, 2024

Fast Food Market Is Expected To Be Flourished By Untapped Regions

The fast food market refers to food industry that provides quickly prepared food served in packaged form for take-out/take-away. It includes establishments such as restaurants, food stalls, food trucks and kiosks. Common types of fast food include pizza, burgers, sandwiches, chicken and pasta. These outlets primarily serve the food items that can be prepared in less time with minimal efforts. The global fast food market is driven by changing lifestyles, increasing disposable income and growing popularity of international fast food chains globally.

The global fast food Market is estimated to be valued at US$ 898.69 Bn  in 2024 and is expected to exhibit a CAGR of 7.3%  over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the key drivers for the growth of the fast food market is untapped regions across the world. Many emerging economies still have low market penetration of fast food chains. These regions offer immense growth potential for established as well as new players in the market. For instance, countries in Asia Pacific and Middle East & Africa have witnessed increased investments by global giants like McDonald’s, KFC and Pizza Hut in recent years. Additionally, regions like Latin America and Eastern Europe still provide ample opportunities for fast food companies to expand their footprint. Growing youth population, rising living standards and changing lifestyles in these areas will propel the demand for fast food in the coming years.

Segment Analysis
The global fast food market is dominated by the burger/sandwich segment which holds around 30% market share. Burgers and sandwiches offer convenience to time-pressed consumers which makes it a popular choice. Growing preference for meat-based fast food products and utilization of new ingredients in burgers/sandwiches by major players is boosting the growth of this segment.

Pizza segment is another major segment in the fast food market accounting for 25% share. Rising young population, hectic schedules and affordable prices of pizza make it a preferred choice for many consumers. Large pizza chains innovating their menus with new toppings and crusts is fueling the demand.

PEST Analysis

Political: Food safety laws and regulations around the globe are becoming more stringent to curb the rising health issues. This is increasing compliance costs for fast food companies.

Economic: Rising income levels in developing nations is driving the demand for affordably priced fast food. However, high inflation may negatively impact consumer spending power.

Social: Changing dietary habits and increasing health consciousness is prompting consumers to choose fast food options with fewer calorie, fat and sodium content. Social media is a key marketing platform for fast food chains.

Technological: Fast food companies are leveraging digital technologies like online ordering apps and self-serve kiosks to enhance customer experience and optimize operations. Analytics helps them customize offerings based on demand patterns.

Key Takeaways

The global Fast Food Market Growth is expected to witness high growth on the account of busy lifestyles and expanding working population globe.

Regional analysis – The Asia Pacific region is projected to witness fastest growth during the forecast period. Countries like China, India and Indonesia offer lucrative opportunities due to rising urbanization, growing middle class and proliferation of fast food chains.

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, and Lipper International. Key players are focusing on product innovation, aggressive marketing strategies and collaborations to strengthen their presence. Fast food Giants like McDonald’s and KFC are expanding their global footprint.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it