Fast Food Market Global Market Report 2024

Fast food refers to a category of quickly prepared and easily accessible food options, emphasizing convenience and taste. Typically, fast food is known for its affordability and quick service. While historically criticized for potential health concerns due to high levels of fats and sugars, there have been recent efforts to enhance the nutritional content of fast food by incorporating healthier ingredients.

Fast-food services encompass on-premise dining, delivery, and take-away options. On-premise services provide customers with both food and a designated space to enjoy their meals. These restaurants offer a dining experience where customers can relax and savor their fast food in a pleasant ambiance. Fast food offerings span various cuisines, including seafood, Latin American dishes, chicken, sandwiches, burgers, pasta, and more. End-users of fast-food services include quick-service restaurants, fast-casual establishments, and other similar venues.

The fast-food market research report is one of a series of new reports that provides fast-food market statistics, including fast-food industry global market size, regional shares, competitors with fast-food market share, detailed fast-food market segments, market trends, and opportunities, and any further data you may need to thrive in the fast-food industry. This fast-food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The fast food market size has grown strongly in recent years. It will grow from $295.03 billion in 2023 to $316.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period of the fast-food industry can be attributed to shifts in consumer preferences and lifestyles, accelerated urbanization, globalization trends, heightened demand for convenient food options, and an increase in the working population. These factors collectively contributed to the widespread popularity and expansion of the fast-food sector during this period.

The fast food market size is expected to see strong growth in the next few years. It will grow to $412.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The forecasted growth in the fast-food industry can be attributed to increasing consumer expenditure on food, rapid industrialization, a rise in the young population, increased disposable income, and overall economic growth. Noteworthy trends in the forecast period include the emergence of plant-based options, the prevalence of ghost kitchens, the adoption of contactless ordering and payment systems, menu customization options, and an emphasis on healthier menu choices. These trends are expected to shape the evolving landscape of the fast-food sector in the coming years.

The fast-food market is experiencing significant growth, driven in large part by the increasing number of restaurants worldwide. With the primary goal of providing quick and convenient food and drink options, fast-food establishments cater to the demands of a large customer base. In the United States alone, the restaurant landscape consisted of over one million establishments employing 15.6 million people in 2021, including 101,811 chain restaurants. This proliferation of restaurants and hotels is a key driver behind the expanding fast-food market.

Anticipated growth in the food service industry is poised to further propel the fast-food market. Defined by its focus on swiftly prepared, standardized meals suitable for on-the-go consumption, fast food plays a crucial role in meeting the demands of busy lifestyles. The food service industry leverages fast food to offer customers convenient and efficiently prepared meals. In 2022, the U.S. restaurant industry achieved $898 billion in sales, reflecting a notable increase of $166.5 billion compared to 2021. This upward trajectory in the food service industry continues to be a major force driving the fast-food market's expansion.

A prominent trend shaping the fast-food market is the advancement in online food delivery services. Major players in the industry are continually innovating to enhance the online food delivery experience for consumers. In February 2022, KFC, a leading U.S.-based fast-food restaurant company, introduced Wing, Australia's first on-demand drone delivery service. Collaborating with Collins Food Limited, KFC Australia's largest corporate franchise partner, the initiative involves the creation of a cloud kitchen dedicated to preparing KFC's chicken in advance for swift drone deliveries. This novel approach exemplifies the industry's commitment to leveraging technology for the ultimate convenience of customers.

Major players in the fast-food market are embracing strategic partnerships to introduce innovative technologies, particularly in automating voice ordering processes at drive-thru locations. This collaborative approach involves companies leveraging each other's strengths and resources to achieve mutual benefits. An example of this trend is evident in the partnership forged in May 2023 between CKE Restaurants Holdings, a prominent U.S.-based fast-food corporation, and technology companies Presto Automation, OpenCity, and Valyant AI. Through this collaboration, the companies aim to enhance accuracy, speed, and revenue generation, addressing challenges related to staffing shortages. The implementation of AI technology, exemplified by Presto Voice, enables automated voice ordering at CKE drive-thru locations nationwide, contributing to improved service speed, order accuracy, and upselling capabilities.

In a significant move in November 2021, Restaurants Brands International, a leading U.S.-based chain of fast-food restaurants, acquired Firehouse Subs for a substantial deal amounting to $1 billion. This strategic acquisition positions Restaurants Brands International to capitalize on its development expertise, global franchise network, and digital capabilities to propel Firehouse Subs into a globally recognized brand. Firehouse Subs, a U.S.-based fast-food restaurant chain, becomes part of the Restaurants Brands International portfolio, showcasing the industry's strategic focus on growth, development, and market expansion.

Major companies operating in the fast food market market include Auntie Anne's Inc., Cinnabon Franchisor SPV LLC, Domino's Pizza Inc., Dunkin' Brands Group Inc., Hardee's Restaurants LLC, Firehouse Restaurant Group Inc., Jack in the Box Inc., McDonald's Corporation, Restaurant Brands International Inc., Yum! Brands Inc., Doctor's Associates Inc., CKE Restaurants Holdings Inc., Wallace Foods Inc., Inspire Brands Inc., Chipotle Mexican Grill Inc., Subway SA, Kentucky Fried Chicken, Burger King Holdings, Pizza Hut Inc., Taco Bell IP Holder LLC, Wendy's/Arby's Group Inc., Starbucks Corp., Saint Louis Bread Co., International Dairy Queen Inc., Hardee's Restaurants LLC, Arby's Restaurant Group Inc., Jimmy John's LLC, Papa John's International Inc., Little Caesar Enterprises Inc., Sonic Drive-In Corp., Five Guys Enterprises LLC, Chick-fil-A Inc., Popeyes Louisiana Kitchen Inc., Bojangles OpCo LLC., Whataburger Restaurants LLC, In-N-Out Burger Inc., Jack in the Box Inc., White Castle Corp., Checkers Drive-In Restaurants Inc.

North America was the largest region in the fast-food market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fast-food market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the fast-food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The fast-food market consists of sales of chicken, sandwich, burger, pasta, pizza. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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